OZ Magazine Volume2.1 2.1 | Page 6

6 OPPORTUNITY ZONE MAGAZINE | VOLUME 2 • ISSUE 1

OPPORTUNITY ZONES IN THE BIDEN ADMINISTRATION AND

THE NEW CONGRESS

By Mary Burke Baker and Olivia Byrne
What Changes Are in Store and How Will They Affect OZ Investments ?

Concerns that the election of Joe Biden as president would

be the death knell for Opportunity Zones ( OZ ) were assuaged when his Build Back Better ( BBB ) plan featured the OZ tax incentive as part of his approach to advance racial equity across the American economy . The plan noted , however , that the OZ incentive was not living up to its promise and proposed to reform it accordingly . Consistent with criticisms that OZ was not being implemented as policymakers intended , for example that the incentive was benefiting wealthy investors more than OZ communities , Biden ’ s BBB plan proposed three primary revisions to the OZ program to fulfill its promise to advance racial equity , small business creation , and home ownership in lowincome urban , rural and tribal communities .
• Incentivize OZ funds to partner with non-profit and community organizations to create jobs and provide direct financial benefit to residents of the zones .
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