[Congressional Record Volume 165, Number 116 (Thursday, July 11, 2019)]
[House]
[Page H5588]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




         RECOGNIZING THE IMPACT OF BELLEFONTE OPPORTUNITY ZONE

  The SPEAKER pro tempore. The Chair recognizes the gentleman from 
Pennsylvania (Mr. Thompson) for 5 minutes.
  Mr. THOMPSON of Pennsylvania. Mr. Speaker, on Monday, July 8, I had 
the privilege of hosting the White House Opportunity and Revitalization 
Council Executive Director, Mr. Scott Turner, in Bellefonte in 
Pennsylvania's 15th Congressional District.
  Mr. Turner shared his insight, his expertise, and, I will say, his 
passion for serving economically distressed communities, regarding the 
recently designated opportunity zone in Bellefonte, with myself and 
members of the community. It was a productive and engaging discussion 
hosted by the American Philatelic Society at its headquarters.
  Joined by officials from the U.S. Small Business Administration, U.S. 
Department of Agriculture, U.S. General Services Administration, and 
U.S. Department of Housing and Urban Development, Mr. Turner shared a 
vision behind the White House Opportunity and Revitalization Council, 
or opportunity zones, as they are more broadly known.
  The Council was established to proactively address the 52 million 
Americans who live in economically distressed communities nationwide in 
urban areas, suburban areas, and, quite frankly, rural areas.
  It was inspiring to hear Mr. Turner's passion when it comes to 
stimulating economic growth, expanding workforce development 
opportunities, and promoting long-term investment in distressed 
communities.
  The opportunity zone designation was made possible by the landmark 
2017 Tax Cuts and Jobs Act that I was proud to cosponsor and to 
support. This past April, the White House Council was formed to help 
align communities with a myriad of Federal agencies that can help 
supplement public endeavors with private investments.
  Because of this, communities, and not the Federal Government, are 
being put in the driver's seat. The borough of Bellefonte is one of 300 
opportunity zones in the Commonwealth of Pennsylvania, nearly 30 of 
which are located within Pennsylvania's 15th Congressional District.
  These opportunity zones were nominated by the Governor and are 
nominated by the Governors of each State and territory. The final 
vetting and finalization for selection are up to the United States 
Treasury Department.
  Opportunity zones are an investment in Pennsylvania's future, our 
communities' futures, our businesses, and the people who call the 
Commonwealth home. These zones have great potential when it comes to 
revitalizing economically distressed communities all across the United 
States. It is my hope that they can become a catalyst for change and a 
catalyst for hope in communities across the country.
  This facilitates investment by private investors who can take their 
capital gains that they may have realized because of business 
transactions that they are engaged in. Normally, these aren't the types 
of communities where these capital gains are invested. These are areas 
of higher unemployment and infrastructure issues, maybe housing issues, 
and a lower median income, not prime places for economic investment by 
the private sector.
  With the incentives of opportunity zones, where these investors can 
invest these capital gains within those communities for causes and for 
needs defined by the members of the communities, they are able to 
realize tax savings.
  It encourages them to maintain that investment for 10 years, where 
they would pay zero taxes on those capital gains and yield a tremendous 
return on investment for families, for individuals, and for 
communities.
  Additionally, these 23 Federal agencies would provide preferences for 
competitive grants in these designated opportunity zones, another way 
of investing.
  It was equally inspiring to hear local stakeholders discuss their new 
developments in Bellefonte, and I am looking forward to helping these 
communities seek these Federal opportunities.
  As I mentioned that day, this is a program that was created by 
Congress and was signed by President Trump, who executed this with 
Scott Turner's leadership as Executive Director. It is one that really 
lies in the community, in terms of identifying what the needs are and 
the investors who come from the community.
  I am grateful to the White House Opportunity and Revitalization 
Council for its willingness to be on the ground and engage, in the 
hopes of sparking growth and development in all the designated 
opportunity zones. Specifically, on Monday, it was Bellefonte.
  Moreover, I am grateful to the residents of Bellefonte for joining as 
engaged citizens who are passionate about the future of their town. By 
taking advantage of opportunity zones, communities like Bellefonte can 
play a more proactive role in the future and the destiny of their town 
that they call home.

                          ____________________