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Kelly leads Community Development Tax Team, holds first site visit to DC Opportunity Zone project

WASHINGTON, D.C. — On Monday, July 8, U.S. Rep. Mike Kelly (R-PA), the Chairman of the Ways and Means Subcommittee on Tax and Chair of the Community Development Tax Team, kicked off the committee’s Tax Teams site visits with a stop at The Bridge District in Washington, D.C., an approximately $1 billion community revitalization project made possible through Opportunity Zone legislation included in the 2017 Tax Cuts & Jobs Act (TCJA).

In April, Rep. Kelly and Ways and Means Chairman Jason Smith (R-MO) announced the formation of ten Committee Tax Teams, comprised of Ways and Means Republican members, to address key tax provisions from the 2017 Trump tax cuts that are set to expire in 2025 and identify legislative solutions that will continue to help families, workers, and small businesses struggling in the Biden economy. Monday’s visit by the Community Development Tax Team was the first site visit by a Tax Team since they formed in April.

Members included Reps. Mike Kelly (R-PA), Community Development Tax Team Chair; Claudia Tenney (R-NY), Community Development Tax Team Vice Chair; Blake Moore (R-UT), and Mike Carey (R-OH).

“My district has seen the firsthand benefits of Opportunity Zone legislation with the incredible transformation taking place in downtown Erie in recent years. Our visit to The Bridge District highlights the need to extend and expand Opportunity Zone legislation so more communities can benefit from this bipartisan legislation,” Rep. Kelly said. “Our committee is committed to listening to the American people ahead of the 2025 tax talks. Renewing and expanding OZ legislation is critical to developing communities across the country. These tax teams will ensure that our tax code works for Americans – not the other way around.”

“Ways and Means Tax Team site visits are vital to learning how best to protect workers, families, farmers, and small businesses from the single largest tax hike in history at the end of next year,” said Chairman Smith. “We are reaching out across the country, to listen to the Americans who simply cannot afford the tax increases Washington Democrats have planned for them. With the input of these visits, we can build on the success of the Trump tax cuts to provide a pro-America, pro-worker vision for the future that will keep America competitive and make this the best place in the world to live, prosper, and raise a family.”

“The Bridge District is a prime example of how Opportunity Zones are helping solve America’s housing crisis, while bringing jobs, amenities, and tax revenue to communities that have been overlooked for generations,” said John Lettieri, President and CEO of the Economic Innovation Group. “The impact of this versatile policy is being felt in thousands of low-income communities spread across every state and region of the country, each with their own unique needs and potential. What’s more, research shows that Opportunity Zones bring positive spillover benefits to neighboring communities as well. Developments like the Bridge District underscore why it’s crucial for Congress to renew and expand this vital economic development tool.”

“We are honored that members of the Ways and Means Subcommittee on Tax wished to tour the Bridge District located in the heart of Washington DC.  OZ legislation was initiated in 2017 as a bipartisan approach to attracting capital to historically underserved communities and it remains a bipartisan success today,” said Trisha Miller, Executive Managing Director, Capital Markets at Redbrick LMD, Inc. “According to Novogradac, Washington DC is one of the top markets in the country to attract OZ capital and we are thrilled to play an important leadership role in developing communities that are having positive economic impact on many citizens of Ward 8.”

“The Opportunity Zones incentive, established under the Tax Cuts and Jobs Act of 2017, steers critical investment towards underserved communities, accelerating economic development and creating jobs,” said Rep. Tenney. “As a member of the House Ways and Means Committee’s Community Development Tax Team, I will continue to advocate for pro-growth and pro-worker tax incentives that provide resources for communities to grow, expand, and thrive, particularly those in rural areas such as Upstate New York. Thank you to Redbrick for the opportunity to see firsthand how this Trump-era tax incentive has had a positive impact on underserved communities.” 

“I was pleased to join my colleagues on the Ways and Means Community Development Tax Team at the Bridge District Opportunity Zone in Washington, D.C.,” said Congressman Moore. “We saw firsthand how Opportunity Zones are lifting up families and small businesses by encouraging long-term, private capital investments in low-income communities. The Bridge District project is a great model for Opportunity Zones across the country, and I look forward to further digging in on ways we can promote similar partnerships to enhance more communities in need.”

“Opportunity Zones, like this one in Congress’s backyard, give historically struggling communities a chance to grow and thrive,” said Rep. Carey. “It was great to join our fellow Tax Team members during this week’s tour, and we look forward to ensuring Opportunity Zones and other priorities from the 2017 tax cuts are preserved and strengthened next year.”

 

BACKGROUND

The Bridge District project, located near Joint Base Anacostia-Bolling in Southeast Washington, D.C. aims to provide expanded housing and retail opportunities to a low-income neighborhood. Additionally, The Bridge District is designed to be the home of the National Campus for Cyber Leadership (NCCL).  This 250,000 SF building will offer government, private sector, and academic users a unique, collaboration-focused collection of classroom space, cyber ranges, research & development labs, and secure facilities.

The project, led by Redbrick LMD, has leveraged capital made possible through bipartisan Opportunity Zone legislation passed in the 2017 Tax Cuts and Jobs Act (TCJA). Portions of TCJA are set to expire in 2025 pending Congressional reauthorization. Ways & Means Tax Teams are holding site visits throughout 2024 to learn how tax policies are impacting Americans ahead of the 2025 deadline.

In May, Rep. Kelly chaired a Ways & Means Committee field hearing in Erie, Pennsylvania to highlight the critical role OZ legislation has played in transforming downtown Erie.

Rep. Kelly chairs the Community Development Tax Team and serves on the Global Competitiveness Tax Team.

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