Owens introduces bill to extend opportunity zones

Rep. Burgess Owens (UT-04) joined Reps. Michelle Steel (CA-48), María Salazar (FL-27), and Carlos Giménez (FL-26) to announce the introduction of the Growth and Opportunity Act, legislation to extend Opportunity Zones past their current expiration of 2026. Created by the Tax Cuts & Jobs Act of 2017, Opportunity Zones are an economic development tool that encourages private investment in distressed areas of the United States that have previously struggled to attract investors.

“Opportunity zones are an invaluable economic development tool proven to boost investment and job creation in distressed communities,” said Rep. Owens. “Utah’s Fourth District has seen a strong pandemic recovery plus increased growth thanks to this innovative mechanism, and I’m proud to join this renewed effort to spread opportunity in every corner of the country.”

“The beauty of America is that everyone has the opportunity to build their own American dream. Opportunity Zones are an important tool that gives more people the resources they need to grow this dream. I’m proud to introduce this legislation that will ensure previously underserved communities continue to get the investment and attention they need to grow and thrive,” said Rep. Steel.

“Opportunity zones have been a massive success around the country, especially in neighborhoods like the one I grew up in,” said Rep. Salazar. “The investments and opportunities created through this program have the potential to lift millions more Americans out of poverty. We must continue this crucial effort.”

“Congress must continue to make it easier for investments to be made in lower-income and disadvantaged areas. Opportunity zones were a massive win for working Americans across this country. This important legislation builds upon an already successful program and would spur more investments for years to come. I’m proud to join my colleagues in the fight for economic growth,” said Rep. Giménez.

There are over 8,760 low-income communities designated as Qualified Opportunity Zones in the United States. H.R. 4608 would provide for the designation of new qualified Opportunity Zones every ten years, and a new Opportunity Zone tax incentive round would begin on January 1, 2027.