HI SR92

Federal Tax Cuts and Jobs Act established the Opportunity Zones Program to encourage long-term investments in economically distressed communities through tax incentives for investors reinvesting unrealized capital gains.

Hawaii has already nominated and the U.S. Department of the Treasury has designated 25 census tracts as opportunity zones, but none in rural areas of Honolulu City and County.

Opportunity funds established through the program provide investment capital to low-income communities, though companies have not yet utilized any existing Hawaii opportunity zones.

Urges the Governor to nominate additional opportunity zones in census tracts in Wahiawa and Whitmore Village to support economic development in rural communities.

Requires certified copies of the resolution be transmitted to Hawaii's Congressional delegation and the Governor.