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From YouTube: Opportunity Zone Luncheon Speaker Gary Bunker
Description
Sen. Tim Scott (SC) was the keynote speaker at a luncheon to discuss Opportunity Zones in Aiken on October 10, 2019.
Aiken County has numerous areas that can benefit from opportunity zone investment, the senator discussed what that means for the economic future of these areas in our community.
A
A
So
we
make
up
some
brief
comments
here
when
I
first
heard
about
the
passage
of
the
opportunity
zone
program
in
the
2017
tax
cuts
and
job
at
I
was
both
excited
and
nostalgic
excited
because
of
the
free-market
approach
to
revitalizing
depressed
neighborhoods
and
nostalgic
because
of
the
similarity
with
Jack
Kemp's
enterprise
zone
proposals
from
nearly
40
years
ago.
Let
me
explain
during
the
1980s
congressman
Jack
Kemp
from
Buffalo
New
York
was
something
of
a
hero
to
me
during
my
college
years.
A
I
a
badly
followed
his
political
career
and
like
a
rockstar,
groupie
I,
saw
him
speak
at
many
forums
and
seminars
and
fought
him,
the
natural
heir
to
President
Ronald
Reagan,
even
when
Kemp
spoke
on
topics
that
some
might
find
dull,
such
as
the
gold
standard,
his
passion,
energy
and
enthusiasm
enthralled
me
policy
matters
and
his
enthusiasm
for
the
right
combination
of
incentives
to
foster
economic
growth
was
contagious
for
Kemp
conservatism
and
the
free
market
were
not
code,
words
for
heartless
corporatism
or
soulless
materialism.
Instead,
he
embraced
the
twin
concepts
of
empowerment
and
freedom
to
kemp.
A
It
was
government
even
a
rhetorically,
compassionate
government
that
held
people
down
only
through
freedom,
liberty
and
capitalism.
Could
human
potential
be
fully
realized.
Jack
Kemp
did
not
write
about
Enterprise
Zones
in
his
1979
manifesto
and
American
Renaissance,
but
he
struck
a
refreshing
tone
of
conservative
optimism.
He
wanted
to
strike
down
the
barriers
to
opportunity
and
saw
tax
reform
as
a
powerful
tool
of
liberation.
One
thing
he
understood
and
understood
well
incentives
matter
and,
as
Kemp
tireless
tirelessly
reminded
us,
a
rising
tide
lifts
all
boats
by
1981.
A
His
thinking
had
crystallized
true
to
form
his
plan
for
Enterprise
Zones.
Had
many
moving
pieces
focused
on
tax
incentives
for
businesses
in
depressed
areas,
bounded
by
geographically
defined
zones.
There
would
be
reductions
in
Social,
Security,
payroll
taxes,
reductions
in
capital
gains
taxes
and
reductions
in
business
income
taxes.
In
addition,
he
favored
accelerated
depreciation
on
incorporated
capital.
Jack
Kemp's
vision
was
never
implemented
in
his
lifetime.
Things
called
Enterprise
Zones
were
established
here
and
there,
but
they
were
never
fully
embraced,
but
now
with
Senator
Tim
Scott's
Opportunity
Zones,
we
see
something
similar
to
Kemp's
ideas.
A
Obviously,
the
opportunity
zones
envisioned
and
enacted
through
Senator
Scott's
leadership
are
different.
The
key
difference
is
the
heavy
reliance
on
capital
gains,
tax
incentives.
First,
taxes
on
realized
capital
gains
and
vested
in
Opportunity
Zones
are
deferred
and
may
be
reduced
under
certain
circumstances.
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A
The
opportunity
zones
not
only
encourage
the
realization
of
existing
capital
gains,
but
gains
made
on
the
investment
of
capital
gains
are
themselves
given
tax
breaks
and
imagine
this
these
investments
and
the
resulting
economic
growth
will
be
facilitated
through
the
private
sector
as
a
non
coercive
approach,
it
avoids
the
evils
of
the
command
economy
and
dodges
the
cold
heavy
hand
of
direct
government
intervention.
