The 13-member council is tasked with identifying ways to more effectively use federal taxpayer funds for economic development within low-income communities. The council is also charged to streamline and coordinate existing federal programs to related to opportunity zones while identifying economically distressed communities where new investments may be eligible for preferential tax treatment. The council is also being asked to review and recommend legislative proposals and potential regulatory reform that could encourage further capital investment in economically distressed communities.
“These are still early days for the work of the council and opportunity zones, but the groundwork has been laid,” Carson said. “The seeds the President has planted are growing and the promise they hold will improve places long forgotten, and the lives of those who call those places home.”