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Reps. Ron Kind and Mike Kelly Introduce Bill to Add Transparency to Opportunity Zones Program

May 9, 2019
Press Release

Reps. Ron Kind and Mike Kelly Introduce Bill to Add Transparency to Opportunity Zones Program

WASHINGTON – Today, U.S. Reps. Ron Kind (D-WI) and Mike Kelly (R-PA) introduced a bipartisan bill that will reestablish a reporting framework for investments made in Opportunity Zones across the country. The Opportunity Zone program was based on Rep. Kind’s Investing in Opportunity Act, a bipartisan bill creating an incentive for entrepreneurs and businesses to invest in economically distressed communities.  

Reps. Kind and Kelly’s bill will require the Secretary of the Treasury to report to Congress on the number of Opportunity Funds established, the amount of assets held, and the number of designated Opportunity Zones receiving investments, among other data points.  The requirements were removed during the Senate consideration of the bill in 2017. These commonsense reporting requirements will help ensure program integrity and guarantee investments in Opportunity Zones are giving communities the tools they need to succeed.

“Opportunity Zones are a new, unique way to bring capital to communities in rural and underserved areas, but it’s important these investments are accompanied by strong transparency measures and responsible economic policy. I am proud to introduce this bipartisan legislation, which will reinstate the important transparency measures written into the Opportunity Zones programs and support the creation of good-paying, quality jobs in cities and towns across America,” said Rep. Ron Kind.

Communities throughout America will benefit from the Opportunity Zones initiative, which was created by the Tax Cuts and Jobs Act to infuse capital in distressed areas that need it. Erie, Pennsylvania has been a leader in preparing to utilize these zones to revitalize its downtown area, and serves as an example for the entire nation about how the zones will help rebuild communities. The next step is to improve reporting standards and data collection on opportunity zones to make sure that funding is going to the places where it’s needed most. Moreover, better data will help us make future policy decisions to even further improve on this program and determine its effectiveness. I am a proud sponsor of this bill, which will achieve both of those goals!” said Rep. Mike Kelly.

Companion legislation was introduced in the Senate by Sens. Cory Booker (D-NJ), Tim Scott (R-SC), Maggie Hassan (D-NH) and Todd Young (R-IN).

Read the bill here.