This is a serious missed opportunity to tap an unprecedented source of private capital in communities that need it most, and the state is running out of time to act. Action is needed quickly-by the new administration, the Legislature, and local governments-to allow California to maximize the opportunity presented by the deep pool of resources being funneled into Opportunity Funds. While dozens of states are now conforming their capital gains treatment with federal law, California has yet to do so-or to take any other steps to draw private resources into Opportunity Zones. Ideally, the state should make an investment in this year’s budget to help every willing California community with an Opportunity Zone prepare a 10-year project inventory that focuses on long-term economic growth and social impact strategies that could be candidates for Opportunity Fund investment. Conform state capital gains tax treatment to the new federal law: As 34 other states have done, California should act quickly to remain competitive by conforming its treatment of capital gains that result from investments in Opportunity Zones to federal law. This Summit framework is not intended to be the final word on how the state should maximize the potential of Opportunity Zones. As California runs out of time to take advantage of this new program, it offers state and local leaders a place to begin.