U.S. Sen. Tim Scott (R-SC) recently unveiled his Investing in Opportunity Act, which is aimed at economic growth and job creation for economically distressed areas all over the nation.
The legislation provides for temporary capital gains deferral in exchange for reinvesting those dollars into distressed communities. Statistics show that presently, 1.4 million people in South Carolina live in communities that would benefit from the Investing in Opportunity Act.
“We must look for innovative solutions to help the millions of Americans living in poverty and in distressed communities around the nation,” Scott said. “With investors holding trillions in inactive capital, I believe the Investing in Opportunity Act provides a conduit to encourage private investment in communities that are suffering.”
The bill also encourages the nation’s investors to pool resources through newly-created Opportunity Funds, concentrates capital with the creation of Opportunity Zones and puts in place investor incentives.
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