Council of Economic Advisors has released a report assessing the Impact of the Opportunity Zone tax incentive. The CEA finds that the OZ tax cuts have spurred a large Investment response. This report estimates that Qualified Opportunity Funds raised $75 billion in private capital by the end of 2019, most of which would not have entered OZs without the incentive. This new capital represents 21 percent of total annual investment in OZs and helps explain why the CEA also finds that private equity investment in OZ businesses grew 29 percent relative to the comparison group of businesses in eligible communities that were not selected as OZs