$2 trillion in tax-free Opportunity Zone investing could benefit rich and poor
In late 2017, Sen. Scott co-sponsored with Sen. Cory Booker an innovative addition to the Tax Cuts and Jobs Act, whereby 8,700 low-income census tracts called Opportunity Zones could benefit investors with unrealized capital gains to sell existing investments and re-invest those gains in new ventures, business expansions and real estate in high-poverty areas.
So where can investors deploy their capital today? The IRS is formalizing rules and policies, so capital is generally not yet flowing, though a wave of Opportunity Zone fund offerings is emerging. Investors seeking impact and profit are optimistic — and cautious. "Opportunity Zone investments that align with the spirit and integrity of uplifting historically marginalized communities, empowering them to catalyze, drive, own and operate the community investment" is what impact investors are seeking, he said.CEO and founder of NIA Impact Capital
Previous government tax-code incentives have helped low-income neighborhoods attract more capital. The 1977 Community Reinvestment Act mandated commercial banks to invest locally — and track results. But the Tax Cuts and Jobs Act does not specify any required outcomes such as reduced poverty rates or jobs created. Nor does it require serving one or more of the United Nations' 17 "Sustainable Development Goals," a global framework for impact investing.
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