South Asheville News

U.S. Congressman Chuck Edwards from North Carolina has re-introduced the Economic Opportunity for Distressed Communities Act, aiming to designate Superfund and brownfield areas as Opportunity Zones. This initiative seeks to encourage the cleanup, redevelopment, and revitalization of hazardous waste sites. Congresswoman Jasmine Crockett from Texas is co-leading this bipartisan effort.

Congressman Edwards stated, “I have heard from numerous constituents who are interested in developing environmentally challenged properties but decided not to because there isn’t enough incentive. Due to Superfund and brownfield sites’ contamination, many locations with potential sit unoccupied for years.” He emphasized that cleaning these sites could lead to new housing or business spaces, creating jobs and increasing property values in Western North Carolina and nationwide.

Congresswoman Crockett added, “Communities like mine in Texas’s 30th Congressional District have too often suffered from land pollution and ongoing harm caused by industrial businesses that are no longer in operations in our district.” She noted the importance of incentivizing private sector involvement alongside federal resources to improve these lands significantly. "I am proud to join my colleague in introducing our bill that takes an all-hands-on-deck approach to cleaning our communities and helping create and build parks, affordable homes, stores, and small businesses.”

The Tax Cuts and Jobs Act of 2017 established the Opportunity Zone tax incentive as a tool for economic growth in distressed communities across the U.S., focusing on low-income areas. However, it did not address investment needs in communities facing environmental challenges like brownfield and Superfund sites.

These sites contain hazardous waste or pollutants that deter developers due to significant cleanup costs and time delays despite lower land prices. The United States has over 1,300 Superfund sites on the Environmental Protection Agency’s National Priorities List due to hazardous substances' presence and more than 450,000 brownfield sites.

The proposed bill would classify all Superfund and brownfield areas as Opportunity Zones. This designation allows investors to defer tax on capital gains if invested in a Qualified Opportunity Fund within 180 days of realizing the gain.