Bishop's Bill Helps Communities Increase Private Sector Investment
Congressman Dan Bishop (NC-09) introduced the Increasing Opportunities for Small Businesses Act to increase local engagement with communities that have Opportunity Zones, which incentivizes private companies to invest in under-served communities to stimulate economic growth and bring good-paying jobs.
This legislation would make permanent an administration initiative led by the Small Business Administration to educate businesses on the mechanics of Opportunity Zones to aid self-sustaining growth in under-served communities by providing important educational resources to small business owners.
"Opportunity Zones help give under-served urban and rural communities a chance to propel themselves forward with long-term growth and good jobs. My bill prioritizes outreach and education to businesses and local leaders to drive private sector capital to our communities," said Rep. Dan Bishop (NC-09). "I'm proud to introduce this legislation to bolster with the force of law the administration's Opportunity Zones policy and their advocacy efforts to educate businesses and local leaders," concluded Rep. Bishop.
"Opportunity Zones, a bipartisan initiative authored by South Carolina Senator Tim Scott, encourage investments by private companies into some of our nation's most economically-distressed communities through federal tax incentives. With $75 billion worth of investments already committed, Opportunity Zones have the potential to be the most meaningful anti-poverty initiative since the "Great Society,'" said co-sponsor Rep. William Timmons (SC-04). "The Increasing Opportunities for Small Businesses Act will help make this a reality by targeting and empowering small businesses to make use of these tax incentives. By training and educating field representatives at the Small Business Administration, we can help foster economic opportunity while also reducing poverty in communities that have too often been left behind," concluded Rep. Timmons.
"The Increasing Opportunities for Small Businesses Act is a commonsense solution to help small businesses engage in the Opportunity Zone Incentive. By increasing the Small Business Administration's role in educating small businesses about Opportunity Zones, businesses in under-served communities will have an additional resource to help during this economic recovery," said Shay Hawkins- President, Opportunity Funds Association. "I applaud Congressman Bishop and Congressman Timmons' leadership, and I look forward to seeing them work with Congress to provide additional resources for Opportunity Zones," concluded Hawkins.
Opportunity Zones were created in the 2017 Tax Cuts and Jobs Act as a way for private sector investments to help low-income and under-served communities. Since, there have been over $75 billion in investments already committed. The Ninth Congressional District is home to 13 Opportunity Zones in Robeson, Scotland, Richmond, Anson and Union counties.