President Donald Trump pointed out to supporters Friday night at a campaign rally in Macon, Georgia, what he and his administration have done for the black community in America.
“I got criminal justice reform done, prison reform, Opportunity Zones with [Sen.] Tim Scott (R) from South Carolina — a great, great man, great person,” Trump said.
As the U.S. Economic Development Administration (EDA), a bureau of the U.S. Department of Commerce, explains, an Opportunity Zone is “an economically-distressed community where private investments, under certain conditions, may be eligible for capital gain tax incentives.”
Opportunity Zones were created under the 2017 Tax Cuts and Jobs Act, which Trump championed and signed into law three years ago. They encourage economic development and job creation by incentivizing investments in low-income areas. Investors can defer tax on any prior gains invested in a Qualified Opportunity Fund until the date on which the investment is sold