Scott’s IMPACT Act Adds Bipartisan Cosponsors
WASHINGTON – Today, U.S. Senator Tim Scott (R-SC) announced new co-sponsors to his bipartisan Improving and Reinstating the Monitoring, Prevention, Accountability, Certification, and Transparency Provisions of Opportunity Zones or IMPACT Act. Senators Lankford (R-OK) and Sinema (D-AZ) join Sens. Grassley (R-IA), Rubio (R-FL), Capito (R-WV), Young (R-IN), Ernst (R-IA), Cassidy (R-LA), and Gardner (R-CO) as co-sponsors to the legislation.
“I want to thank Senators Lankford and Sinema for joining my bipartisan IMPACT Act as cosponsors,” said Sen. Scott. “I look forward to continuing to work to bolster, strengthen and increase transparency of Opportunity Zones as we find new solutions to fight poverty.”
The IMPACT Act would reinstate and expand reporting requirements to determine the impact of the more than 8,700 Opportunity Zones across the country. Opportunity Zones were initially proposed by Scott’s Investing In Opportunity Act, first introduced more than four years ago, which included strong reporting requirements. Procedural rules stripped the reporting requirements out of the Opportunity Zones provisions when they were added into the 2017 tax reform package, and Senator Scott has remained committed to restoring and bolstering reporting requirements ever since.
You can read more about the IMPACT Act here.