Manufactured housing professionals in or near economically challenged areas in rural or urban America may be interested in learning more about a little known provision in the new tax law that is now in effect.
Its “Opportunity Zones.”
“ICYMI: Senator Scott Investing in Opportunity Act Included in Tax Bill,” said Senator Tim Scott (R-SC), in a media release to the Daily Business News.
“U.S. Senator Tim Scott’s (R-SC) Investing in Opportunity Act was included in the tax bill as a provision to uplift distressed communities,” the release stated, “Senator Scott joined Fox News yesterday to speak about his bill stating, “We need to focus on bringing healing and restoration to the parts of our country where hope is dissipated.””
Scott’s office said, “Here is what others are saying about Senator Scott’s Investing in Opportunity Act:”
Quoting various source, the release cited some of the following sources.
PRESIDENT DONALD TRUMP:
“I want to thank Senator Tim Scott for “opportunity zones.” Our tax plan encourages this investment. (…) Thank you, Tim. We’re investing in distressed communities to create more jobs for those who have too often been left behind. And Tim worked hard on that. (Remarks by President Trump at the 2018 House and Senate Republican Member Conference, The White House, 02/01/18)”
NEW YORK TIMES:
“The law creates “Opportunity Zones,” which will use tax incentives to draw long-term investment to parts of America that continue to struggle with high poverty and sluggish job and business growth. The provision is the first new substantial federal attempt to aid those communities in more than a decade. (…)The zones were included in the tax law by Senator Tim Scott, a South Carolina Republican who was born into poverty in North Charleston, and based on a bill he co-sponsored in 2017 with several Democrats. (“Tucked Into the Tax Bill, a Plan to Help Distressed America,” New York Times, 01/29/18)”
“There are more than 52 million citizens that live in underserved cities and towns in the United States. The Investing in Opportunity Act will provide a direct social impact to underserved communities, helping to stabilize communities and establish a clear path for growth,” said Steven Kirsch, COO of DRI Fund, an official CDFI. (Editorial, It’s time we start using ‘The Investing in Opportunity Act’, 1/25/18)”
THE IOWA GAZETTE:
“There are also important bipartisan efforts included in this new law, such as the Investing in Opportunity Act. By incentivizing private investment in struggling communities, we can help spur economic growth in poverty-stricken areas, bringing hope and opportunity back to many distressed rural communities across the country and here in Iowa. (Column by Senator Joni Ernst, Tax Cuts and Jobs Act means new opportunities, 01/04/18).”
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Submitted by Soheyla Kovach to the Daily Business News for MHProNews.com.
Soheyla is a managing member of LifeStyle Factory Homes, LLC, the parent company to MHProNews, and MHLivingNews.com.