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Washington
-
U.S.
Senator
Tim
Scott
(R-SC)
announced
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
Investing
in
Opportunity
Act
is
cosponsored
by
fellow
Finance
Committee
member
Rob
Portman
(R-OH),
as
well
as
Senators
Cory
Booker
(D-NJ),
Roy
Blunt
(R-MO),
Michael
Bennet
(D-CO),
Lindsay
Graham
(R-SC),
Chris
Coons
(D-DE),
Shelley
Moore
Capito
(R-WV),
Kirsten
Gillibrand
(D-NY),
Gary
Peters
(D-MI),
Cory
Gardner
(R-CO),
Maggie
Hassan
(D-NH),
Joni
Ernst
(R-IA),
Todd
Young
(R-IN)
and
Mark
Warner
(R-VA).
Additionally,
the
amended
Senate
tax
bill
now
includes
an
amendment
Senator
Scott
cosponsored
with
Senator
Dean
Heller
(R-NV)
to
double
the
child
tax
credit
to
$2,000.
The
senators
also
worked
closely
with
Senators
Marco
Rubio
(R-FL)
and
Mike
Lee
(R-UT)
on
this
provision.
"We
set
out
to
ensure
that
tax
reform
would
help
hardworking
American
families,
and
an
increased
child
tax
credit
will
do
just
that,"
Senator
Scott
said.
"As
the
child
of
a
single
mother,
I
truly
can't
overstate
how
important
these
dollars
will
be
for
parents
across
the
country,
be
it
to
help
buy
school
supplies,
a
new
pair
of
sneakers
or
just
have
a
night
out
as
a
family.
I
want
to
thank
Senators
Heller,
Rubio
and
Lee
for
their
work
on
this
issue."
The
Senate
Finance
Committee
will
continue
their
markup
of
the
Tax
Cuts
and
Jobs
Act
all
week.
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