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Opportunity Zone Reform Act

USA116th CongressHR-5042| House 
| Updated: 11/12/2019
James E. Clyburn

James E. Clyburn

Democratic Representative

South Carolina

Cosponsors (9)
Val Butler Demings (Democratic)Raúl M. Grijalva (Democratic)Karen Bass (Democratic)Joyce Beatty (Democratic)Wm. Lacy Clay (Democratic)Marcia L. Fudge (Democratic)Alma S. Adams (Democratic)Eleanor Holmes Norton (Democratic)Suzanne Bonamici (Democratic)

Ways and Means Committee

  • Introduced
  • In Committee
  • On Floor
  • Passed Chamber
  • Enacted
Opportunity Zone Reform Act This bill modifies requirements relating to qualified opportunity zones. A "qualified opportunity zone" is an area in which investment is encouraged to promote economic development and job creation in distressed communities by providing tax benefits to investors. The bill revises requirements for the designation of certain census tracts as qualified opportunity zones based on median family income. It also excludes certain property from the term "qualified opportunity zone business property," including self storage property, parking property, stadiums, and certain residential rental property. The bill requires the Internal Revenue Service to provide a publicly available list of investment vehicles that are certified as qualified opportunity funds. The Government Accountability Office must report to Congress on the effectiveness of the Opportunity Zone program in the fifth and tenth year after the enactment of this bill.
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Timeline
Nov 12, 2019
Introduced in House
Nov 12, 2019
Referred to the House Committee on Ways and Means.
  • November 12, 2019
    Introduced in House


  • November 12, 2019
    Referred to the House Committee on Ways and Means.

Taxation

Related Bills

  • S 116-2787: Opportunity Zone Reporting and Reform Act
Business investment and capitalCongressional oversightEconomic developmentFinancial services and investmentsGovernment information and archivesGovernment studies and investigationsSports and recreation facilities

Opportunity Zone Reform Act

USA116th CongressHR-5042| House 
| Updated: 11/12/2019
Opportunity Zone Reform Act This bill modifies requirements relating to qualified opportunity zones. A "qualified opportunity zone" is an area in which investment is encouraged to promote economic development and job creation in distressed communities by providing tax benefits to investors. The bill revises requirements for the designation of certain census tracts as qualified opportunity zones based on median family income. It also excludes certain property from the term "qualified opportunity zone business property," including self storage property, parking property, stadiums, and certain residential rental property. The bill requires the Internal Revenue Service to provide a publicly available list of investment vehicles that are certified as qualified opportunity funds. The Government Accountability Office must report to Congress on the effectiveness of the Opportunity Zone program in the fifth and tenth year after the enactment of this bill.
View Full Text

Suggested Questions

Get AI-generated questions to help you understand this bill better

Timeline
Nov 12, 2019
Introduced in House
Nov 12, 2019
Referred to the House Committee on Ways and Means.
  • November 12, 2019
    Introduced in House


  • November 12, 2019
    Referred to the House Committee on Ways and Means.
James E. Clyburn

James E. Clyburn

Democratic Representative

South Carolina

Cosponsors (9)
Val Butler Demings (Democratic)Raúl M. Grijalva (Democratic)Karen Bass (Democratic)Joyce Beatty (Democratic)Wm. Lacy Clay (Democratic)Marcia L. Fudge (Democratic)Alma S. Adams (Democratic)Eleanor Holmes Norton (Democratic)Suzanne Bonamici (Democratic)

Ways and Means Committee

Taxation

Related Bills

  • S 116-2787: Opportunity Zone Reporting and Reform Act
  • Introduced
  • In Committee
  • On Floor
  • Passed Chamber
  • Enacted
Business investment and capitalCongressional oversightEconomic developmentFinancial services and investmentsGovernment information and archivesGovernment studies and investigationsSports and recreation facilities