Cummings Requests Secretary Mnuchin to Approve Opportunity Zones in Greater Baltimore Region
Washington, D.C. (April 23, 2018) — Today, Congressman Elijah E. Cummings (D-MD) sent a letter to Treasury Secretary Steve Mnuchin in support of the State of Maryland’s request to designate census tracts in the greater Baltimore region as Opportunity Zones under the newly enacted Opportunity Zones program. Maryland’s Governor, Larry Hogan, has nominated 149 Opportunity Zones across the state of Maryland, including 42 census tracts in Baltimore City and 10 tracts in Baltimore County.
“Living in these nominated census tracts are some of Maryland’s poorest citizens, who would benefit immensely from increased investment in their communities,” Cummings wrote.
The Tax Cuts and Jobs Act passed last year created a new tax incentive for investment in businesses located in distressed communities. Investors may invest directly or indirectly in businesses located in Qualified Opportunity Zones – census tracts which generally have a poverty rate of at least 20 percent – and they will receive a tax benefit for all gains made from such investments.
“As Treasury Secretary, you have the authority to certify these nominated tracts as Opportunity Zones, helping to lift many out of poverty and into the middle class,” Cummings continued. “I urge you to do so.”
On March 7, 2018, Congressman Cummings wrote to Governor Hogan requesting he designate Opportunity Zones in the greater Baltimore region.