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Malloy Hogs Credit for “Opportunity Zones,” Made Possible By GOP Tax Cuts He Opposed

April 24, 2018 By Staff
Malloy Hogs Credit for “Opportunity Zones,” Made Possible By GOP Tax Cuts He Opposed

The governor announced 72 nominations for new "opportunity zones," but did not mention once in his press release that opportunity zones are possible because of the GOP tax bill.

Gov. Dan Malloy (D-Conn.) proudly announced the nomination of 72 “opportunity zones” in Connecticut last week, noting that it tracks with “[o]ne of my administration’s top priorities,” “the revitalization, reinvention and growth of our cities.”

“One of my administration’s top priorities has been the revitalization, reinvention and growth of our cities,” said Governor Malloy, who in February announced an application process for municipalities in the state that were interested in participating in the program. “These opportunity zone nominations we have made will go a long way in encouraging new investment and development in areas that will be critical to Connecticut’s future. I’d like to thank all of the towns that submitted applications, and congratulate those chosen for this exciting new program.”

One thing Malloy didn’t mention in his statement? The “opportunity zones” are made possible by the GOP tax bill passed in December, which Malloy not only opposed but also blasted.

The Virginia Department of Housing and Community Development explained the opportunity zones process in a recent post:

The Federal Tax Cuts and Jobs Act of 2017 included provisions for a new revitalization tool, the Opportunity Zone and Opportunity Fund. Broadly speaking, the Zones and Funds will allow investors to receive tax benefits on currently unrealized capital gains by investing those gains in qualified census tracts (Opportunity Zones). While the federal government is responsible for defining the investment process, the Governor of each state may nominate 25 percent of qualified census tracts as “Opportunity Zones.”

Malloy said in December that the GOP tax bill will “not provide relief to the middle class, but for the wealthiest few.”

Of course, Malloy is happy to take credit for the good of the tax bill, first with CVS wage hikes and now with these opportunity zones.