O'Halleran Urges Governor Ducey to Nominate AZ Opportunity Zones
Today, Congressman Tom O’Halleran (AZ-01) sent a letter urging Arizona Governor Doug Ducey to work with community leaders to identify and designate rural areas as Opportunity Zones by March 22nd in order to receive critical economic development funding.
“As our nation continues to recover from the recession, we’ve seen firsthand how economic gains have concentrated in urban, metropolitan areas while rural communities have fallen behind,” O’Halleran wrote in his letter to Governor Ducey. “Opportunity Zones are a tool to help catalyze growth and opportunity in communities that desperately need it. They offer a way for investors to reinvest unrealized capital gains into distressed communities through Opportunity Funds.”
The Opportunity Zones program is based on the bipartisan Investing in Opportunity Act, of which Rep. O’Halleran is an original cosponsor. It will utilize tax incentives to increase long-term investments in regions with higher unemployment, poverty, and business growth. Governors have until March 22 to nominate up to 25 percent of eligible census tracts as Opportunity Zones to the U.S. Treasury Department.
“I look forward to working with the Governor, our state and community leaders, and our business community to grow investment in rural Arizona,” said O’Halleran. “The Opportunity Zone designation will be critical for the future of our state and region as we look for sensible solutions to grow our economy and create good-paying American jobs.”
Read the full letter here.