Lawmakers Mull Rejiggering Opportunity Zones Amid Looming Cliff

Pennsylvania Republican Rep. Mike Kelly is a firm believer in the power of Opportunity Zones to revitalize distressed areas. In fact, a refurbished theater in his district served as the backdrop for a recent hearing to kickstart a discussion on refining the program helping such areas, which expires in 2026.

The Opportunity Zone program, created by the 2017 tax law, has been criticized for not necessarily helping communities that need it most. The program gives capital gains tax breaks to investments in certain federally designated communities, and like many other parts of the 2017 law, portions of the program will ...