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Rubio Offers Assistance to Florida Governor with New Tax Provision That Incentivizes Investments in Low-Income Communities

Apr 3, 2018 | Press Releases

Miami, FL—U.S. Senator Marco Rubio (R-FL) offered Governor Rick Scott support to help identify and collect input from Florida communities who are eligible to become Qualified Opportunity Zones. Included in the Tax Cuts and Jobs Act is a provision authored by Senator Tim Scott (R-SC) that creates tax incentives for investing in low-income communities designated as Opportunity Zones. The Tax Cuts and Jobs Act was signed into law by President Trump on December 22, 2017. Governor Scott has until April 21, 2018 to nominate Florida communities for eligibility. 
The full text of the letter is below:
Dear Governor Scott:
As you know, part of the Tax Cuts and Jobs Act passed by Congress is a provision to encourage investment in distressed communities. Based on the Investing in Opportunities Act, introduced by Senator Tim Scott of South Carolina, the provision makes investing in certain low-income communities tax-deferred. This tax cut, in particular, would make it more attractive to invest in many of the areas left behind by the global economy, creating jobs and increasing wages for the workers and families.
Under the newly-enacted law, state governors may select up to 25 percent of eligible low-income census tracts in each state to be designated as Qualified Opportunity Zones. As you are aware, the new deadline for Florida to nominate these communities has been extended to April 21, 2018.
With this upcoming deadline in mind, I would like to offer my office as a as a resource to help identify and collect input from the economically distressed communities eligible to become Qualified Opportunity Zones. The selection of these areas will drive investment for years to come. I look forward to working with you to ensure new and high-paying jobs for Floridians across the state.
Thank you, and I look forward to working with you on this important venture.