It's often said that opportunities arise when you prepare for them. One major opportunity that's coming down the pike for Team South Carolina is the federal government's Opportunity Zones initiative. A community development program established by Congress in 2017, Opportunity Zones is tasked with spurring economic development in areas of need by providing a federal tax incentive for those who reinvest unrealized capital gains into designated, low-income areas.
To ensure that the Palmetto State maximizes on the potential positive impacts of this new program, Gov. Henry McMaster is partnering with the Office of U.S. Senator Tim Scott and the Council of Development Finance Agencies to host the Governor's Opportunity Zones Summit on January 25, 2019 in Columbia, S.C.
Taking place at the Columbia Metropolitan Convention Center, the full-day event will allow attendees to learn about investment strategies, complementary development finance tools, potential investors and more. With Opportunity Zones selected in each of South Carolina's 46 counties, representation from all of our communities is encouraged.
Looking ahead to the January event, it's clear that Team South Carolina is laying the groundwork necessary to amplify the effects of this new program. By working together, we can take advantage of this tremendous opportunity, bringing prosperity to every corner of our great state.