Press Releases

WASHINGTON D.C. — Today, Congressman French Hill (AR-02), released the following statement in support of Arkansas becoming the first to enact state-level “Opportunity Zone” tax incentives that complement the federal incentives created by the Tax Cuts and Jobs Act of 2017:

“All Arkansans should be proud that the Natural State is leading the way in creating innovative investment opportunities that will help revive our low-income communities. Being the first state to provide state-level incentives for Opportunity Zones sends a powerful message across the country that Arkansas is at the forefront of economic development.

“Empowering our local and state governments only further enhances investment in Opportunity Zones ensuring that Arkansans benefit from new job creation and revitalization. I applaud all 132 members of the Arkansas General Assembly, Republican and Democrat, who voted unanimously in support of this legislation, as well as Governor Hutchinson for signing it into law.”

Background:

In January of this year, Congressman Hill penned an op-ed for the Arkansas Democrat-Gazette, calling on the Arkansas General Assembly to enhance federally designated Opportunity Zones by enacting legislation that would create state tax incentives for investment. That op-ed can be found HERE.

Legislation to conform Arkansas’s state tax code to mirror the federal Opportunity Zones incentives became law on February 26, 2019. The bill was introduced in the House by State Representative Robin Lundstrum, Representative Clint Penzo, and Representative Deborah Ferguson, and in the Senate by State Senator Keith Ingram. Arkansas is the first state to enact state Opportunity Zone legislation.

Opportunity Zones, created by the Tax Cuts and Jobs Act of 2017, are designed to attract companies and businesses to invest in economically distressed communities through federal government tax incentives such as eliminating the capital gains tax.