Washington
In
a
major
step toward helping
distressed
communities
nationwide,
U.S.
Senator
Tim
Scott’s
(R-SC)
bipartisan
Investing
in
Opportunity
Act
(IIOA)
passed
out
of
the
FinanceCommittee as a
part
of
the
tax reform bill that
will
be
voted
on
by
the full Senate
in
the
coming
weeks.
The
IIOA
incentivizes
investment
in
economically
distressed
areas
by
allowing
trillions
of
dollars
in
private
capital
to
be
used
to
encourage
small
businesses,
support
entrepreneurs,
and
to
develop
dilapidated
properties
in
zip
codes
most
in
need
of
a
resurgence.
Scott
was
proud
to
have
the
support
of
several
of
his
colleagues
who
were
essential
in
advancing
the
IIOA
to
where
it
is
today.
“Since
I
entered
Congress,
my
goal
was
simple:
create
opportunity
for
everyday
Americans
wherever
possible,” said
Scott. “It is a
passion
because
I
grew
up
in
a
single-parent
household,
surrounded
in
poverty,
with
very
little
expectation
that
I
would
find
my
way
to
success.
But
I
learned
that
opportunity
can
truly
be
the
difference
that
changes
the
course
of
one’s
life.
I
know
that
when
the
IIOA
is
passed,
when
it
actually
reaches
the
people
it’s
intended
to
help,
the
results
will
be
truly
amazing
because
it
will
help
everyday
people
in
South
Carolina
and
beyond
build
their
way
to
a
brighter
future.”
“It’s
time
to
give
our
middle
class
the
boost
they
need
following
several
years
of
job
loss
and
economic
distress,” said
Sen.
Capito
(R-WV).“The
Investing
in
Opportunity
Act
can
help
spur
growth
in
these
communities
and
level
the
playing
field,
creating
new
opportunity
in
West
Virginia
and
other
regions.
I’m
pleased
to
see
it
included
in
the
latest
version
of
the
Senate’s
tax
proposal.”
“I
am
thrilled
that
our
legislation,
the
Investing
in
Opportunity
Act,
has
been
included
in
the
Senate
tax
reform
plan,” said
Sen.
Ernst
(R-IA). “This
provision
compliments
much-needed
tax
relief
for
low
and
middle-income
earners.
By
incentivizing
private
investment
in
struggling
communities,
it
would
spur
economic
growth
in
poverty-stricken
areas,
bringing
hope
and
opportunity
back
to
many
distressed
rural
communities
in
Iowa.”
“As
a
fifth
generation
Coloradan
who
grew
up
on
the
Eastern
Plains,
I
know
how
important
it
is
to
attract
growth
to
local
communities,
and
particularly
rural
communities,
in
Colorado,” said
Sen.
Gardner
(R-CO).
“The
Investing
in
Opportunity
Act
will
encourage
investment,
incite
growth,
and
extend
opportunities
to
communities
that
are
struggling.
This
commonsense
legislation
is
a
stepping
stone
to
restoring
faith
in
the
American
Dream
for
some
people
who
feel
like
they
have
been
left
behind.”
"Too
many
low-income
Ohioans
have
been
left
behind
as
our
broken
tax
code
hampered
economic
growth,"
said
Sen.
Portman
(R-OH).
"I’m
pleased
that
the Investing
in
Opportunity
Act was
included
in
our
landmark
tax
reform
package
to
pave
the
way
for
long-term
investments
in
Ohio’s
small
businesses
and
entrepreneurs, which
in
turn
means
more
jobs
and
opportunities
for
the
families
in
distressed
communities
across
our
state.
Every
hard-working
Ohioan
should
be
able
to
reach
their
God-given
potential."
"Lack
of
opportunity
is
a
common
circumstance
in
distressed
communities
across
the
country,"said
Sen.
Young
(R-IN). "This
proposal
is
a
common-sense
way
to
unleash
investment
and
entrepreneurship
in
distressed
communities
to
create
hope
and
new
opportunity.
Ultimately,
this
is
exactly
the
kind
of
behavior
we
should
strive
to
promote
and
incentivize."
There
are
currently
52
million
Americans
living
in
distressed
communities
across
the
country,
and
trillions
of
dollars
in
unrealized
capital
gains
sitting
on
the
sidelines.
The
IIOA
would
provide
an
opportunity
for
U.S.
investors
to
use
a
temporary
capital
gains
referral
in
exchange
for
investing
the
capital
in
these
communities.
This
public-private
partnership
will
create
new
channels
for
investment
that
will
grow
jobs,
inspire
entrepreneurship,
and improve the
local
economy
for
future
generations.
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