ICYMI: Scott and Ernst Op-Ed on Opportunity Zones
FOX News, July 20, 2018
Over the past eight months, families across the country have seen significant benefits from last year’s tax reform package
We are excited to visit the Des Moines Dream Center and the Phenix School Apartments in West Des Moines on Friday to talk about another very important part of tax reform – the creation of Opportunity Zones.
Senator Scott’s Investing In Opportunity Act, which was accepted as part of tax reform and created the Opportunity Zones initiative, incentivizes long-term investment in low-income and distressed communities by offering a deferral of capital gains taxes for investors. More than 52 million Americans, including approximately 90,000 Iowans, live in these distressed communities, and there are currently more than $6 trillion in unclaimed capital gains across the country. That’s a huge potential pool of dollars to help those who need it most.
Zones were nominated by mayors and governors, because folks here at home in Iowa know where help is needed the most. Unlike other programs attempting to help those in need in the past, there is no federal bureaucracy created by Opportunity Zones, meaning red tape will not get in the way.
We are proud to say that with the passage of tax reform…Opportunity Zones can help power a renaissance in communities across Iowa, and reopen those doors families thought were closed.
The full op-ed can be accessed here.