Butterfield Urges Prompt Approval of Governor Cooper’s Nominations for Opportunity Zones
WASHINGTON, DC – Congressman G. K. Butterfield (NC-01) today released the following statement after sending a letter to U.S. Treasury Secretary Steven Mnuchin in support of Governor Roy Cooper’s nominations of qualified census tracts in North Carolina, especially those in the First Congressional District, for designation as Opportunity Zones:
“Over 30 of Governor Cooper’s nominations are located in the First Congressional District and these nominations, along with others, build on the Governor’s demonstrated commitment to strengthening rural communities around the state,” said Butterfield. “Governor Cooper understands some of the challenges we see in eastern North Carolina including poverty, unemployment, and underemployment, but it’s clear he also recognizes the vast opportunities rural communities present.”
The Opportunity Zones Program was signed into law on December 22, 2017 as part of H.R. 1, The Tax Cuts and Jobs Act. The program offers qualified investors tax incentives when they invest unrealized capital gains into designated Opportunity Zones.
Butterfield’s letter requests Secretary Mnuchin promptly approve Governor Cooper’s nominations for designated Opportunity Zones in North Carolina. The letter also points out that ten of the fourteen counties that form the First Congressional District are Tier One Counties, meaning the North Carolina Department of Commerce has identified these counties as some of the most economically distressed in the state. Butterfield believes new investment capital and economic development generated as a result of an Opportunity Zone could greatly benefit these counties.
Today’s letter to Secretary Mnuchin follows a letter Congressman Butterfield sent to Governor Cooper expressing his strong support of the Governor including qualified census tracts located in the First Congressional District in the state’s submission to the Department of the Treasury.
Congressman G. K. Butterfield is a senior member of the House Energy and Commerce Committee, which is the oldest and one of the most influential legislative committees in the U.S. House of Representatives. He serves on the Subcommittees on Communications and Technology; Energy; and Health.