The White House says it might extend 'opportunity zone' tax breaks as a way to help struggling neighborhoods after the pandemic. But critics say the program has benefited wealthy investors more than local residents.
President Trump listens as Scott Turner, executive director of the White House Opportunity and Revitalization Council, speaks during a meeting with African American leaders in Michigan on Thursday.President Trump listens as Scott Turner, executive director of the White House Opportunity and Revitalization Council, speaks during a meeting with African American leaders in Michigan on Thursday.
Ja'Ron Smith, a top White House aide to President Trump, says the administration is looking for ways to extend its Opportunity Zone program in the wake of the coronavirus pandemic.Ja'Ron Smith, a top White House aide to President Trump, says the administration is looking for ways to extend its Opportunity Zone program in the wake of the coronavirus pandemic."We're having conversations with leaders to figure out how to best approach that," Smith said.
Supporters of the tax breaks argue that the more than 8,700 zones have driven transformative investment in areas that otherwise would have been left behind. The additional leeway could make a difference, said Mark Elliott, managing partner for the South Carolina Opportunity Fund. Funds like Elliott's are the vehicle that investors use to get money behind projects in the zones and receive the tax benefits.
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