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Washington
–
After
years
of
pushing
for
a
legislative
initiative
to
help
distressed
communities,
U.S.
Senator
Tim
Scott
(R-SC)
is
excited
that
the
implementation
of
his
Investing
in
Opportunity
Act
(IIOA)
has
begun.
Yesterday,
the
Department
of
Treasury
and
Internal
Revenue
Service
formally
announced
guidance
to
states,
the
District
of
Columbia,
and
all
possessions
of
the
United
States
on
how
to
designate
Opportunity
Zones
within
their
areas
of
jurisdiction.
“This
is
great
news!
Securing
this
provision
in
the
tax
bill
was
a
huge
legislative
win
for
the
millions
of
Americans
living
in
struggling
communities,
and
now
local
leaders
can
start
to
identify
zip
codes
most
in
need
of
a
renaissance,”
said
Scott.
“The
investment
in
neighborhoods
will
help
to
kick
start
local
economies,
grow
jobs,
and
most
importantly,
will
create
a
better
quality
of
life
for
tens
of
thousands
of
our
American
families.
I
want
to
thank
Secretary
Mnuchin
and
his
team
for
their
hard
work
in
establishing
and
pushing
out
the
guidance
that
will
help
local
leaders
select
their
Opportunity
Zones.
This
initiative
will
help
to
create
permanent
and
positive
change
that
will
benefit
generations
to
come.”
From
now
through
March
21st,
Governors
and
chief
executive
officers
of
states,
D.C.,
and
U.S.
possessions
will
be
able
to
designate
Opportunity
Zones
that
will
benefit
from
this
new
provision.
Full
guidance
can
be
found
here.
Scott's
IIOA
was
included
in
the
Tax
Cuts
and
Jobs
Act
that
was
signed
into
law
late
last
December.
The
premise
of
the
provision
is
that
it
provides
an
opportunity
for
U.S.
investors
to
use
a
capital
gains
deferral
in
exchange
for
investing
the
capital
in
economically
disadvantaged
communities.
This
private-public
partnership
will
help
create
jobs,
encourage
small
businesses,
and
influence
local
development.
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