|
U.S.
Senator
Tim
Scott’s
Investing
in
Opportunity
Act
(IIOA), an
initiative
Sen.
Scott
included
in
last
year’s
tax
reform
legislation
(the
2017
Tax
Cuts
and
Jobs
Act),
celebrated
a
big
milestone
on
March
23,
which
marked
the
first
deadline
for
the
designation
of
‘Opportunity
Zones.’
Several
governors
across
the
country
unveiled
their
nominated
areas,
including
S.C.
Governor
McMaster.
Almost
a
month
later,
many
other
states
across
the
nation
have
now
followed
suit,
as
the
second
designation
deadline
passed
on
April
20th.
As
excitement
over
the
program
and
the
designated
areas
continues
to
grow,
South
Carolinians
from
every
corner
of
the
state
have
reason
to
be
hopeful.
The
Investing
in
Opportunity
Act
aims
to
bring
long-term
private
investment
to
economically
distressed
communities,
where
more
than
52
million
Americans
live,
across
the
country.
The
IIOA
creates
an
avenue
for
the
more
than
$2
trillion
in
unused
capital
gains
in
our
nation
to
flow
into
designated
“Opportunity
Zones.” “Opportunity
Zones”
are
chosen
by
each
state’s
governor,
and
composed
of
low-income
communities
in
that
state.
Without
creating
another
government
program,
or
utilizing
federal
dollars,
this
new
model
has
the
potential
to
revitalize
and
bring
opportunity
to
communities
across
America
that
have
too
long
been
left
behind.
Since
March
23rd,
135
“Opportunity
Zones”
have
been
designated
in
South
Carolina,
including
at
least
one
zone
in
each
of
the
46
counties.
Gov.
McMaster
made
sure
to
nominate
at
least
one
urban
and
one
rural
community
from
each
county,
and
the
designated
areas
are
diverse
and
present
in
every
part
of
the
state.
While
areas
have
been
designated
outside
of
large
cities
such
as
Savannah
and
Augusta,
there
are
many
more
designated
zones
in
the
rural
communities
across
South
Carolina.
Many
rural
communities
in
South
Carolina
have
often
been
left
behind, while
other
parts
of
the
state
saw
recovery
from
the
recession,
development
and
economic
boom.
For
low-income,
high-poverty
areas
that
suffer
from
low
wages,
lack
of
economic
opportunity,
and
high
unemployment
due
to
lack
of
workforce
opportunity,
their
designation
as
“Opportunity
Zones”
could
be
a
game
changer.
The
initiative
hopes
to
spur
the
development
of
workforce
and
affordable
housing,
new
infrastructure,
startup
businesses
and
upgrade
existing
underutilized
assets.
For
rural
areas
that
are
often
overlooked
and
left
behind
when
economic
success
and
recovery
seems
to
hit
other
areas
of
the
state,
there
is
new
hope.
In
Dorchester
County,
there
are
three
nominated
Census
Tracts,
Tracts102,
104
and
107.
They
are
identified
as
#45035010200,
#45035010400
and
#45035010700.
The
tracts
are
located
in
central
and
western
Dorchester
County,
including
Ridgeville
and
St.
George.
Sen.
Scott
created
his
Investing
in
Opportunity
Act
knowing
just
how
much
potential
these
communities
have-
and
the
designation
of
our
state’s
Opportunity
Zones
is
the
exciting
beginning
of
a
new
chapter
for
them
and
for
us
all.
You
can
visit
www.scopportunityzone.com
for
a
breakdown
of
the
designated
zones,
data,
resources
and
more,
and
you
can
read
more
about
Sen.
Scott’s
IIOA
here
and
here. |