Thom Tillis
U.S. Sen. Thom Tillis (R-NC) joined President Donald Trump in Charlotte, N.C., on Feb. 7 to focus attention on the positive impact opportunity zones, which incentivize long-term investments in low-income communities, have had on the state.
“All North Carolinians deserve their shot at realizing the American Dream, and Opportunity Zones are already making an impact by tackling poverty and investing in communities to promote development and economic prosperity,” Sen. Tillis said.
The senator had supported the creation of opportunity zones as part of the Tax Cuts and Jobs Act of 2017. The Opportunity Zones Program provides tax incentives for qualified investors to reinvest unrealized capital gains into low-income communities throughout a state.
The U.S. Treasury certified 252 opportunity zones in North Carolina in 2018, according to the senator’s office. The opportunity zones create an investment vehicle to generate economic growth and new job opportunities and entrepreneurship, the senator’s office said.
“To lift up underserved communities across the nation, our tax cuts created nearly 9,000 Opportunity Zones … including more than 250 right here in North Carolina,” President Trump said in remarks at the North Carolina Opportunity Now Summit. “These deserving communities have not known opportunity in a long time, but now the investments are flooding in, creating energy and creating excitement like they haven’t seen for a long time.”
Opportunity Zones are projected to spur $100 billion in private investment in low-income communities across the country, a White House fact sheet said.
“I’m proud to have supported the creation of Opportunity Zones across North Carolina, and I want to thank President Trump for speaking today at the Opportunity Now Summit in Charlotte,” Sen. Tillis said.