WASHINGTON, D.C. (ABC4) – Along with representatives from California and Florida, Utah Rep. Burgess Owens announced the introduction of a bill called the Growth and Opportunity Act which is designed to extend Opportunity Zones past their current expiration of 2026.
Created in 2017, Opportunity Zones are a development tool to encourage investment in designated distressed areas of the U.S. that had previously struggled to attract investors.
Opportunity Zones are scattered throughout Utah, including large chunks of land along I-15 between Salt Lake City and St. George and west of the Salt Lake City International Airport and parts of West Valley City.
“Opportunity zones are an invaluable economic development tool proven to boost investment and job creation in distressed communities,” said Rep. Owens. “Utah’s Fourth District has seen a strong pandemic recovery plus increased growth thanks to this innovative mechanism, and I’m proud to join this renewed effort to spread opportunity in every corner of the country.”
According to a press release from Owens’ office, there are over 8,760 qualified Opportunity Zones throughout the country. A new round of designations occurs every 10 years with a tax incentive round set to begin at the start of 2027.