If there was something we could do to assist the poorer neighborhoods across our Great Nation, would we? The answer is, yes.
We would, and we did!
The great GOP Tax Reform bill of 2017 has made a provision to create ‘Opportunity Zones,’ which will use tax incentives to draw long-term investment to parts of America that continue to struggle with high poverty and sluggish job and business growth,” per the New York Times.
Click here to see the 1,097 page Tax Reform bill and check out page 130 where this pearl resides! It will assist areas of the country who are waiting for recovery to arrive!
What Do Tim Scott (SC-R) And ‘Opportunity Zones’ Have In Common?
Tim Scott, who is a Senator for South Carolina and was appointed by Nikki Haley in 2013, is the one who spearheaded this legislation to have it added to the Tax Reform Bill. Oddly, so little of it was reported in the MSM.
Luckily, Senator Scott is a gem, keep him voted in, in South Carolina! America can certainly benefit from another great policy maker!
Mining for Diamonds in the Rough with the GOP Tax Reform Bill
Senator Scott helped to create the law and went to bat for the provision that will allow poor areas to boon, while bringing business to those areas for jobs and economic stability.
Tim grew up “mired in poverty in a single parent household.” He understands what this can do for communities across the land. “If the zones succeed, they could help revitalize neighborhoods and towns that are starved for investment.”
Additionally, Senator Scott briefly discussed the provision with President Trump who really liked it. It is marked at 1.5 billion dollars. Also, Kevin Hassett, Council of Economic Advisers gave it two thumbs up. He said, “if it’s successful, we’ll look back 10 years from now and say this was one of the most important parts of the tax bill. And one we didn’t talk nearly enough about.”
What is it exactly?
Senator Scott told the New York Times, “I had to explain it several times to folks. I came out of one of these communities, so I believe that there’s untapped potential in every state in the nation.” Basically, “the people who invest in Opportunity Funds are able to minimize their tax burden through preferential treatment of capital gains.”
Senator Scott worked closely with the Economic Innovation Group, and its patron, the tech mogul Sean Parker, of Napster and Facebook fame, who enlisted Mr. Scott and others to sponsor the legislation.
Once fund managers are educated to show how the 2 trillion dollars sitting on balance sheets across the country right now can utilize the unrealized gains, it can then be brought to fruition. “Eventually, it would take a year or two for the funds to catch on, but that the results would exceed expectations once they did.” h/t NYT
If you believe this is just one more feather in the GOP’s Tax Reform Bill cap. Then drop a comment below. After all, “the pearl is the queen of gems and the gem of queens.” – author unknown. Let’s take care of our underprivileged areas of the Nation! To give Senator Scott a shout call, click here.