A bipartisan group of congressmen recently introduced a new bill intended to reinvigorate America’s poorest communities. The Investing in Opportunity Act (IOA) will allow investors to temporarily delay paying capital-gains taxes on their investments if they choose to reinvest the money into “opportunity zones” or distressed communities across the country.
The legislation was cosponsored in the Senate by Republican Tim Scott of South Carolina and Democrat Cory Booker of New Jersey, and in the House by Pat Tiberi (R-Ohio) and Ron Kind (D-Wisc.). These congressmen report that their bill has garnered bipartisan support in both chambers, and they believe that its provisions will allow for tremendous economic growth in some of the country’s most underserved communities.
By: Alexandra DeSanctis, National Review
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