(TX-30-D) and Congressman
Chuck Edwards (NC-11-R)
WASHINGTON — Congresswoman Jasmine Crockett (TX-30-D) and Congressman Chuck Edwards (NC-11-R) have introduced the Economic Opportunity for Distressed Communities Act, bipartisan legislation that would designate Superfund and Brownfield sites as Opportunity Zones to encourage the cleanup, redevelopment, and revitalization of hazardous waste sites.
Brownfield areas and Superfund sites are properties/land that contain hazardous waste, pollutants, or other contaminants. Due to the sites’ contamination,
developers and investors are hesitant to purchase them. Although the contaminated land is typically cheaper, and the pollution means that there are significant cleanup and redevelopment costs.
Today, the United States has more than 1,300 Superfund sites on the Environmental Protection Agency’s National Priorities List (a list of properties that the government
has deemed a national priority due to the known presence of hazardous substances, pollutants or contaminants, and more than 450,000 brownfield sites)—some of which are located in Texas’ 30th Congressional District.
Thus, the incentivize businesses to purchase, clean, and remediate this land, Congresswoman Crockett and Congressman Edwards have introduced
the Economic Opportunity for Distressed Communities Act.
Under this bill, all Superfund and Brownfield areas are designated as Opportunity Zones to encourage the redevelopment and revitalization of these properties with environmental challenges.
A site’s designation as an Opportunity Zone will provide investors with the ability to defer tax on a capital gain only if the property owner invests those capital gains into a qualified opportunity fund property.
“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,” said Congresswoman Crockett.
“While the Environmental Protection Agency has previously been helpful in providing
districts with funds to remediate and clean Superfund sites and Brownfields so our children can safely play and communities can repurpose and build on the land, we also need to incentivize the private sector if we are truly going to increase the level of improvement of these lands when federal resources do not. I am proud to join my colleague in introducing the Economic Opportunity for Distressed Communities Act, legislation that takes an all-hands-on-deck approach to cleaning our communities and helping build and create parks, affordable homes, stores, and small businesses.”
“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,” said Congressman Edwards. “If cleaned, Brownfields and Superfund sites can be redeveloped into new housing or business space, and promoting cleanup and development of these sites will create jobs, business opportunities and increase property values for Western North Carolina and nationwide.”
