Scott Leads Bipartisan Letter to Treasury Encouraging Opportunity Zone Rules Clarification

WASHINGTON—Today, United States Senator Tim Scott (R-SC) led a bipartisan, bicameral letter to Treasury Secretary Steven Mnuchin encouraging clarity about the Department of Treasury’s proposed Opportunity Zone regulations released on October 19, 2018.

“As original cosponsors of the underlying Investing in Opportunity Act, we write to express both praise of and concerns with Treasury’s proposed regulations under Code section 1400Z-2, released on October 19, 2018, and urge you to address key issues that are critical to this provision working according to congressional intent.

“Treasury’s proposed regulations take an important first step towards realizing the intent of the Opportunity Zones initiative and providing clarity for community leaders and investors. However, a  number of important questions remain, especially in regards to investment in operating businesses—a central goal of the underlying legislation. ”

Senators Booker (NJ), Portman (OH) , Young (IN), Ernst (IA), Moore Capito (WV), Gardner (CO), and Representatives Mike Kelly (PA), Kind (WI), Delbene (WA), Kilmer (WA), Sewell (AL), Collins (NY), Sensenbrenner (WI), Smith (MO), and Stivers (OH) all joined Senator Scott (SC).

Last year, Senator Scott launched his nationwide Opportunity Tour with visits in IowaNew HampshireWest VirginiaColorado, and Florida.

To read more about Opportunity Zones, click here.

Click here to read the full letter.