By Joshua Pollard | Forbes
How will we know whether Opportunity Zones have been successful?
That’s a question many investors and community leaders have been asking since the bill’s enactment in December 2017. The good news is, there may finally be a way to figure that out. The bad news? The official enactment may take a while.
A new proposal emerged in Congress on May 8, 2019, showing that a good faith effort is being made on the part of the original Opportunity Zone’s bipartisan panel of authors to meet the intent of the Opportunity Zone law: to create economic revitalization, increase jobs and reduce poverty. This comes just three weeks after the new guidance, which is timely by lawmaking standards.
“The qualified opportunity zone program, as currently enacted, requires no social impact or efficacy-based reporting by qualified opportunity funds. This proposed legislation is an attempt to fill that void.”