Kelly, Miller unveil bipartisan bill to bolster Opportunity Zones program

To increase transparency in the streamlining reporting process on projects in rural communities, U.S. Reps. Mike Kelly (R-PA) and Carol Miller (R-WV) on Sept. 27 offered a bipartisan bill that would modify the rules related to qualified Opportunity Zones, which are economically distressed communities that may qualify for tax deferment.

“Opportunity Zones have breathed new life into neighborhoods and Main Street businesses that have not seen private investment in years, all without spending a single taxpayer dollar,” Rep. Kelly said. “This legislation builds upon the successes of Opportunity Zones and now adds new guidelines to make sure this program can benefit more communities for years to come.”

Rep. Kelly sponsored the Opportunity Zones Transparency, Extension, and Improvement Act, H.R. 5761, alongside three original cosponsors, including Rep. Miller and lead original cosponsor U.S. Rep. Dan Kildee (D-MI) and U.S. Rep. Terri Sewell (D-AL).

“Creating Opportunity Zones have promoted businesses to settle in southern West Virginia and communities across the country,” Rep. Miller said. “Promoting high-impact projects, particularly in rural and overlooked areas, will set future generations up for success and drive economic growth.”

If enacted, H.R. 5761 would require mandatory data reporting of Opportunity Zone investments and would extend the investment and deferral window to the end of 2028, providing a longer time horizon to drive more investment into high-impact projects in low-income communities, according to a bill summary provided by the lawmakers.

“The Opportunity Zones Transparency, Extension, and Improvement Act will advance success across the United States and establish a standard that all Opportunity Zone policies should follow,” added Rep. Miller.

Specifically, H.R. 5761 would extend the incentive for two years in order to facilitate continued investment; reinstate and expand reporting requirements; early sunset Opportunity Zones that are not impoverished; create pathways for smaller-dollar impact investments; provide operating support and technical assistance to high-poverty and underserved communities through a State and Community Dynamism Fund; and designate certain brownfield tracts as Opportunity Zones, the summary says.

While the Opportunity Zones program has helped provide economic development tools to grow communities, Rep. Kildee said the program needs improvements. “I’m proud to work with Congressman Kelly on this bipartisan legislation to create new economic opportunities for mid-Michigan, helping revitalize former industrial sites to grow our economy and strengthen our neighborhoods,” he said.

H.R. 5761 is supported by the Economic Innovation Group, the Erie Downtown Development Corp., Blueprint Local, SoLa Impact, Opportunity Alabama, Arctaris Impact Investors, Catalyst Opportunity Funds, Four Points Funding, the U.S. Chamber of Commerce, Savoy Equity Partners, Redbrick LMD, and the Chicagoland Opportunity Zones Consortium.

The measure has been referred for consideration to the U.S. House Ways and Means Committee.