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Washington
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U.S.
Senator
Tim
Scott
(R-SC)
announced
tonight
that
the
amended
Senate
tax
reform
plan
will
include
his
bipartisan
Investing
in
Opportunity
Act
(IIOA).
The
IIOA
changes
the
way
capital
gains
are
taxed
when
those
gains
are
reinvested
long-term
in
distressed
communities.
Scott
has
led
the
push
for
the
legislation
as
a
central
part
of
his
Opportunity
Agenda.
"This
is
fantastic
news
for
low-income
and
distressed
communities
across
the
nation,"
Senator
Scott
said.
"With
more
than
52
million
Americans
living
in
these
communities,
bringing
long-term
investment
will
help
create
jobs,
spur
entrepreneurship
and
small
business,
and
restore
hope
where
it
has
been
fading
for
far
too
long.
The
Investing
in
Opportunity
Act
makes
our
strong
tax
reform
package
even
more
helpful
for
hardworking
American
families,
who
have
been
waiting
for
tax
relief
for
more
than
a
generation."
There
are
currently
trillions
of
dollars
in
unrealized
capital
gains
in
the
United
States.
The
IIOA
incentivizes
investors
to
make
substantial,
long-term
investments
in
distressed
communities
by
changing
how
capital
gains
are
taxed
when
those
investments
are
made.
It
creates
a
win-win
scenario
for
these
communities
and
investors.
The
Senate
Finance
Committee
will
continue
their
markup
of
the
Tax
Cuts
and
Jobs
Act
all
week.
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