Trump promotes ‘opportunity zones’ for investors to rebuild in distressed communities
President Trump hosted a meeting of local leaders and investors at the White House Wednesday to call attention to a feature in his tax-cut law that encourages private investment in distressed communities.
The programs target “opportunity zones” in all 50 states where investors will qualify for lower capital-gains tax rates and the ability to pool their money in “opportunity funds” to spend on projects in blighted or under-served communities.
Sen. Tim Scott, South Carolina Republican who pushed the initiative, credited Mr. Trump’s support with getting it included in the tax reform package.
“Now we are sitting on opportunity, I think it’s a goldmine,” Mr. Scott said. “A goldmine for so many kids, and so many communities that thus far have not had the access to opportunities.”
The president said of the measure, “It’s going to be a great chance…a great opportunity.”