Investing in Opportunity Act
Latest action · Feb 2, 2017 Referred to the House Committee on Ways and Means.
Progress
Where this bill reached, and when. A stage with no date was not reached; one that failed a vote and later carried shows the date it carried.
- IntroducedFeb 2, 2017
- Passed HouseNot reached
- Passed SenateNot reached
- To the PresidentNot reached
- Became lawNot reached
Summary
Investing in Opportunity Act
This bill amends the Internal Revenue Code to authorize the designation of opportunity zones in low-income communities and to provide tax incentives for investments in the zones, including deferring the recognition of capital gains that are reinvested in the zones.
Governors may submit nominations for a limited number of opportunity zones to the Department of the Treasury for certification and designation. Governors must give particular consideration to areas that:
- are currently the focus of mutually reinforcing state, local, or private economic development initiatives to attract investment and foster startup activity;
- have demonstrated success in geographically targeted development programs such as promise zones, the new markets tax credit, empowerment zones, and renewal communities; and
- have recently experienced significant layoffs due to business closures or relocations.
Treasury must designate zones if a governor fails to submit nominations within a specified period of time.
An "opportunity fund" is any investment vehicle organized as a corporation or a partnership to invest in opportunity zones that holds at least 90% of its assets in opportunity zone assets.
Taxpayers may temporarily defer the recognition of capital gains that are invested in opportunity zones. Investments in opportunity zones or opportunity funds that are held for at least five years are eligible for capital gains tax reductions or exemptions, depending on how long the investment is held.
Treasury must report to Congress on the opportunity zone incentives enacted in this bill, including an assessment of opportunity fund investments at the national and state levels.
Cosponsors 81
Members who signed on, in the order they did. Signatures ran from Feb 2, 2017 to Nov 29, 2017, with 31 there on the day it was introduced.
| Seat | Cosponsor | Signed on | |
|---|---|---|---|
| R-NY | Chris Collins | Original | Feb 2, 2017 |
| D-FL | Darren Soto | Original | Feb 2, 2017 |
| R-WA | David G. Reichert | Original | Feb 2, 2017 |
| R-NC | David Rouzer | Original | Feb 2, 2017 |
| D-WA | Derek Kilmer | Original | Feb 2, 2017 |
| D-OR | Earl Blumenauer | Original | Feb 2, 2017 |
| R-MN | Erik Paulsen | Original | Feb 2, 2017 |
| R-WI | F. James Sensenbrenner, Jr. | Original | Feb 2, 2017 |
| R-MI | Fred Upton | Original | Feb 2, 2017 |
| D-CT | James A. Himes | Original | Feb 2, 2017 |
| R-OH | James B. Renacci | Original | Feb 2, 2017 |
| D-CO | Jared Polis | Original | Feb 2, 2017 |
| R-MO | Jason Smith | Original | Feb 2, 2017 |
| D-TN | Jim Cooper | Original | Feb 2, 2017 |
| D-CT | John B. Larson | Original | Feb 2, 2017 |
Actions 2
Everything that happened, newest first.
- Feb 2, 2017Introduced in House
- Feb 2, 2017Referred to the House Committee on Ways and Means.
Related bills 4
Companion bills and other measures the record links to this one.
| Bill | Title | Relationship | Latest action |
|---|---|---|---|
| HR 1 | An Act to provide for reconciliation pursuant to titles II and V of the concurrent resolution on the budget for fiscal year 2018. | Related bill | Dec 22, 2017 |
| S 1 | An original bill to provide for reconciliation pursuant to title II of the concurrent resolution on the budget for fiscal year 2018. | Related bill | Nov 28, 2017 |
| S 293 | Investing in Opportunity Act | Identical bill | Oct 3, 2018 |
| S 1013 | Gigabit Opportunity Act | Related bill | May 3, 2017 |
Subjects
Assigned by the Library of Congress. Policy area: Taxation.
Text 1
Each version as it was printed, newest first.
- Feb 2, 2017Introduced in House
Everything here is as published by Congress: the summary is the Congressional Research Service's, the action wording is the clerks', and the subjects are the Library of Congress's. How far it got is read from the actions themselves, taking the most recent one of each kind, so a bill that failed a vote and later passed is shown as having passed. Records come from this bill on Congress.gov and govinfo.gov.