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MAYOR BRONIN URGES STATE TO TAKE ADVANTAGE OF NEW TAX LAW, NOMINATES HARTFORD NEIGHBORHOODS

MAYOR BRONIN URGES STATE TO TAKE ADVANTAGE OF NEW TAX LAW, NOMINATES HARTFORD NEIGHBORHOODS

HARTFORD, CONN (January 9, 2018) – Yesterday Mayor Luke Bronin asked the State to nominate most Hartford neighborhoods for designation as Opportunity Zones under a provision in the omnibus tax law recently enacted by the federal government.  The law included the bipartisan Investing in Opportunity Act, which allows governors to designate Opportunity Zones where private investment will receive preferential federal tax treatment. In a letter to the State, Mayor Bronin identified 37 of 40 Hartford census tracts eligible for designation as Opportunity Zones, and urged the Governor to nominate the Hartford neighborhoods prior to the March deadline.

“Last month the federal government enacted an omnibus tax law that benefits the nation’s highest income earners at the expense of the middle class and residents of many states, including Connecticut,” said Mayor Bronin in his letter to the Governor.  “Despite the long-term damage that tax bill will do to our state and nation, one provision, the bipartisan Investing in Opportunity in Opportunity Act, could provide an opportunity to spur private investment in long-disadvantaged communities in the Capital City.”

In a separate statement, Bronin added, “The Investing in Opportunity Act gives tax benefits for investing in communities like Hartford, and we should move aggressively to seize and promote that opportunity.”

The Investing in Opportunity Act, supported by Democrats and Republicans, is aimed at revitalizing economically distressed communities by allowing investors to defer capital gains taxes if they invest in state-designated Opportunity Zones.  A fact sheet on the Act by Senators Cory Booker (D-NJ) and Tim Scott (R-SC), and Representatives Ron Kind (D-WI) and Pat Tiberi (R-OH), is available here.

 

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