Oct 242018
 

South Carolina’s Department of Commerce is laying groundwork for participation in a new community development program – Opportunity Zones – established by Congress as part of 2017’s Tax Cuts and Jobs Act.  The program was detailed for Capital Rotary by Commerce research director Ben Johnson (pictured), the club’s Oct. 24 guest speaker.  Designed to encourage long-term private investment in low-income communities, Opportunity Zones aims to jump-start economic activity in parts of the state that have not prospered over the past few years.  Investors are offered federal tax incentives for putting existing capital gains into the program and keeping these monies invested for five, seven or 10 years or more.  Opportunity Zones projects could include workforce development, affordable housing, new infrastructure, startup for new businesses and capital improvements.  Johnson, who has experience in commercial real estate research and data, is a board member of the SC Logistics Council, the USC/Columbia Technology Incubator and Eau Claire Development Corporation.  He also authored the most recent South Carolina Innovation Plan.

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