The Treasury Department on Friday outlined rules for investors seeking to finance development in underserved regions in exchange for significant tax breaks.
The proposed guidance would govern investments in so-called "opportunity zones" across the country that were created under the sweeping new Republican tax law. Treasury Secretary Steven Mnuchin estimated as much as $100 billion in private capital could be funneled into those areas.
"We want all Americans to experience the dynamic opportunities being generated by President Trump's economic policies," Mnuchin said in a statement. "This incentive will foster economic revitalization and promote sustainable economic growth, which was a major goal of the Tax Cuts and Jobs Act."