THE SENATE	S.C.R. NO.	122
THIRTIETH LEGISLATURE, 2019
STATE OF HAWAII

SENATE CONCURRENT

RESOLUTION

 

 

urging the governor to NOMINATE opportunity zoneS to assist with economic development in census tracts in wahiawa and whitmore village.

 

 

     WHEREAS, the federal Tax Cuts and Jobs Act authorized a community economic development program called the Opportunity Zones Program to encourage long-term investments in economically distressed communities nationwide; and

 

     WHEREAS, the new program provides incentives for investors to re-invest unrealized capital gains into opportunity funds established by the private sector, in exchange for temporary tax deferral and other tax benefits; and

 

     WHEREAS, the opportunity funds will then be used to provide investment capital in certain low-income communities; and

 

     WHEREAS, Hawaii has already nominated, and the United States Department of the Treasury has already designated, twenty-five census tracts as opportunity zones; and

 

     WHEREAS, despite being meant for economically distressed communities, many of which are rural communities, opportunity zones were not designated in any rural areas on the City and County of Honolulu; and

 

     WHEREAS, companies have yet to take advantage of the program in any of the existing opportunity zones; now, therefore,

 

     BE IT RESOLVED by the Senate of the Thirtieth Legislature of the State of Hawaii, Regular Session of 2019, the House of Representatives concurring, that the Governor is urged to nominate opportunity zones to assist with economic development in census tracts in Wahiawa and Whitmore Village; and

 

     BE IT FURTHER RESOLVED that certified copies of this Concurrent Resolution be transmitted to each member of Hawaii's Congressional delegation and the Governor.

 

 

 

	OFFERED BY:	_____________________________

Report Title: 

Opportunity Zones; Program; Communities; Economic Development