The
decision-making
and
risk
remains
in
private
hands,
but
the
benefits
are
meant
to
be
targeted
where
most
needed.
A
If
Jack
Kemp
were
alive
today,
I'm
sure
he
would
have
but
consider
further
how
these
mighty
invests,
how
these
mighty
incentives
can
be
combined
with
other
existing
programs.
For
example,
the
fee
in
lieu
of
tax
programs,
through
the
state
of
South
Carolina
and
implemented
by
the
counties,
including
Aiken
County,
is
a
time-tested
method
for
facilitating
manufacturing
and
industrial
development
by
reducing
property
taxes
on
industry
based
on
objective
investment
and
job
creation
criteria.
It
can
attract
high-quality
investment
and
high-paying
jobs
without
necessarily
risking
taxpayer
money.
A
So
imagine
if
an
industry
could
take
advantage
of
an
opportunity
zones
to
reduce
capital
gains
taxes
and
the
fee
and
lieu
program
to
reduce
property
taxes.
This
would
be
a
powerful
one-two
punch
for
economic
development
and
again
based
on
the
free
market.
Without
the
government,
picking
winners
and
losers
with
in
Aiken
County,
we
have
three
designated
opportunity
zones
that
were
nominated
by
governor
Henry,
McMaster
and
certified
by
the
Treasury
Department.
You
can
see
the
map
here
on
the
right.
If
you
haven't
chose
the
zones
that
have
been
created.
A
A
We
have
one
in
Beach
Island,
extending
eastwards,
roughly
from
us
one
to
town
Creek
and
from
us
to
78
to
pine
log,
Road
and
Richardson's
Lake,
Road
and,
lastly,
I
think
to
almost
the
most
interest
here
is
the
one
in
the
city
of
Aiken,
roughly
from
balck
loose
road
to
Buford
Street
and
from
University
Parkway
and
Rutland
drive
to
Richland
avenues.
These
zones
in
our
county
encompass
thousands
of
people
and
thousands
of
acres.
The
potential
facing
us
here
in
Aiken
County
is
vast.
A
Let
us
embrace
the
concept
and
see
where
it
leads,
but
let
us
always
keep
our
eye
on
the
goal:
to
unleash
entrepreneurial
energies,
to
put
to
use
underutilized
resources
and
to
spur
lasting
and
meaningful
economic
growth.
We
cannot
predict
what
business
activities
will
flourish
under
these
conditions,
but
that's
a
good
thing
else
that
would
betray
the
controlling
hand
from
the
swamp.
Let
us
create.
Instead,
the
conditions
for
prosperity,
but
not
try
to
direct
them
towards
selfish
or
ideological
ends.
Can
jack
kemp
be
called
one
of
the
spiritual
grandfather's
of
Opportunity
Zones
I
think
so.
A
His
passion
for
using
tax
incentives
to
spur
development
in
depressed
areas
lies
behind
them,
though.
The
details
are
significantly
different
between
Enterprise
Zones
and
Opportunity,
Zones
I
see
a
common
thread
in
using
tax
incentives
to
develop
areas
in
need.
Clearly,
a
good
idea
may
take
a
generation
or
two
to
be
fully
realized,
but
for
Opportunity
Zones
senator
Tim
Scott
is
the
father
of
the
opportunity
zones.
A
He
has
seen
the
program
become
reality
through
the
legislative
process
and
there
are
now
thousands
of
such
zones
across
the
United
States
and
over
a
hundred
in
second
South
Carolina
alone.
Senator
Scott
speed
is
a
worthy
and
vastly
important
accomplishment.
It
may
not
receive
breathless
daily
coverage
in
the
mainstream
media,
but
it
will
cement
his
legacy
in
the
Senate
and
confirm
saundra
scott's,
visionary
leadership
for
years
to
come
at
last.
The
time
for
a
powerful
and
beneficial
idea
has
come.
Thank
you
all
very
much.