COLUMBIA, S.C. (WMBF) – South Carolina Gov. Henry McMaster is holding a news conference at 10 a.m. on Friday to discuss the submission of 135 "Opportunity Zones" throughout the state to the U.S. Department of Treasury.
"These designated Opportunity Zones were made possible by South Carolina's United States Senator Tim Scott," said Gov. McMaster. "By incentivizing private investment and economic prosperity in low income communities across the county, Senator Scott's proposal may result in the most transformative free market solution in generations. These communities reflect a collaborative effort with municipal and county economic development officials and were carefully analyzed for connection to markets, population centers in need of opportunity, and potential for future investment."
According to a news release from the governor's office, Opportunity Zones are a new community development program established by Congress in the Tax Cuts and Jobs Act of 2017 to encourage long-term investments in low-income urban and rural communities nationwide. They provide tax incentive for investors to re-invest their unrealized capital gains into Opportunity Funds which are dedicated into investing in these zones.