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Congresswoman Joyce Beatty

Representing the 3rd District of Ohio

Beatty Brings ‘Opportunity’ to Central Ohio

Apr 25, 2018
Press Release

Beatty Brings ‘Opportunity’ to Central Ohio

Opportunity Zones will encourage long-term investment in economically-distressed communities

COLUMBUS, OH.—U.S. Congresswoman Joyce Beatty (OH-03) successfully earned Treasury-designation of more than 30 ‘Opportunity Zones’ throughout the Third Congressional District of Ohio. Included as a provision in the Tax Cuts and Jobs Act (P.L. 115-97), the establishment of Opportunity Zones allows for the preferential tax treatment of investments, including a deferral or reduction of capital gains, made in these areas.

On February 20, 2018, Beatty sent a letter to Ohio Governor John Kasich outlining communities in the Third Congressional District that met Opportunity Zone qualifications, encouraging Kasich to name these communities in the Columbus area. In March, the Governor’s Office informed the entire Ohio Congressional Delegation that 320 census tracts had been identified, including 33 from Beatty’s Central Ohio-based district. Last week, on April 19, 2018, the U.S. Department of Treasury provided an update, officially accepting Kasich’s recommendations.

“Although I did not vote in support of the Republican tax bill, the Opportunity Zones provision does represent a small, targeted opportunity to bring much-needed investment in a number of high-poverty, low-wage communities,” Beatty said. “I understand how investment in these areas can bolster the local economy, and at the same time provide an opportunity to lift more Central Ohioans and their families into the middle-class.”

Opportunity Zones were to be designated by the governor of each state. Governors could name up to 25 percent of the total number of qualifying census tracts that have a poverty rate of 20 percent or more, or in which the median family income does not exceed 80 percent of the statewide median income. This provision was modeled after the bipartisan bill, the Investing in Opportunity Act, S. 293, introduced by Senators Cory Booker (D-NJ) and Tim Scott (R-SC).