On Dec. 12, 2018, President Donald Trump signed an Executive Order on Establishing the White House Opportunity and Revitalization Council to push more resources into the federal tax incentives program for opportunity zones. Holland & Knight tax attorney Nicole Elliott told Bisnow that this executive order could make a difference for any investors who may be on the fence with the Tax Cuts and Jobs Act program.
Ms. Elliott said that she is encouraged that the new White House council will need to engage with state, local and tribal governments, and that the president's order is focused not only on designated opportunity zones, but also other economically distressed areas across the nation.
"I think it's a strong signal the administration is all in on opportunity zones and spurring economic growth in economically distressed areas," she stated.
As part of Holland & Knight's team overseeing the opportunity zones program for its clients, Ms. Elliott knows first-hand that many individuals and groups are excited about figuring out how to best harness and leverage the benefits of it for their communities.
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