Connect with us

Hi, what are you looking for?

Florida Government & Politics

Marco Rubio, Rick Scott Want Governors to Nominate Areas Hit by Hurricanes as Opportunity Zones

“The process would be identical to the opportunity zones enacted by the Tax Cuts and Jobs Act (TCJA), and certified tracts would be eligible for the same tax treatment as the TCJA opportunity zones.”

Share Story Via Text, E-Mail, Facebook or Twitter
hurricane-michael-satellite-image-525x420.jpg

Florida’s two Republicans in the U.S. SenateMarco Rubio and Rick Scott–teamed up this week to unveil a proposal allowing  governors “to nominate areas affected by 2018 hurricanes and California wildfires as opportunity zones to stimulate local economies and encourage private investment for disaster recovery.”

Rubio and Scott brought out the Disaster Opportunity Zones Act (DOZA)on Wednesday.
The bill “would enact a new round of opportunity zone designations for low-income census tracts in selected 2018 disaster areas” according to Rubio’s office.

“The process would be identical to the opportunity zones enacted by the Tax Cuts and Jobs Act (TCJA), and certified tracts would be eligible for the same tax treatment as the TCJA opportunity zones. North Carolina, South Carolina, Georgia, Florida, and California governors would select up to the greater of 25 percent, or 25, qualified low-income census tracts affected by natural disasters to be disaster opportunity zones. Like the TCJA, the new opportunity zones would be approved by the U.S. Treasury,” Rubio’s office noted.

The senators weighed in on the bill on Wednesday.

“Local communities devastated by recent natural disasters, like Hurricane Michael, are still struggling to recover from the catastrophic loss of jobs and business,” Rubio said. “The Disaster Opportunity Zones Act would help stimulate local economies and encourage private investment from job creators by allowing many of these areas to become opportunity zones.”

Scott pointed to his eight years in Tallahassee as one of the reasons he was backing the proposal.

“The Disaster Opportunity Zones Act will make a real and lasting difference for our communities impacted by Hurricane Michael. I’m proud to sponsor this bill to bring new capital investment and more jobs to Florida’s Panhandle as we continue to recover and rebuild following Hurricane Michael,” Scott said. “Over my eight years as governor, I fought every day to make sure every Floridian had the opportunity to live their version of the American Dream. This bill will build on that work and continue to expand economic opportunity for Florida families.”

 

Kevin Derby can be reached at Kevin.Derby@floridadaily.com

Author

  • Kevin Derby

    Originally from Jacksonville, Kevin Derby is a contributing writer for Florida Daily and covers politics across Florida.

    View all posts

Share Story Via Text, E-Mail, Facebook or Twitter

Follow Us on Social Media

Archives

Related Stories

Election News

Share Story Via Text, E-Mail, Facebook or Twitter

Kamala Harris

See 2024 Election results for Florida, including Presidential votes by county, US Senate, and Congressional races.Presidential Race – Florida’s total:Donald Trump defeated Kamala Harris...

Election News

Florida Republican Senator Rick Scott is projected to win a second term by a comfortable margin. Rick Scott defeated Debbie Mucarsell-Powell, earning 55.7% of...

Political News

Senators Rick Scott and Marco Rubio sent a letter to U.S. Department of Human Health Services (HHS) Secretary Xavier Becerra requesting the use of...

Political News

 Senator Rick Scott, who has always donated his senate salary and also donated his salary during his two terms as Florida Governor, announced that...

Political News

Hurricanes Helene and Milton brought high winds, flooding, and damage across Florida. The Florida Department of Agriculture and Consumer Services estimates the total crop...

Election News

According to a recent poll by Florida International University (FIU), Cuban American voters’ support for Trump is at an all-time high.The poll showed that...

Florida Hurricanes

Florida Senator Rick Scott (R) joined Senator Thom Tillis (R-NC), along with Senators Ted Budd (R-NC), Tim Scott (R-SC) and Bill Cassidy, (R -LA), to announce...