In an already-contentious primary season for GOP presidential hopefuls, last week offered a rare moment of unity as former President Donald Trump surprisingly welcomed Sen. Tim Scott (R-SC) to the arena.
“Good luck to Sen. Tim Scott in entering the Republican presidential primary race. … I got opportunity zones done with Tim, a big deal that has been highly successful. Good luck Tim!” Trump said.The former president’s acknowledgment of Scott and one of his signature legislative accomplishments is a testament to the success they both had with one of the most innovative economic policies in a generation.
Even then-candidate Joe Biden awoke to the success of the opportunity zone tax incentive and its bipartisan roots, and it quickly became part of his economic plan as well. The think tank behind the opportunity zone policy, Economic Innovation Group , released an analysis of two research papers to provide the “clearest assessment yet of the national scope and effects of OZ investment.” Much to the chagrin of theand liberal senators, the analysis revealed that nearly half of these designated low-to-moderate income communities received investment. That stands in sharp contrast to the Left’s characterization that only wealthy neighborhoods received investment.
Lawmakers should also pass the Opportunity Zones Transparency, Extension, and Improvement Act, a bill that would refresh some of the benefits of the opportunity zone tax incentive for investors, thereby encouraging them to invest. This is especially important now since fewer investors have the capital gains to invest in the tax incentive given the current economic uncertainty.
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