This upcoming Sunday, the people of Venezuela will hold an election that, if legitimate, would put an end to years of the oppressive Maduro narco-regime. U.S. Senator Marco Rubio (R-FL) issued a statement in support of the Venezuelan people: “The...
News
Latest News
Rubio: “La Tenacidad y Valentía del Pueblo venezolano Estarán a la Vista”
Este próximo domingo, el pueblo venezolano tendrá una elección que, de ser legítima, pondría fin a años de opresión por parte del narco-régimen de Maduro. El senador estadounidense Marco Rubio (R-FL) grabó un mensaje de video en español y emitió una declaración en...
Rubio, Scott, Colleagues to Biden Admin: No Privileges Should Be Given to 9/11 Terrorist
Twenty-three years ago, the United States was attacked by Islamic terrorists on September 11, 2001. Now, Zacarias Moussaoui, the only person convicted in a U.S. court for his role in the attack, has requested the U.S. Department of Justice to allow a prisoner transfer...
Next Week: Rubio Staff Hosts Mobile Office Hours
U.S. Senator Marco Rubio’s (R-FL) office will host virtual Mobile Office Hours next week to assist constituents with federal casework issues in their respective local communities. These office hours offer constituents who do not live close to one of Senator Rubio’s...
Rubio, Colleagues Introduce Ensuring Continuity in Veterans’ Health Act
As the U.S. Department of Veterans Affairs (VA) opens up new facilities, many veterans are losing access to the VA’s Community Care Program and, consequently, their long-term healthcare providers. Veterans throughout the country have reported a loss of care, including...
Rubio Introduces Bill to Strengthen U.S.-India Security Partnership
The U.S.-India partnership is vital to countering influences from Communist China. In order to strengthen this partnership, it is essential to enhance our strategic diplomatic, economic, and military relationship with New Delhi. U.S. Senator Marco Rubio (R-FL)...
Rubio Joins Tim Scott, Colleagues in Introducing Expanded Bill on Opportunity Zone Reporting Requirements
Miami, FL — U.S. Senator Marco Rubio (R-FL) joined Senators Tim Scott (R-SC), Chuck Grassley (R-IA), Shelley Moore Capito (R-WV), Todd Young (R-IN), Joni Ernst (R-IA), Bill Cassidy (R-LA), and Cory Gardner (R-CO) in introducing the IMPACT Act, which would reinstate and expand reporting requirements to determine the impact of the more than 8,700 Opportunity Zones across the country.
The Improving and Reinstating the Monitoring, Prevention, Accountability, Certification, and Transparency Provisions of Opportunity Zones (IMPACT) Act includes a variety of reporting requirements, fully listed below, to provide for the most robust and granular analysis over time on the targeted impacts of investments in Opportunity Zones. With more than $63 billion already in anticipated investments, it is critical that this analysis is in place. The IMPACT Act’s requirements do this while protecting taxpayer privacy laws and preserving the ability of communities to utilize a wide-variety of possible investments without overburdening entrepreneurs and local governments with mountains of unnecessary paperwork.
“I was proud to support Opportunity Zones in 2017 with the goal of spurring economic innovation in communities across our nation, giving all Americans the chance to succeed,” Rubio said. “The IMPACT Act will increase accountability to ensure Opportunity Zones are having the positive effect on distressed communities that they were created to.”
“Opportunity Zones provide thousands of low-income communities, both urban and rural, across the country with the potential to transform the future for generations to come,” Scott said. “The IMPACT Act’s reporting requirements will help show communities and investors that the initiative is working, as well as help root out any fraud or abuse. This is an important piece of the puzzle to help the more than 31 million Americans living in Opportunity Zones experience a brighter future.”
“Opportunity Zones have the potential to transform some of the most economically underdeveloped parts of the country and lift millions of Americans out of poverty. Everyone deserves a shot at the American Dream. This legislation will help make sure the federal government has the information it needs to track the success of Opportunity Zones,” Grassley said.
“This bill would help us monitor and better understand what’s working and what’s not in the Opportunity Zone program. This program can really be a game-changer for West Virginia because of the chance to leverage investments. Having this information will help the program become more robust and aid the communities that need it the most,” Capito said.
“When we passed tax reform, I was proud to support the creation of Opportunity Zones to incentivize new investment in distressed communities across the country,” Young said. “The IMPACT Act will help strengthen Opportunity Zones by increasing transparency within the program and creating metrics to measure and improve on its success.”
“Opportunity Zones are a promising tool for driving investment in distressed communities,” Ernst said. “This important legislation will ensure that we can effectively measure its success in communities across Iowa.”
“As a fifth generation Coloradan who grew up on the Eastern Plains, I know how important it is to attract growth to local communities, and particularly rural communities, in Colorado and throughout the country,” Gardner said. “The IMPACT Act will provide new data on Opportunity Zones, so we can make them as effective as possible at encouraging investment, inciting growth, and extending opportunities for communities across all four corners of Colorado.”
Instead of utilizing a “Band-Aid method” or temporary fix, the Opportunity Zones initiative aims to lift up entire neighborhoods by attracting private investment to areas most in need. With about $6 trillion of capital gains sitting on the sidelines, investors can now take advantage of a tax incentive if they elect to invest resources in the more than 8,700 designated distressed communities across the country.
The law is also written in a way that encourages long-term investment by allowing for a “step-up” approach: There is a greater financial benefit for investing over a 10-year time period, rather than just five years. This type of structure will encourage investors to establish meaningful relationships with the communities they are investing in.