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President Donald Trump speaks with a
business owner during a press briefing on
the Opportunity Zones initiative |
The Trump administration has declared downtown Wheaton, two parts of downtown Silver Spring, parts of Long Branch and White Oak, four parts of Gaithersburg - including Montgomery Village, Montgomery College's Germantown campus, and Rockville Pike (between Rockville Town Center and Twinbrook) as Opportunity Zones. Created under the 2017 Tax Cuts and Jobs Act signed into law by President Donald Trump, the zones encourage capital investment in underserved communities through federal tax incentives. The designation comes as media and business leaders express increasingly agree that Montgomery County's economy has become moribund.
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| Wheaton opportunity zone |
Montgomery County Executive Ike Leggett said the County will launch an outreach program to notify investors of the new investment opportunities. "Creating the incentive to bring capital into communities that are currently being overlooked is just a tremendous opportunity," Ivanka Trump said at a press conference on the initiative. "And the fact that this was integrated into the tax bill, which is already proving to be so beneficial for people all over this country, is just another element as we start to rebuild those distressed communities." The tax act reduced taxes for 72% of Maryland residents.
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Opportunity zones in Montgomery Village
and Gaithersburg |
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| Rockville Pike opportunity zone |
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Opportunity zones in downtown Silver Spring,
Long Branch and New Hampshire Estates areas |
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White Oak has two of the
Trump opportunity zones |
Photo courtesy WhiteHouse.gov
An "opportunity zone" next to Woodmont Country Club? That's funny.
ReplyDelete...so what are the incentives? Some actual information would be nice.
ReplyDelete"Opportunity Zones are a new community development program established by Congress in the Tax Cuts and Jobs Act of 2017 to encourage long-term investments in low-income urban and rural communities nationwide. The Opportunity Zones program provides a tax incentive for investors to re-invest their unrealized capital gains into Opportunity Funds that are dedicated to investing into Opportunity Zones designated by the chief executives of every U.S. state and territory." http://eig.org/opportunityzones
ReplyDelete