Scott Statement on Release of Opportunity Zone Rules, Next Step In Push To Help Distressed Communities Across the Country
Charleston, SC – U.S. Senator Tim Scott’s (R-SC) signature achievement in last year’s tax reform package, the creation of Opportunity Zones to drive investment in distressed communities across the country, took a significant step forward today as the U.S. Department of Treasury released the first set of rules for the initiative.
“When this idea first came about, the hope was to allow freedom and flexibility for both communities and interested investors to work together and fund projects to help distressed neighborhoods reach their full potential. We know that the folks in these communities have amazing ideas and entrepreneurial spirit, but they have not always had a door to opportunity.
The first set of rules released by the Treasury Department today reinforce that this will not be another bureaucratic process burdened by red tape, but rather a streamlined, efficient process that allows for investments to truly help communities in need.
As I’ve traveled the country on my Opportunity Tour, already having visited almost a dozen Opportunity Zones across the nation, I can’t overstate how excited cities and towns have been to get started. The investment community continues to show strong interest as well, and I believe today’s rules will only stimulate more interest among those looking to invest in zones.
Moving forward, I will continue to work closely with the White House and the Treasury Department on the implementation of the Opportunity Zones initiative. As these private investments begin to flow into communities in the coming months, we will see the start of a process that can truly transform low-income areas in both rural and urban America.”
To read the rules released by Treasury today, click here.
To read more about Opportunity Zones, click here.
To read more about Senator Scott’s latest stop on his National Opportunity Tour, click here.