McMahon: Opportunity Zones Will Lead to Much Needed Jobs and Stronger Communities

Release Date: 
Wednesday, December 12, 2018
Release Number: 
18-73
Contact: 
erin.mccracken@sba.gov, (202) 205-7023

WASHINGTON – Today, President Trump signed an Executive Order establishing the White House Opportunity and Revitalization Council. The Council, chaired by Secretary of Housing and Urban Development Ben Carson and comprised of 13 Federal agencies, including the Small Business Administration (SBA), will engage with all levels of government on ways to better spur economic development and job creation by encouraging long-term investments in distressed communities across America.

“President Trump has been delivering on the promises he made to strengthen our nation’s economy and generate meaningful opportunities for communities to grow and thrive. I see this firsthand when I visit small businesses from across the country who are taking advantage of the policies issued under this Administration and are investing and growing their businesses, as well as providing a needed boost to their own vibrant communities,” said SBA Administrator Linda McMahon. “Nearly 35 million Americans live in communities designated as Opportunity Zones and today’s executive order underscores our commitment to long-term investment that drives sustainable economic revitalization in our communities who need it the most.”

Created by the 2017 Tax Cuts and Jobs Act, the Opportunity Zones tax benefit is designed to increase economic development and job creation by encouraging long-term investments in economically distressed communities nationwide.