The Sacramento Bee
By Ian Barth
June 14, 2019
Opportunity Zones are a federal tax incentive established by Congress in the bipartisan Tax Cuts and Jobs Act of 2017. They encourage long-term investments in designated low-income communities nationwide. Many states are conforming with the federal guidance to encourage revitalization of their communities.
Gov. Gavin Newsom, on the other hand, wants California to conform narrowly to the Opportunity Zone program with a detrimental twist designed to only incentivize affordable housing and green energy projects. His proposal would eliminate incentives for any other type of development within California’s Opportunity Zones.