WASHINGTON — U.S. Senator Tim Scott (R-S.C.) issued the following statement following the U.S. Department of the Treasury’s announcement that the agency is opening its next round of nominations for communities to be labeled as Qualified Opportunity Zones (QOZs). During this nomination period, governors can submit communities to be considered for designation as Opportunity Zones.
“I am proud of the work done to make Opportunity Zones a reality, but I am even prouder of the lives changed, communities strengthened, and small businesses revived as an outcome of this innovative tool,” said Sen. Scott. “I am confident that through the partnership with local and federal leaders, these new designations will continue to bring billions of dollars in private investment to overlooked communities in South Carolina and across the country. When we make sure no community is left behind, America wins, South Carolina wins, and the American Dream once again becomes a reality for millions of families.”
Sen. Scott created the Opportunity Zones program as part of the Tax Cuts and Jobs Act of 2017 with the goal of encouraging private investments in low-income and overlooked communities through targeted tax incentives. Under the Working Families Tax Cuts, Opportunity Zones were made permanent, supporting families, small businesses, and communities across the country.
Key facts about Opportunity Zones:
-8,764 census tracts have been designated as Opportunity Zones.
-31.5 million people currently live in Opportunity Zones; 57% of residents are non-white minorities.
-The average poverty rate is nearly 28%, and the average median family income is around $47,000—nearly $27,000 below the national figure.
-Nearly one in five zones face rising poverty along with declining median family income and home values.
-Opportunity Zones include 2,225 food deserts, 47 Historically Black Colleges and Universities (HBCUs), and 16 tribal colleges.
Read more about Opportunity Zones:
https://www.scott.senate.gov/issues/opportunity-zones/
