In 2017, Congress passed one of the most important legislation in the first quarter of the century. When President Donald Trump signed the Tax Cuts and Employment Act (TCJA), the law prompted economic growth that a generation in the United States did not see. Wages increase and unemployment decreases. Americans are able to cash in on their salaries and go home to their families with more money.

Now, eight years later, the main TCJA regulations have been renewed. These include: Opportunity Zone, a successful bipartisan regulation that transforms underserved communities in real time. Opportunity Zones have had an incredible impact throughout the country.

The Opportunity Zone (OZ) initiative allows investors from all over the United States to invest in their capital gains in economically difficult communities where new investors are eligible for preferential capital gains tax treatment. This money is not idle in brokerage or bank accounts, but working in a community that has not had a lot of private investment for some time.

Republican pushes to make Trump's 2017 tax cut permanent, saying it will be "dramatic" changes for many

This tax-promoting policy provides vital incentives that won't make U.S. taxpayers a penny. In 2017, this policy seemed incredible. Despite doubts, the Wizard of Oz is actively changing communities and creating economic opportunities for the poorest postal codes in the family.

Erie, Pennsylvania, can best reflect economic benefits, while tangible opportunity zones of change can be created in a relatively short period of time. In 2018, the city's downtown zip code in 16501 was named Pennsylvania's poorest zip code, and one of the poorest people in the country. But through the potential of the Wizard of Oz, the stigma of Pennsylvania’s poorest postal codes is a springboard for investment in the region.

Shortly after the TCJA was signed into law, a group of local residents realized how the opportunity zone revitalizes the city. Major employers, local universities and other organizations work together to provide initial financial support to form the Erie Urban Development Corporation (EDDC).

To date, EDDC has used more than $115 million in private investment to build 108 new fully occupied residences in downtown Erie (Downtown), re-creating and creating more than 100,000 square feet of new commercial space and building space for 25 new businesses. Overall, $400 million in long-term capital investment is working to breathe new life into downtown Erie.

These investments have a strong track record of revitalizing small businesses and residential areas, while promoting innovation in technology and manufacturing, an industry that South Carolina stands out. Projects such as the South Carolina Center for Technology and Aviation (SCTAC) have generated more than $6.1 billion in investments and have created more than 18,000 new jobs in local communities. This further underlines the importance of opportunity zones that have and will continue to have an impact.

Furthermore, opportunity zones play an important role in assisting the revitalization of previously neglected communities and transforming them into economic power. In Oconey County, South Carolina, investors transformed the textile factory built in 1875 into 197 new residential apartments. The project also combines retail and recreational facilities, including restoration of historic dams and the establishment of public green spaces and trails.

Across the country, opportunity zones have emerged $89 billion Of the private investments in more than 5,600 designated communities, this investment created more than 500,000 jobs in just the first two years. According to a report released in March by the Economic Innovation Group (EIG), a bipartisan public policy organization based in Washington, D.C., the legislation also has far-reaching implications — about one in 10 Americans live in opportunity zones. This number may grow soon.

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The EIG report also shows that OZS “added 313,000 new residential addresses (uncounted currently under construction) in designated communities from the third quarter of 2019 to the third quarter of 2024 – during this period, doubled the total number of new housing added to these communities.”

Additionally, the Economic Advisory Board found that relying solely on the name of opportunity zones increased the value of homes in these areas by 3.4%, which translates into estimated new wealth for the estimated new wealth of opportunity zone residents who owned the home.

In 2018, the city's downtown zip code in 16501 was named Pennsylvania's poorest zip code, and one of the poorest people in the country. But through the potential of the Wizard of Oz, the stigma of Pennsylvania’s poorest postal codes is a springboard for investment in the region.

By empowering the private sector and cutting the traditional tape festival, the opportunity zone enables projects to move more efficiently at lower costs while meeting one of the most pressing needs in low-income communities - quality affordable housing.

From the beginning of the 2017 tax law, we knew the Opportunity Zone Initiative would be Gamechanger. It is a shovel employment program for communities that need help the most. As we look to 2025, the future for places like Erie and Okorn counties is bright. EDDC is preparing to break ground on another $22 million project that includes 37,000 square feet of commercial offices and retail space.

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But if Congress fails to extend the TCJA and the Opportunity Zone rules expire, we can see several years of projects overnight, and the biggest tax hike in modern history.

It is crucial for Congress to extend, expand and make the 2017 tax break permanent in the coming years, so families, small businesses and communities across the country can continue to gain the benefits of this legislation and can cut taxes overall in the coming years.

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Click here to learn more about Sen. Tim Scott

Republican Tim Scott represents the South Carolina Senate. He is the author of "America, The Story of Redemption: Choosing Hope, Building Solidarity." ”

Secretary Scott Turner leads the U.S. Department of Housing and Urban Development. He previously served as executive director of the White House Opportunity and Revitalization Committee, and he advocated Opportunity Zones during President Donald J. Trump’s first administration.