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Opportunity Zones Providing Opportunity For Whom?: How The Current Regulations Are Failing And A Solution To Uplift Communities, Ruta R. Trivedi
Opportunity Zones Providing Opportunity For Whom?: How The Current Regulations Are Failing And A Solution To Uplift Communities, Ruta R. Trivedi
Washington and Lee Journal of Civil Rights and Social Justice
In 2017, the newly enacted Tax Cuts and Jobs Act created an incentive for taxpayers to invest in Qualified Opportunity Zones— census tracts that consist of low-income communities. These investments, which are incentivized via lucrative tax deferral benefits, are intended to uplift communities and leave them in a better position than they were pre-investment. However, the initiative lacks regulation requiring investments to actually benefit low-income areas, resulting in money going to places that do not need help, while communities that are in need may face displacement. This is a result of many wealthy investors finding that luxury projects are the …