Sen. Tim Scott: Opportunity zones are really working

[Geee]

Washington Examiner

The 2017 tax reform law was a once-in-a-generation tax cut for America’s families, small businesses, and workers. A huge part of that victory was that we were able to bring hope and prosperity to communities that have been left behind through new Opportunity Zones.

 

I grew up in economically distressed neighborhoods, and I know that the last thing struggling communities need or want is the federal government telling them what their problems are or what their solutions should be. So, instead of taking a top-down approach to addressing poverty, Opportunity Zones empower our community leaders, mayors, and governors to come together to decide for themselves which of their neighborhoods should be designated to participate.

I am from these communities. I’ve been to these communities. I’ve toured these neighborhoods, and I’ve spoken with the people there. I’ve witnessed the collaboration, the unity, the excitement, and the willingness to work, from Florida to Iowa to Colorado. I’ve watched the new growth and development, in urban and rural communities alike, that is the beauty of the Opportunity Zones initiative. It doesn’t pick winners and losers or utilize a one-size-fits-all approach to economic development. It serves as one more tool in the tool box to empower communities and investors to come together to identify and achieve projects and investments that will make a difference for their residents.

In my home state of South Carolina, there is a new $54 million-dollar tech corridor that’s finally becoming a reality because of the Opportunity Zones law. And just last month, a nonprofit announced that it has formed a partnership to construct rural healthcare facilities and make healthcare accessibility a reality for our rural communities.