WASHINGTON, DC – Today, Congressman David Schweikert released the following statement succeeding the release of regulations for opportunity zones in support of tribal lands.

“I am pleased to see tribal lands will be included in the economic success opportunity zones will bring to local communities. Tribal communities have long supported local businesses by leasing their land to community members. Now, they will be able participate in the benefits that opportunity zones provide. Thank you to the IRS and Treasury for working to include tribal communities during the comment period for these zones.” said Congressman David Schweikert

Background:

In February of 2019, the IRS and U.S. Treasury opened a comment period for opportunity zones to discuss proposed regulations. The regulations proposed would exclude many tribal communities from being able to participate in opportunity zones. 

During the comment period, the Office of Congressman David Schweikert contacted the IRS and U.S. Treasury to ensure tribal communities were able to testify during the comment period about how the proposed regulations would exclude them from being able to participate in opportunity zones. 

On April 17, 2019, another round of opportunity zone regulations were released and these regulations included information for “leased tangible property.” This regulation would support tribal communities, by allowing tribal land to be included in opportunity zone planning.