|
U.S.
Senator
Tim
Scott’s
(R-SC)
Investing
in
Opportunity
Act
(IIOA),
included
in
the
2017
Tax
Cuts
and
Jobs
Act,
celebrated
a
big
milestone
last
Friday,
which
marked
the
first
deadline
for
the
designation
of
‘Opportunity
Zones.’
Several
governors
across
the
country
unveiled
their
nominated
areas.
SOUTH
CAROLINA…
The
Post
&
Courier:
‘A
bright
idea
for
spurring
investment
in
economically
distressed
areas,
approved
as
part
of
the
federal
tax
reform
bill,
has
the
potential
to
pump
much-needed
capital
into
some
of
the
poorest
communities
in
South
Carolina
and
across
the
nation.
With
a
little
economic
alchemy,
Sen.
Tim
Scott,
R-S.C.,
hopes
to
transform
the
problems
of
the
rich
into
opportunities
for
the
poor.
Under
his
Investing
in
Opportunity
Act,
individuals
and
businesses
can
defer
or
reduce
capital
gains
taxes
by
reinvesting
their
profits
in
Opportunity
Funds.’
['Opportunity
zones'
could
transform
S.C.'s
poorest
communities',
The
Post
&
Courier,
3/24/18]
The
Sun
News: ‘A
new
federal
program
is
set
to
help
low-income
areas
along
the
Grand
Strand.
The
program,
known
as
opportunity
zones,
provides
tax
incentives
to
encourage
long-term
private
investments.
“The
fact
that
we
are
given
this
opportunity
to
make
this
available
for
investors
to
partner
with
us
is
huge
and
it
really
helps
the
city
take
all
of
the
planning
and
the
vision
that
we've
been
working
on
for
the
Superblock
area
and
the
other
areas
of
the
city
where
we
do
want
to
clean
up,
improve,
to
attract
businesses
who
want
to
invest
here,
this
gives
us
an
avenue
to
do
that,”
Myrtle
Beach
Mayor
Brenda
Bethune
said.
When
asked
what
the
program
means
for
the
Superblock,
Bethune
responded:
“It
takes
it
from
being
a
vision
and
a
dream
to
a
reality.
Myrtle
Beach
is
growing
and
this
is
the
outlet
that
is
going
to
help
us
get
there,”
she
said.
“We
are
very
excited
to
see
this
program
unveiled,"
said
Brad
Dean,
president
and
CEO
of
the
Myrtle
Beach
Area
Chamber
of
Commerce.
"This
is
a
game
changer
for
economic
and
community
development
in
Horry
County,
including
downtown
Myrtle
Beach.”’
['This
is
a
game
changer:
New
federal
program
to
help
redevelopment
along
Grand
Strand',
The
Sun
News,
3/23/18]
AROUND
THE
COUNTRY…
Trenton,
NJ:
‘President
Donald
Trump’s
signature
tax
reform
law
could
promote
urban
revitalization
in
the
most
distressed
parts
of
Trenton
and
Hamilton
Township.
That’s
because
the
Tax
Cuts
and
Jobs
Act
established
so-called
Opportunity
Zones
to
spur
private
investment
in
struggling
communities
like
Hamilton’s
Bromley
neighborhood.
New
Jersey
Gov.
Phil
Murphy’s
administration
has
taken
advantage
of
the
program
by
designating
the
capital
city,
neighboring
Hamilton
Township
and
other
blighted
enclaves
as
Opportunity
Zones.
“New
Jersey
is
committed
to
using
every
tool
at
our
disposal
to
develop
our
communities
and
grow
our
economy,”
Murphy
said
Thursday
in
a
press
statement.
“This
program
provides
real
opportunity
for
our
state
that
has
the
potential
to
create
significant,
long-term
economic
development
in
the
communities
that
need
it
the
most…I
am
thrilled
the
governor
accepted
our
recommendation
to
include
the
Bromley
area
of
Hamilton
as
an
Opportunity
Zone,”
Martin
said
Thursday
in
a
statement.
“This
designation,
if
accepted
by
the
federal
government,
will
encourage
an
increase
in
private
investment
monies
into
the
area.
This
would
not
only
increase
our
town
ratable
base
but
also
redevelop
neglected
parcels
of
land.”
New
Jersey’s
Democratic
U.S.
Sen.
Cory
Booker
and
Republican
U.S.
Sen.
Tim
Scott
of
South
Carolina
sponsored
the
Opportunity
Zones
program.
Both
of
them
are
African-American
lawmakers
who
represent
a
large
number
of
residents
who
live
in
distressed
communities.’
[‘President
Trump
tax
law
provision
could
uplift
Trenton
and
Hamilton
Township’,
The
Trentonian,
3/22/18]
Denver,
CO:
'Colorado
Gov.
John
Hickenlooper
said
he
hopes
to
revitalize
economically
distressed
areas
with
some
federal
tax
incentives
created
under
recent
legislation.
He,
along
with
the
Colorado
Office
of
Economic
Development
and
International
Trade
(OEDIT),
announced
Friday
they
have
nominated
126
"Opportunity
Zones"
across
the
state,
a
majority
located
outside
the
Front
Range.
The
2017
Tax
Cuts
and
Jobs
Act
created
a
new
provision
that
provides
businesses
and
investors
to
defer
capital
gains,
which
could
result
in
a
long-term
subsidy
for
economic
development.
Under
the
provision,
states
were
able
to
nominate
25
percent
of
eligible
census
tracts.
“Our
goal
is
to
support
sustainable
growth
and
quality
jobs
for
all
Coloradans,”
Hickenlooper
said.
“Opportunity
Zones
will
help
us
attract
investment
in
businesses,
workforce,
housing
and
infrastructure
where
it
is
needed
most…By
engaging
Colorado
communities
and
potential
investors,
we've
identified
Opportunity
Zones
that
complement
local
efforts
to
create
economic
momentum
in
areas
where
growth
has
been
slow,”
said
OEDIT
Executive
Director
Stephanie
Copeland.
“Our
holistic
approach
ensures
we've
selected
zones
where
this
incentive
can
be
catalytic
for
investment.”’
[‘Colorado
identifies
126
'Opportunity
Zones'
eligible
for
federal
tax
incentives’,
The
Denver
Business
Journal,
3/23/18]
San
Antonio,
TX:
‘More
than
600
communities
in
Texas
could
receive
billions
of
dollars
worth
of
new
investment
under
a
provision
of
President
Donald
Trump’s
$1.5
trillion
tax
overhaul.
Gov.
Greg
Abbott
has
nominated
628
census
tracts
in
145
Texas
counties
as
potential
“opportunity
zones”
under
the
tax
bill
—
areas
that
reduce
and
perhaps
eliminate
capital
gains
taxes
for
developers
and
businesses
in
exchange
for
long-term
investments
in
poor
neighborhoods.
“This
program
will
help
highlight
areas
of
Texas
that
are
prime
for
business
investment,
and
it
will
serve
to
bring
more
opportunities
to
hardworking
families
across
the
entire
state,”
Texas
Governor
Greg
Abbott
said
in
a
statement.
“As
we
continue
to
recover
after
Harvey,
these
Opportunity
Zone
designations
will
also
provide
a
much
needed
boost
for
local
communities
impacted
by
the
storm.
With
the
potential
for
billions
in
new
investment,
I
look
forward
to
our
state
continuing
to
flourish,
bringing
further
growth
and
opportunity
to
the
people
of
Texas.”’
[‘More
than
600
Texas
communities
could
see
new
investment
under
Trump
tax
breaks’,
The
San
Antonio
Express-News,
3/22/18]
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