Representative Mark Meadows (R-NC) has introduced H.R. 6890, the Creating Advancement and Personal Improvement in Targeted American Localities (CAPITAL) Act of 2018. The measure would create a mechanism that would allow for the designation of new opportunity zones every 10 years. Opportunity Zones are a powerful provision enacted in the tax cuts law that creates an incentive for Americans to invest in less-fortunate communities. However, current law allows designations to expire after 10 years.
Rep. Meadows released the following statement:
“The Opportunity Zones policy embodies principles the government ought to support: the encouragement of communities to band together and use market forces and private investment to help fellow citizens and rebuild middle-America, particularly economically depressed areas. Opportunity Zones are tremendous market-drivers that achieve real investment for areas in need, including for my home state of North Carolina, with over well 200 areas directly benefiting. This is a policy we need to extend and make permanent. When we encourage the private sector to invest, the benefits are tremendous. I’m proud to introduce this bill and look forward to working with my colleagues on a bipartisan basis to extend the policy for the future.”
The measure has been referred to the House Ways & Means Committee and as of October 2 co-sponsored by five additional House Republicans. None of the current bill sponsors are member of the House Ways & Means Committee and prospects for further consideration by the Committee are uncertain at this juncture.
To read the bill, click here.
