Opportunity zones could generate economic development


STATEWIDE — Sen. Cory Gardner (R-CO) spoke in support of opportunity zones and highlighted their potential to reinvigorate struggling communities across Colorado through economic investments. Gardner was an original cosponsor of the Investing in Opportunity Act, legislation that established opportunity zones and was signed into law as part of the Tax Cuts and Jobs Act in 2017.

The opportunity zone program provides a federal tax incentive to invest in low-income urban and rural communities. Colorado has 126 opportunity zones, with 60 percent of those in rural areas. Currently, Colorado has roughly 40 projects taking advantage of opportunity zones.

“I live in a rural town of 3,000 and know better than most what new developments feel like when they arrive. Whether in the form of a new manufacturing plant, pizza shop or movie theater — these investments make a world of difference to small communities,” said Gardner. “It’s the difference between families staying in the town they love versus leaving to find a job. Opportunity zones can unlock investment, rebuild infrastructure and rebuild hope for so many struggling families who no longer feel like they have the ability to climb America’s economic ladder.”

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