WTAS: Scott, McMaster Headline Opportunity Zone Summit in Columbia
COLUMBIA, S.C.—U. S. Senator Tim Scott (R-SC) joined South Carolina Governor Henry McMaster, local business owners, and community leaders at the S.C. Department of Commerce for a summit to discuss how they can maximize the positive impact of the Palmetto State’s 135 Opportunity Zones.
“Headlined by Gov. Henry McMaster and U.S. Sen. Tim Scott, R-Charleston, the summit focused on a new community development initiative passed by Congress as a part of the Tax Cuts and Jobs Act of 2017. The tax incentive is designed to encourage long-term private investments in communities left behind by the recent national economic expansion…”
The Charlotte Observer
“Sponsored by Scott, the “opportunity zones” allow investors who direct money into low-income rural and urban areas that are starved for economic activity to defer taxes on their capital gains for up to 10 years. “This is a phenomenal way for us to invest our resources in a way that does good and gets a good return,” Scott said of the tax breaks.
“For folks who grew up or are growing up in distressed communities, this means the opportunities for development or businesses are now descending upon their communities,” Sen. Scott said. “Instead of going to find it, it’s coming to find them.”
“Business leaders and developers from across the state gathered in Columbia Friday night to discuss strategies to restore poor communities across South Carolina. The South Carolina Governors Opportunity Zones Summit lead by Governor Henry McMaster and Senator Tim Scott emphasized community development in poorly performing areas of the state.”
The Times and Democrat
“Toward fostering more such development in Opportunity Zones, McMaster in partnership with U.S. Sen. Tim Scott and the Council of Development Finance Agencies is holding a one-day Governor’s Opportunity Zones Summit on Friday in Columbia…The Opportunity Zones program has potential. People of Orangeburg and The T&D Region will be particularly interested in a recent Columbia success story involving a movie theater – which has long been a priority for theater-less Orangeburg.”
Scott’s Investing in Opportunity Act was included in the Tax Cuts and Jobs Act that was signed into law. The premise of the provision is that it provides an opportunity for U.S. investors to use a capital gains deferral in exchange for investing the capital in economically disadvantaged communities. This private-public partnership will help create jobs, encourage small businesses, and influence local development.
To read more about Opportunity Zones, click here.