Lawmakers on opposite sides of the aisle painted contrasting pictures Thursday of the “opportunity zones” created by President TrumpDonald John TrumpChasten Buttigieg: ‘I’ve been dealing with the likes of Rush Limbaugh my entire life’ Lawmakers paint different pictures of Trump’s ‘opportunity zone’ program We must not turn our heads from the effects of traumatic brain injuries MORE’s 2017 tax law.
Speaking at a forum in Charlotte, N.C., hosted by The Hill, Rep. Ralph NormanRalph Warren NormanLawmakers paint different pictures of Trump’s ‘opportunity zone’ program Hotel industry mounts attack on Airbnb with House bill GOP lawmakers call for provisions barring DOD funds for border wall to be dropped MORE (R-S.C.) praised the portion of the law that provides capital gains tax breaks to investors who make investments in designated economically distressed areas.
“[Opportunity zones] are the greatest things that have happened in this country,” Norman said at the forum sponsored by the National Association of Home Builders.
ADVERTISEMENT
Norman said the program encourages private developers to buy certain tracts of land while promoting investment in low-income areas.
He also rejected the argument that government grants and assistance are needed to improve the program.
“We have a job to do in getting this country out of a national debt,” Norman said. “I am not adding to $22 trillion. I wasn’t sent [to Congress] to do that.”
Rep. Alma AdamsAlma Shealey AdamsLawmakers paint different pictures of Trump’s ‘opportunity zone’ program On The Money: Bloomberg reignites Democratic fight over financial crisis | Stocks close at record highs as Fed sees steady rates | IRS to boost visits to high-income earners who haven’t filed returns The Hill’s Morning Report – In Nevada, bets on Sanders, eyes on Bloomberg MORE (D-N.C.), who also spoke at the forum, said she’s seeking to make changes to the program, which has drawn criticism from fellow House Democrats.
“I don’t want to see the intent of those opportunity zones misused in a way that the people who don’t need that tax credit to be able to use it,” Adams said.
Adams is a co-sponsor of the Opportunity Zone Reform Act, which was introduced in November. The measure would eliminate investments for casinos and would prohibit investments in stadiums, parking lots and luxury apartments. It would also declassify zones that are no longer low-income, replacing them with qualifying regions.
The bill currently has nine Democratic co-sponsors in the House.
Adams also argued that there should be more of a focus on affordable housing. She said the federal government should put more money into grant funding.
“We have categories of people who are still without decent places to live,” Adams said.