10.23.18

Daines Highlights New Opportunity Zones for Rural Montana

Stresses Importance of Job Creation, Wage Increases for Montanans

U.S. SENATE — U.S. Senator Steve Daines today touted the 25 new Opportunity Zones that now exist across Montana thanks to the Tax Cuts and Jobs Act. 

The designation of these Opportunity Zones will help Montana flourish economically by boosting wages and creating jobs in low income communities,” Daines said. “This is yet another positive impact of the Tax Cuts and Jobs Act championed by the Republicans and the Trump administration, which is putting more money in the pockets of Montanans and folks across the nation.”

Under the Tax Cuts and Jobs Act’s Opportunity Zone Program, low-income communities receive certain tax benefits that encourage job-creating investments in designated areas. In exchange for a lower capital gains rate that decreases based on the length of the investment, investors can put those unused dollars to work in Opportunity Zones – distressed locations nominated by state governors and selected by the U.S Department of the Treasury. 

Nationwide, about a one-fifth of the population live in communities considered distressed. In Montana, 25 census tracts qualifying as “distressed” were selected as opportunity zones by the Treasury Department.

Background:

On February 22, 2018, Daines sent a letter to Governor Steve Bullock urging him to nominate low-income census tracts in Montana for the program.

On December 2, 2017, Senator Daines voted in support of the Senate Tax Cuts and Jobs Act to increase wages, grow jobs and give back Americans their hard-earned dollars.

On December 1, 2017, Senator Daines announced he secured $100 billion in tax cuts for Main Street businesses, increasing their tax deduction from 17.4 percent to 23 percent.

To read more about Montana’s 25 Opportunity Zones click HERE.  

  

###