In Cleveland, Portman Participates in Opportunity Zone Roundtable Hosted by the Greater Cleveland Partnership
Highlights New Opportunity Zones Tax Incentive Designed to Encourage Investment and Job Creation in Low-Income Communities
CLEVELAND, OH – Today, U.S. Senator Rob Portman (R-OH) participated in an Opportunity Zone roundtable hosted by the Greater Cleveland Partnership. As part of the new tax reform law, Portman fought for a new tax incentive called “Opportunity Zones” that are designed to encourage investment and job creation in low-income communities. It starts with states identifying those urban and rural communities that are most in need. Ohio designated 320 low-income census tracts across the state as Opportunity Zones under the new tax law. This allows investors and companies to defer paying capital gains taxes on investments in exchange for committing to invest that additional money into Opportunity Zones long-term, with additional tax benefits available depending on the length of the Opportunity Zone investment. Cuyahoga County is poised to benefit from Opportunity Zone designations.
“I enjoyed today’s discussion on how the recent tax reform law is making a difference for local businesses in the Cleveland area,” said Portman. “I’ve visited more than 20 businesses around Ohio that have announced new investments in their businesses and their workers, including higher wages, bonuses, new equipment, and increased investment in workers’ benefits. Opportunity Zones have the potential to boost investments and jobs in struggling communities throughout Ohio. Over time, Opportunity Zones will help transform cities and towns in need to complement the stronger family budget and increased hiring we have already begun seeing from the more immediate changes to our tax code. This is exactly what Congress intended to accomplish when we crafted this new law. I appreciated the feedback I received today, and I will continue working to improve the economy and help working families and small businesses succeed and flourish.”
Since the tax reform passage, Portman has visited Kroger, Worldpay Inc., Helping Hands, and the Sheffer Corporation in Cincinnati, the UH Rainbow Center for Women and Children and Tremco in Cleveland, the Fredon Corporation and Steris Corporation in Mentor, GKM Auto Parts in Zanesville, Wolf Metals in Columbus, Bruns General Contracting in Tipp City, Lima Pallet Company in Lima, Velvet Ice Cream in Utica, ProMedica in Toledo, the Bowery Project and the Ronald McDonald House in Akron, the YMCA in Youngstown, Ariel Corporation in Mt. Vernon, and Dayton Children’s Hospital. In addition, he has hosted a roundtable with members of the Ohio Craft Brewers Association in Columbus, a roundtable with the North Canton Chamber of Commerce, and a roundtable with Youngstown-Warren Regional Chamber of Commerce. At each event, Portman has heard positive examples of how the Tax Cuts & Jobs Act has helped these businesses create new jobs, invest in new plants and equipment, increase wages, pay bonuses, increase charitable giving, reinstate health care, expand 401(k) benefits, and make additional contributions to employee pension plans.
Photos from the event are below: