Sen. Tim Scott celebrates Treasury and IRS announcement of more than 6,500 new Opportunity Zone designations

WASHINGTON — U.S. Senator Tim Scott (R-S.C.) issued the following statement after the U.S. Department of the Treasury and the Internal Revenue Service (IRS) announced Qualified Opportunity Zones (QOZs) designations for more than 6,500 communities across all 50 states, territories, and the District of Columbia. South Carolina received 112 new designations. “The American Dream should not be limited by your ZIP code, and Opportunity Zones are bringing new possibilities to communities that have been overlooked for far too long. The proof is in the pudding with more than $110 billion in private-sector investments nationwide, and we are just getting started,” said Sen. Scott. “The 112 new designations in South Carolina mean more doors will be opened, more lives will be changed, and more communities will be transformed. From rural towns to economically distressed communities, every American should have the opportunity to live out their full potential, and Opportunity Zones are helping turn the promise of the American Dream into reality.” Opportunity Zones were first created by Sen. Scott under the Tax Cuts and Jobs Act of 2017 and expanded and made permanent by the Working Families Tax Cuts. Governors were able to nominate communities for Opportunity Zone designation earlier this year. Under the updated program, Opportunity Zones will be redesignated every 10 years. The new designations will go into effect on Jan.1, 2027. Read more about Opportunity Zones here and find the entire list of designations here . ###