Washington, D.C. – Today, the top Republican on the House Ways and Means Committee Kevin Brady (R-TX) released the following statement after the Treasury Department released additional proposed regulations regarding “Opportunity Zones,” a provision of the Tax Cuts and Jobs Act:
“Since the GOP Tax Cuts were signed into law, this economy continues to soar across every corner of our country. More folks are working, paychecks are growing, and communities left behind for too long are taking part in this economic expansion.
“Opportunity Zones, one of the many pro-growth provisions of our new tax code that are bringing increased investment and optimism to communities that need it most, will continue to lift this economy – especially for low- and middle-income workers who, today, are experiencing the fastest level of wage gains. This provision will help private dollars gravitate toward long-term investments to these areas, creating more jobs while stimulating higher growth and local innovation.
“Secretary Mnuchin and his team at Treasury have done an excellent job implementing this new tax code. These additional regulations will provide greater technical guidance for private investors seeking to invest in Opportunity Zones, helping our economy continue to march forward for working families.”