Mr. President, I appreciate the words my colleague from Ohio has started with and shared and the work done by this Chamber not only to cut taxes and grow our economy for businesses and entrepreneurs around the country but for individuals,…
Mr. President, I appreciate the words my colleague from Ohio has started with and shared and the work done by this Chamber not only to cut taxes and grow our economy for businesses and entrepreneurs around the country but for individuals, small towns, and families.
I live in a town of about 3,000 people. It is a little, tiny town. Growing up, we had two stoplights, and thanks to some of the oil and gas development that took place around our town several years back, we now have a third stoplight. It is big time now. The reason it is, is because we allowed innovation to flourish. We allowed technology to develop new ways to develop our energy resources, but while the policies in the field and in commerce have advanced, sometimes the policies in this place have grown stale. That is why I was excited to support the tax cuts of last Congress that have energized our economy, that have created new opportunity for American workers and families, and that have led to billions of dollars being brought back into the United States from overseas.
Of course, one of the provisions many of my colleagues have talked about today is the Opportunity Zones Program that was established in the Tax Cuts and Jobs Act. When we were getting the Opportunity Zones Program up and running, as a cosponsor of that legislation, my office heard complaints that there might not be enough money for the investments that would be utilized within these opportunity zones. In fact, we heard from people who were saying that no one would be interested in starting a business in struggling American communities. Other critics complained it would be too tempting to pick only census tracts that were already well-positioned for growth. What I am hearing and seeing in Colorado have proven both of those criticisms wrong.
Clarity is the compass to navigating any new venture. Treasury has been actively working to make sure its regulations best position the Opportunity Zones Program for success.
Real estate investments have experienced early success with this program; however, we need more than just real estate investments to make all of America and all of Colorado prosperous. Operational businesses and other entities will support the long-term successes of these communities as well--not just real estate, the operational side.
With its second round of regulations recently released, operating businesses received much awaited, positive news from the Treasury. Industries like clean energy, new breweries, or other capital-heavy businesses received the clarification they need for opportunity zones to succeed. These critical tax provisions--those for accelerated depreciation--will encourage money to come off the sidelines and will translate into large investments in our communities.
While we are still in the infancy of the Opportunity Zones Program, Colorado already has roughly 40 projects in the works. The Office of Economic Development and International Trade, which is the office tasked with implementing opportunity zones in Colorado, has been working alongside local and State entities to maximize its programs for Coloradans. It is in an effort to ensure that the 126 opportunity zones--of which about 60 percent are in rural areas--are successful.
I am going to make sure we continue to fight to leave no part of Colorado behind, and the Investing in Opportunity Act will promote growth in all four corners of our great State.
That little tiny town that I talked about is going to benefit from the opportunity zones that take place. Whether it is a new manufacturing plant, a pizza shop, or a movie theater, investments like these will make a world of difference to small communities. It is the difference between people staying in the town they love versus being forced to leave and find a different job.
Let me give an example. There is a jewelry store in Wray, CO, Amos Jewelry. It is on the main street of this little town. My guess is that when this jewelry store leaves, if there is nobody to take over the business, maybe that will be just one more empty storefront in that town. Nobody will come in to take it over. There is no Zales or Kay Jewelers that is going to come in and replace this smalltown jewelry store. But through an opportunity zone and the chances we are giving people to invest in rural areas and underinvested areas, maybe there can be new life breathed into these small communities--that business, that jewelry store and others like it--to make sure that we don't lose businesses and to make sure that we grow active businesses and that we start new businesses as well.
It is the difference between having access to services on our local Main Street--like that jewelry store; like fixing a watch--and being forced to travel to the next town over and taking the dollars out of that town and bringing them to a different city. It is the difference between going out at all and staying home. A boarded-up storefront tells people to go somewhere else; it is not a ``Welcome Home'' sign. When those boards are taken down, the town comes back to life--new spirit, new opportunity. Opportunity zones have the potential to take those boards down and to revive our Main Streets.
Whether it is small towns, big cities, or midsized economies and communities, the zone shares one common trait: They are communities across
America that have been left behind. These opportunity zones can unlock investment, rebuild infrastructure, and rebuild hope for so many struggling families who no longer feel they have the ability to climb America's economic ladder--those opportunities that were in reach for America's previous generations.
Looking ahead, it will be important to ensure that these real estate and commercial developments are benefiting community members. We know that with new businesses comes new job opportunities, which in turn provide investments in struggling education systems and housing markets. It is a tide that lifts all ships. In the end, these investments are aimed to help all families who are working to pay rent, to become homeowners, and to pay down a mortgage.
We need to work together across the aisle to ensure that we develop a pipeline for the next generation of workers to enter these new job markets, because each and every person in Colorado and everyone across our great Nation should have access to the American dream.
I was pleased that not too long ago, at a White House conference hosted over at the White House, the mayor of Silt, CO, was able to join in the discussion at the Opportunity Zones Conference. Mayor Keith Richel and other officials from Colorado met in Washington, DC, to discuss opportunities, and I am very pleased they were able to do this.
I hope my colleagues, instead of fighting to repeal the tax law, which included opportunity zones, will instead embrace the opportunity to invest, to grow, and to create more prosperous communities.
I yield the floor.