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. In Dillon County, there are three nominated Census Tracts, Tracts 9703, 9704 and 9706. They are identified as #45033970300, #45033970400 and #45033970600. The tracts are located on the left half of the county, including Dillon and Latta. 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.
