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Opportunity Zones Under Fire in Congress

Lawmakers are introducing bills and initiating investigations focused on alleged preferential tax treatment for billionaires and the well-connected.

By Bernice Napach | November 08, 2019 at 06:42 AM
House Ways and Means Chairman Richard Neal, D-Mass. House Ways and Means Chairman Richard Neal, D-Mass. (Photo: Anna Moneymaker/Bloomberg)

The Opportunity zone program created by the 2017 tax cut legislation is coming under fire from a growing number of lawmakers, including two who were original sponsors of the program.

Sen. Ron Wyden, D-Ore., introduced a bill this week that would make it more difficult for developments already underway before the legislation took effect to qualify for the tax breaks afforded to investments in opportunity zones. The bill would also disqualify about 200 zones that are contiguous with opportunity zones but not low-income and add sports stadiums to the list of disqualifying businesses types.

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