It’s often said that success comes when preparation and opportunity meet. Recognizing that notion, the United States Congress established a new community development program -- Opportunity Zones – with legislation passed in 2017. Tasked with spurring economic development in areas of need, the program provides a federal tax incentive for taxpayers who reinvest unrealized capital gains into Opportunity Funds, which are specialized vehicles dedicated to investing in low-income areas called Opportunity Zones.
Earlier this spring, Governor Henry McMaster partnered with other state and local leaders to announce the submission of 135 Opportunity Zones to the U.S. Department of Treasury. Including census tracts in each of South Carolina’s 46 counties, the state’s Opportunity Zones will help promote the economic competitiveness of communities in every corner of South Carolina. For more information on the Opportunity Zone program, visit www.scopportunityzone.com.