Senator Scott Introduces Bipartisan Legislation to Stimulate Local Economies in Impoverished Communities

Press Release

Today U.S. Senator Tim Scott (R-SC) introduced the Investing in Opportunity Act, a bipartisan bill proposing a new solution to encourage economic growth and job creation in economically distressed communities. Senator Cory Booker (D-NJ) and Representatives Pat Tiberi (R-OH) and Ron Kind (D-WI) joined Scott to introduce the bill, which offers a temporary capital gains deferral in exchange for reinvesting those dollars into distressed communities.

Currently, more than 30 percent of South Carolina's population, or 1.4 million people, live in an economically distressed area, a number that rises to 50 million Americans nationwide. With American investors currently holding trillions of dollars in unrealized capital gains, the Investing in Opportunity Act provides an innovative framework for reinvesting those dollars into communities that need it most.

"We must look for innovative solutions to help the millions of Americans living in poverty and in distressed communities around the nation," Scott said. "With investors holding trillions in inactive capital, I believe theInvesting in Opportunity Act provides a conduit to encourage private investment in communities that are suffering."

Scott continued, "I know that for so many living in low-income communities, all folks are looking for is the opportunity to succeed. The Investing in Opportunity Act can provide the chance that entrepreneurs and small businesses are looking for to grow, innovate and create jobs. I want to thank Senator Booker and Representatives Tiberi and Kind for their work on this important legislation, and I look forward to building support in Congress for our bill."

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