OPPORTUNITY ZONES IN THE BIDEN ADMINISTRATION AND THE NEW CONGRESS
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Legislative and administrative actions taken by the Biden administration and the Democraticcontrolled congress will have a significant effect on the success and future of the OZ incentive .
Colleges and Universities ( HBCUs ) and the financial community . A high level of commitment would also support the use of OZs to achieve other policy objectives of the Biden administration such as sustainability , green energy , climate change , infrastructure , and racial and economic justice , including wealth building of OZ residents .
Legislative and administrative actions taken by the Biden administration and the Democratic-controlled congress will have a significant effect on the success and future of the OZ incentive and the communities that stand to benefit from it .
Mary Burke Baker is a government affairs counselor in the Washington , D . C . office of K & L Gates where she leads the tax policy practice . Mary focuses on federal tax matters affecting businesses , including domestic and multinational corporations and all types of pass-through entities , and individuals . Her practice covers tax policy , tax reform , regulatory and other guidance , tax administration , and technical tax issues , with particular emphasis on corporate and pass-through issues , accounting methods , information reporting , Reports of Foreign Bank and Financial Accounts ( FBAR ) compliance , and emerging cryptocurrency issues . Since enactment of the Tax Cuts and Jobs Act ( TCJA ) in December 2017 , Mary has particularly focused on the Opportunity Zone program and is a frequent speaker on the topic throughout the United States .
Olivia Byrne is a partner in the Washington D . C . office of K & L Gates and a member of the firm ’ s real-estate investment , development , sports , and finance group . She is a leading member of the firm ' s U . S . economic incentives practice along with the real estate and public finance practices in the Washington , D . C . office . Her proven track record demonstrates proposals to certain corporations such as manufacturing and technology in excess of $ 100 million dollars in economic incentives . She served as lobbyist for The Advisory Board Company that won the “ Game Changer Award ” at the Washington Business Journal ’ s Best Real Estate Deal of the Year Awards in 2016 . Byrne is a key member of the OZ team for the incentive established by Congress in the Tax Cuts and Jobs Act of 2017 , building upon extensive experience working with clients to develop investments OZ businesses and OZ real estate .
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