In light of the recent establishment of the Opportunity Zones, below is a statement from SBA Administrator Linda McMahon and additional info about Opportunity Zones in Alaska.
NEWS RELEASE
PRESS OFFICE
Release Date: December 19, 2018 Contact: erin.mccracken@sba.gov, (202) 205-7023
Release Number: 18-73 Follow us on Twitter, Facebook, Blogs & Instagram
McMahon: Opportunity Zones Will Lead to Much Needed Jobs and Stronger Communities
WASHINGTON – President Trump signed an Executive Order establishing the White House Opportunity and Revitalization Council. The Council, chaired by Secretary of Housing and Urban Development Ben Carson and comprised of 13 Federal agencies, including the Small Business Administration (SBA), will engage with all levels of government on ways to better spur economic development and job creation by encouraging long-term investments in distressed communities across America.
“President Trump has been delivering on the promises he made to strengthen our nation’s economy and generate meaningful opportunities for communities to grow and thrive. I see this firsthand when I visit small businesses from across the country who are taking advantage of the policies issued under this Administration and are investing and growing their businesses, as well as providing a needed boost to their own vibrant communities,” said SBA Administrator Linda McMahon. “Nearly 35 million Americans live in communities designated as Opportunity Zones and today’s executive order underscores our commitment to long-term investment that drives sustainable economic revitalization in our communities who need it the most.”
Created by the 2017 Tax Cuts and Jobs Act, the Opportunity Zones tax benefit is designed to increase economic development and job creation by encouraging long-term investments in economically distressed communities nationwide.
According to the Alaska Department of Commerce, Community and Economic Development the State of Alaska has selected 25 Opportunity Zones and submitted them to the U.S. Department of Treasury that will designate the final list of Opportunity Zones within 30 days of submittal. For more information about Opportunity Zones in Alaska visit the State of Alaska.
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About the U.S. Small Business Administration
The U.S. Small Business Administration makes the American dream of business ownership a reality. As the only go-to resource and voice for small businesses backed by the strength of the federal government, the SBA empowers entrepreneurs and small business owners with the resources and support they need to start, grow or expand their businesses, or recover from a declared disaster. It delivers services through an extensive network of SBA field offices and partnerships with public and private organizations. To learn more, visit www.sba.gov.