The Tax Cuts and Jobs Act of 2017 provides tax incentives for private investments in low-income areas designated as Opportunity Zones to spur economic development. The Opportunity Zones provision aims to attract hundreds of billions in private capital investments, which could make it one of the largest economic development initiatives in U.S. history. Wells Fargo will provide technical assistance, thought leadership, project financing support, and convene stakeholders to scale investment prospects in Opportunity Zones.

1. How Opportunity Zones are driving a new system of
community development
Wells Fargo Regional Foundation
September 13, 2019

2. 2018 Workplan
○ Provided thought leadership
○ Provided technical assistance
○ Convened key stakeholders
Philadelphia Advisory Council Meeting
● What we’ll do
○ Scale Investment Prospect
○ Provide thought leadership
○ Perfect project finance
○ Provide technical assistanc
○ Convene key stakeholders

3. ● The Tax Cuts and Jobs Act of 2017 provides a new incentive—
centered around the deferral, reduction, and elimination of capital
gains taxes—to spur private investments in low-income areas
designated by states as Opportunity Zones. This provision is based
heavily on the Investing in Opportunity Act (S. 1639) introduced by
Senator Cory Booker (D-NJ) and Senator Tim Scott (R-SC). Given the
significant interest among investors, it is possible that this new tax
incentive could attract hundreds of billions of dollars in private
capital, making this one of the largest economic development
initiatives in U.S. history.

4. 8,762 Zones in the US
○ Provided thought leadership
○ Provided technical assistance
○ Convened key stakeholders
Philadelphia Advisory Council Meeting
● What we’ll do
○ Scale Investment Prospect
○ Provide thought leadership
○ Perfect project finance
○ Provide technical assistanc
○ Convene key stakeholders

5. 2018 Workplan
○ Provided thought leadership
○ Provided technical assistance
○ Convened key stakeholders
Philadelphia Advisory Council Meeting
● What we’ll do
○ Scale Investment Prospect
○ Provide thought leadership
○ Perfect project finance
○ Provide technical assistanc
○ Convene key stakeholders

7. The Investment Prospectus
5 Observations

13. The Investment Prospectus
5 Next Steps

19. Bruce Katz
● bjk342@Drexel.edu
● @bruce_katz
https://drexel.edu/nowak-lab/
Thank You!