President Donald Trump spoke at a conference Wednesday at which Flint Mayor Karen Weaver was scheduled to be in attendance, according to a White House official.
The president’s remarks were tailored to creating new economic opportunities in areas “that have been left behind,” the White House office said. The Opportunity Zone Conference was meant to address business investment in high poverty areas.
The 2017 GOP tax bill included a new tax incentive for such Opportunity Zones that is supposed to spur investment in more than 8,700 communities across the nation, according to the White House. Under the federal law, businesses that invest in such designated high-poverty areas receive tax benefits.
The Trump administration released new rules Wednesday on the 2017 law that could spur more investment from businesses, Native American tribes and venture capitalists, the New York Times reported.
Proponents of the incentive argued the law, before the new proposed rules, could direct too much money to real estate projects instead of businesses that might create better paying jobs, the Times reported.
During the conference, Trump met with state, local, tribal, and community leaders who have supported such Opportunity Zones, including top Trump administration officials, Weaver and other local officials from across the country.