CDBA Member Banks Highlighted in Opportunity Zones Debate
Several CDBA member banks were highlighted in a piece published in American Banker, which discusses the role that community banks have in opportunity zones. Opportunity zones are a new development from the 2017 Tax Cuts and Jobs Act, which promises tax cuts to investors who invest in these designated low-income census tracts. However, the Tax Cuts and Jobs Act does not currently allow for investment in community development banks to qualify for opportunity zones tax credits. The CDBA has brought attention to the many community development banks who actively work in opportunity zones, and adjusting the opportunity zones part of the tax law would allow for community development banks to be a part of this important initiative.
The original article can be found at the American Banker here.