McCarthy Applauds First Round of Opportunity Zone Designations
Congressman Kevin McCarthy applauds the Trump Administration and Secretary of the Treasury Steven Mnuchin for designating portions of Kern, Tulare, and Los Angeles Counties located in the 23rd Congressional District of California as Opportunity Zones. These zones, established by the Tax Cuts and Jobs Act of 2017, create and promote economic incentives for investors to invest in communities ripe for revitalization throughout the United States.
Under the Tax Cuts and Jobs Act, Governors are empowered to nominate areas within their jurisdictions to be Opportunity Zones to the U.S. Department of Treasury, which certifies these areas. As part of the State of California’s application to nominating Opportunity Zones, Congressman McCarthy urged Secretary Mnuchin to select communities in California in the first round of Opportunity Zone designations. A copy of Congressman McCarthy’s letter can be viewed here.
All or portions of the communities of Bakersfield, Tehachapi, Mojave, California City, Boron, Ridgecrest, Rosamond, Taft, Porterville, and Lancaster where certified by Secretary Mnuchin to be Opportunity Zones. They will retain this designation for ten years. A comprehensive list of certified Opportunity Zones can be found here.
Congressman Kevin McCarthy issued the following statement:
“I commend Secretary Mnuchin for fulfilling the Trump Administration’s promise of bringing jobs and spurring economic opportunity in communities throughout America. With this new designation, there will be new opportunities for investment in communities throughout Kern, Tulare, and Los Angeles Counties - the places we call home. These new incentives will help to revitalize underserved communities and neighborhoods, and will breathe new life into economic development projects. These new zones will positively impact our local economy, and this moment of bipartisan cooperation between California and U.S. Treasury Department deserves our applause.”