The U.S. Treasury Department Wednesday permanently renewed tax incentives in Qualified Opportunity Zones.

These Opportunity Zones allow states to nominate distressed communities for tax-advantaged private investment under President Donald Trump’s Working Families Tax Cuts.

The program builds on the Opportunity Zone tax incentives created by the 2017 Tax Cuts and Jobs Act during President Donald Trump’s first administration.

“Under President Trump’s leadership, the Working Families Tax Cuts permanently renewed and strengthened Opportunity Zones — giving investors, entrepreneurs, and local leaders the long-term certainty they need to commit capital to communities that have been overlooked for too long,” Treasury Secretary Scott Bessent said in a statement.

“With the nomination period now open, governors have the opportunity to help direct private investment to communities that stand to benefit most,” Bessent said.

U.S. Rep. Mike Kelly, R-Pa., chairman of the House Ways & Means Subcommittee on Tax, highlighted the success of Erie’s Opportunity Zones during a Ways & Means Committee hearing on June 4.

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