The federal Opportunity Zone program encourages economic development and job creation through long-term private investment in low-income urban and rural communities, the statement said. Stemming from the Tax Cuts and Jobs Act of 2017, the program provides federal tax incentives for taxpayers who reinvest capital gains into Qualified Opportunity Funds, which then invest in designated Opportunity Zones. The program was updated through the One, Big, Beautiful Bill Act signed into law July 4. Investors may qualify for capital gains deferral and other tax advantages.

Governor Henry McMaster may nominate up to 25% of the state’s eligible census tracts for Opportunity Zone status.

SC Commerce invites stakeholders, community leaders and the public to submit recommendations for census tracts within their communities, the statement said.

Recommendations must be submitted by email no later than June 1 to [email protected].

For more information or to submit a census tract, head to www.sccommerce.com/opportunity-zone.