Duncan Applauds Designation of Opportunity Zones
Washington, D.C. – Congressman Duncan (SC-03) applauds the U.S. Department of the Treasury’s designation of “Opportunity Zones” in the Third Congressional District as a result of the Tax Cuts and Jobs Act:
“As exciting as it was to see the Tax Cuts and Jobs Act signed into law, it is even more exciting to see the positive outcomes the historic legislation has had so far in improving people’s lives. We have unleashed the American dream for millions of people by fighting for and implementing a pro-growth, pro-family tax plan that is all about higher wages, more jobs, and less government.
“Included in the tax reform package was the Investing in Opportunity Act to provide certain tax incentives to spur economic investment in distressed communities around the country. I want to thank my friend, Senator Tim Scott, for his tireless work in this arena ensuring that every community in our state and nation has access to thriving economic opportunities. His vision for Opportunity Zones and tax reform as a whole will positively impact millions of people that need it the most, including many of my constituents.
“Innovative ideas like Opportunity Zones are truly how we move this nation forward for all citizens and Make America Great Again.”
Senator Tim Scott’s Investing in Opportunity Act (IIOA) was included in the Tax Cuts and Jobs Act which was signed into law on December 22, 2017. The IIOA aims to give distressed communities more opportunities for economic investment by creating tax incentives, and every county represented in the Third District has been designated an opportunity zone. You can read Senator Scott’s recent piece here.
U.S. Department of the Treasury: Qualified Opportunity Zones retain this designation for 10 years. Investors can defer tax on any prior gains until no later than December 31, 2026, so long as the gain is reinvested in a Qualified Opportunity Fund, an investment vehicle organized to make investments in Qualified Opportunity Zones. In addition, if the investor holds the investment in the Opportunity Fund for at least ten years, the investor would be eligible for an increase in its basis equal to the fair market value of the investment on the date that it is sold.
“I am very excited about the prospects for Opportunity Zones. Attracting needed private investment into these low-income communities will lead to their economic revitalization, and ensure economic growth is experienced throughout the nation,” said Secretary Steven T. Mnuchin. “The Administration will continue working with States and the private sector to encourage investment and development in Opportunity Zones and other economically disadvantaged areas and boost economic growth and job creation.” (April 10, 2018)
You can view all Opportunity Zones here.