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Photo Release: Lt. Governor Boyd Rutherford Addresses Opportunity Zone Conference

For immediate release:
July 31, 2018
Contact:
Shareese Churchill shareese.churchill@maryland.gov

410-974-2316

Photo Release: Lt. Governor Boyd Rutherford Addresses Opportunity Zone Conference

Program Provides Tax Incentives for Investment In Distressed Communities for Next 10 Years

ANNAPOLIS, MD – Lt. Governor Boyd Rutherford today opened the Maryland Opportunity Zone Conference. Hosted by the Maryland Departments of Housing and Community Development and Commerce, the conference, which is one of the first of its kind in the nation, provides an opportunity to learn more about the program and discuss best practices to spur revitalization across the state. The Lt. Governor was joined by Housing Secretary Kenneth C. Holt and Commerce Secretary Mike Gill.

The Opportunity Zone program is a a nationwide initiative administered by the U.S. Treasury created under the 2017 Tax Cuts and Jobs Act. The program provides federal tax incentives for investment in economically distressed and underserved communities over the next 10 years. Areas designated as Opportunity Zones will be able to reap the benefits of capital gains to help finance redevelopment and revitalization. In May, 149 Opportunity Zones were designated across Maryland, with every single jurisdiction in the state receiving at least one designation.

“Today, we have brought all of the experts together to discuss how we can best harness creativity and innovation to build partnerships that will ensure these Opportunity Zones, and their related programs, work effectively and profitably to drive economic growth in Maryland,” said Lt. Governor Rutherford. “Our administration is committed to ensuring these zones are successful as we continue to change Maryland for the better.”

“The Opportunity Zone designation is another great initiative that expands Maryland’s economic development toolbox,” said Secretary Gill. “It provides a brand new mechanism to jump start business growth and job creation in communities that need it the most.”

“We hosted more than 500 people at today’s conference, and I think that’s indicative of the great interest in Opportunity Zones across the public and private sectors,” said Secretary Holt. “That broad support will be key in developing the partnerships and plans that will foster innovative investment in these areas.”

 

For more information about Opportunity Zones and for maps of selected communities, visit http://dhcd.maryland.gov/OpportunityZones.

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