May 2018 Update from the Office of Thom Tillis*
Tillis Applauds Certification of 252 Opportunity Zones in NC
Creation of Opportunity Zones Was A Part of Tax Reform Legislation
WASHINGTON, D.C. – Today (Monday, May 21, 2018), North Carolina Senator Thom Tillis applauded the United States Treasury for certifying 252 “Opportunity Zones” in all 100 North Carolina counties. Included in the Tax Cuts and Jobs Act signed into law last year, “Opportunity Zones” provide a chance for U.S. investors to use a temporary capital gains referral in exchange for investing the capital in these communities. This will create new channels for investment that will grow jobs, inspire entrepreneurship, and improve the local economy for future generations.
“In the period after the Great Recession, we saw that millions of Americans were left behind in the recovery due to job growth and economic opportunities being concentrated in select areas of the country,” said Senator Tillis. “There is nowhere more evident than North Carolina, as the rural and urban divide continues to grow and millions of North Carolinians are left behind. The creation of these Opportunity Zones in the tax reform legislation passed last year will incentivize critical investments in these communities in North Carolina and across the country so all Americans have economic opportunities no matter their location.”
In April, North Carolina recommended all of these areas for federal consideration and with last Friday’s decision, U.S. Treasury officially declared these low-income census tracts can participate in the investment program. Low-income census tracks are areas where the poverty rate is 20 percent or greater and/or family income is less than 80% of the area’s median income.
The 252 “Opportunity Zones” feature:
- A total population of more than 1.1 million North Carolinians
- Nearly 45,000 families with children in poverty
- Over 50,000 business establishments
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