Senate President Stephen Sweeney
Deputy Speaker John Burzichelli
Assemblyman Adam Taliaferro

Trenton – Senate President Steve Sweeney, Deputy Assembly Speaker John Burzichelli and Assemblyman Adam Taliaferro today announced that the Department of Community Affairs has submitted recommendations for Opportunity Zones to the United States Department of the Treasury that include towns in the 3rd District. The Opportunity Zones program provides opportunities for private investors to support investments in distressed communities through participation in Opportunity Funds.

“The Investing in Opportunity Act will unlock new private investment for communities where people lack access to capital, including communities in the 3rd Legislative District,” said Senator Sweeney. “This will help drive investment, create jobs, increase wages, and support economic growth. I want to thank Senator Cory Booker for his active leadership on this.”

The Opportunity Zones program—sponsored by Sen. Cory Booker (D-NJ) and Sen. Tim Scott (R-SC)—is the first new federal community development tax incentive program since the Clinton administration. The Opportunity Zones program was enacted as part of the 2017 federal Tax Cuts and Jobs Act and is designed to drive long-term capital investments into low-income rural and urban communities.

“This is the result of a bipartisan bill incentivizes investment in economically distressed by encouraging the creation of geographically-targeted funds via the Internal Revenue Code,” said Assemblyman Burzichelli. “It will create new channels for investment in small businesses, supporting entrepreneurs, developing blighted properties, investing in local infrastructure projects, and other activities to create new opportunities for local residents.”

Under the federal legislation, eligible Opportunity Zones are census tracts with a poverty rate of 20 percent or a median family income up to 80 percent of the area median. New Jersey was authorized to designate up to 25 percent of the state’s eligible low-income census tracts (up to 169 tracts) as Opportunity Zones.

“Every community should have the opportunity to use resources that spur growth and opportunity,” said Assemblyman Taliaferro. “This program is a true partnership that provides the resources needed to generate economic growth and opportunity in our communities. It encourages investors of all types to move their capital off the sidelines and reinvest it in places that need it most.”

The towns in the 3rd District selected are:

• Bridgeton (Cumberland County)
• Glassboro (Gloucester County)
• Woodbury (Gloucester County)
• Carneys Point (Salem County)
• Salem City (Salem County)

As a public-private partnership, it will create new channels for investment that will grow jobs, inspire entrepreneurship, and improve the local economy for future generations.

The Investing in Opportunity Act facilitates private investment in the following ways:

• Removes barriers to investment through a temporary capital gains deferral in exchange for reinvesting them in distressed communities.
• Provides a new way for investors across the nation to pool resources through newly-created “Opportunity Funds,” established specifically for making investments in distressed communities.
• Concentrates capital by establishing “Opportunity Zones,” geographically targeted low-income areas that will be designated by governors.
• Encourages investors to make long-term commitments to these communities by tying incentives to longevity.

Further detail on the structure of Opportunity Funds will be released by the U.S. Department of the Treasury later this year.

District Offices

Gloucester County

Kingsway Commons
935 Kings Highway, Suite 400
West Deptford, NJ 08086
Phone: (856) 251-9801
Fax: (856) 251-9752

Salem/Cumberland Counties

The Finlaw Building
199 East Broadway, Suite G
Salem, NJ 08079
Phone: (856) 339-0808 or
             (856) 455-1011
Fax: (856) 339-9626