Ferguson Applauds Committee Passage Of Rural Opportunity Zone And Investment Act

A. Drew Ferguson IV | Drew Ferguson Official Website

By NC Georgia News Report

Jun 19, 2023

Congressman Drew Ferguson (GA-03) and Chairman Jason Smith (MO-08) today released statements following passage of the Rural Opportunity Zone and Investment Act, by the House Ways and Means Committee

“Since the passage of the Tax Cuts and Jobs Act, economically troubled areas of the country have seen strong growth thanks to investments in opportunity zones,” said Congressman Ferguson. “In Georgia, opportunity zones have attracted tons of investments and have brought new opportunities to our local communities. Providing support for these communities shouldn’t be exclusively left to Washington bureaucrats, and opportunity zones are a proven way to attract private investments in distressed communities. The Rural Opportunity Zone and Investment Act builds on the success of the Tax Cuts and Jobs Act, and I’m proud to see this legislation pass out of Committee.”

Click here to watch Congressman Ferguson’s remarks.

“Supporting and protecting rural America must be a top priority,” said Chairman Smith. “In recent Ways and Means Committee field hearings, we listened to farmers, ranchers, and energy industry workers describe the challenges faced by rural communities in President Biden’s economy. Representative Ferguson’s legislation stands with those that produce our food and energy by building upon the successful Opportunity Zone program from the 2017 Republican tax reform law. Rural Opportunity Zones will increase investment and help distressed rural communities recover.”

Background

As part of the Tax Cuts and Jobs Act (TCJA), Opportunity Zones were established to help spur investment in undercapitalized or underserved rural communities, and the Rural Opportunity Zone and Investment Act would extend this program.

Congressman Ferguson introduced H.R. 3906, the Rural Opportunity Zone and Investment Act, on June 7, 2023 and the bill was included in the Tax Cuts for Working Families Act – which passed out of the House Ways and Means Committee on June 13, 2023.

Original source can be found here.