Dennis Price | ImpactAlpha
The originators of the Investing for Opportunities Act want to harness private capital for the revival of American cities
Economic Innovation Group co-founders John Lettieri and Steve Glickman l Photo courtesy of EIG
New Revivalists is a series from ImpactAlpha and Village Capital profiling the people, places and policies reviving entrepreneurship — and the American Dream.
New Revivalists: John Lettieri and Steve Glickman, co-founders, Economic Innovation Group
Place: Washington, D.C.
Mission: The duo created the model for “opportunity zones” into which investors can re-invest capital gains and defer or reduce taxes. The provision was included in the recent U.S. tax bill.
Follow: @LettieriDC and @StevenGGlickman
Tucked into the recent U.S. tax bill was a plan to draw billions of dollars in private capital into low-income communities across the country. Stock market investors with capital gains are now allowed to temporarily defer taxes by investing in low-income areas designated as “opportunity zones.”