|
New
tax
law
will
spur
opportunity
in
distressed
communities
USA
Today
By:
Senator
Tim
Scott
I
will
be
at
the
White
House
on Wednesday
with
President
Trump,
administration
officials and
community
leaders to
discuss
the Investing
In
Opportunity
Act.
The
IIOA,
which
was
included
in
last
year’s
tax
reform
package,
seeks
to
direct
trillions
in capital
gains to
distressed
communities
in
every state.
…
So
the
question
then
is
— how
do
we
spread
opportunity
to
every
corner
of
every
community
across
our
nation?
The
solution
isn’t
nested
in
another
tax-payer
funded
government
program
or
initiative
that
fails
to
get
to
the
root
of
the
problem,
but
rather
public-private
partnerships
that
encourage
long-term
investment
and
continued
success.
…
To
make
sure
the
zip
codes
most
in
need
are
the
ones
that
reap
the
benefits
of
this
new
provision,
all
50
governors
will
designate
“Opportunity
Zones,”
meaning governors
and
local
leaders
will
have
the
opportunity
to
identify
key
qualifying
locations
that
stand
to
gain
the
most
from
this
initiative.
At
the U.S.
Conference
of
Mayors meeting
last
month local
leaders
expressed
their
excitement for
this
plan,
state
development
offices
across
the
nation
are working
hard
to
nominate
Opportunity
Zones within
their
area
of
jurisdiction,
and
scores
of community
development
groups have
already
expressed
eagerness
to
find out
how
they
can get
involved.
To
read
the
full
column,
click
here.
### |