Senator Tim Scott Comments On Opportunity Zones From Senate Floor Last Week

(Seneca, SC)————-As previously reported here on 94.1 The Lake, Oconee County has been awarded two Opportunity Zones, which were established under the Tax Cuts and Jobs Creation Act of 2017. 

Over 500 areas in the state were eligible but only 135 areas were selected. That total included the two selected in Oconee, out of the several that Oconee County submitted. These areas are low income census tracts that were selected and then economic development offices could submit those tracts for designation to the state of South Carolina. 

The two tracts that were selected in Oconee County was the Utica tract, which stretches from downtown Seneca to the Industrial Park on Shiloh Road and the Newry tract, which includes the old Newry Mill.  

The Opportunity Zones provide incentive for investors with capital gains to invest those gains in the zones for tax incentives to give the opportunity for those areas that need it the most to have capital in those areas.

U.S. Senator Tim Scott (R-South Carolina) commented on Opportunity Zones from the floor of the U.S. Senate last week.  Senator Scott said he was thankful to have partnered in the Opportunity Zone legislation and right now, over $100 billion is migrating toward Opportunity Funds, according to the Senator, which he says is good news America.

Senator Scott said the Opportunity Zone legislation was a great part of the tax bill that has not received enough attention.