Wednesday, April 8th, 2026

Sen. Tim Scott celebrates expansion and modernization of Opportunity Zones in South Carolina

WASHINGTON — U.S. Senator Tim Scott (R-SC) highlighted the continued success and expansion of the Opportunity Zone (OZ) program, originally authored by Sen. Scott as part of the Tax Cuts and Jobs Act of 2017, as South Carolina begins the next phase of Opportunity Zone nominations under recently updated federal law through the Working Families Tax Cuts.

Sen. Scott created the Opportunity Zone program to drive long-term private investment into low-income and distressed communities by offering targeted tax incentives. Since its enactment, the program has spurred billions of dollars in investment nationwide, supporting job creation, small businesses, and economic revitalization in communities that have historically been left behind.

“I was proud to author Opportunity Zones as part of the Tax Cuts and Jobs Act—an innovative tool that empowers states to identify economically distressed communities and connect them with a powerful incentive to drive private investment where it’s needed most. Millions of Americans still live in communities facing persistent poverty, lower incomes, and limited access to opportunity, and this program is designed to help change that by attracting long-term capital and creating jobs. With the program now made permanent and strengthened under the Working Families Tax Cuts, South Carolina’s designation process marks an important step in ensuring these investments continue reaching the communities that need them most and delivering lasting economic growth across our state,” said Sen. Scott.

Opportunity Zones empower governors to designate economically-distressed communities that are ripe for investment and tie them to a new federal tax incentive, directing private investment into some of the nation’s most underserved areas. More than 50 million Americans currently live in economically-distressed communities, and Opportunity Zones have put the decision-making in the hands of state and local leaders who know their communities best.

Under the Working Families Tax Cuts, signed into law on July 4, 2025, the Opportunity Zone program has been made permanent and modernized to strengthen its long-term impact. The law introduces new reporting requirements, updated eligibility standards, and enhanced incentives to support sustained investments, particularly in rural communities.

As part of these updates, Opportunity Zones will be redesignated every 10 years to ensure investments are directed toward communities with the most need. Beginning July 1, 2026, governors will submit new Opportunity Zone nominations to the U.S. Department of the Treasury.

In South Carolina, the Department of Commerce is currently working alongside Governor Henry McMaster, local governments, and community stakeholders to identify eligible census tracts for designation. Communities are invited to submit nominations through June 1, 2026, as part of a statewide effort to prioritize areas for future investment.

Read more about the South Carolina Opportunity Zone selection timeline here.

Key facts about Opportunity Zones:

8,764 census tracts have been designated as Opportunity Zones.
31.5 million people currently live in Opportunity Zones; 57% of residents are non-white minorities.
The average poverty rate is nearly 28%, and the average median family income is around $47,000—nearly $27,000 below the national figure.
Nearly one in five zones face rising poverty along with declining median family income and home values.
Opportunity Zones include 2,225 food deserts, 47 Historically Black Colleges and Universities (HBCUs), and 16 tribal colleges.