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; 31 are original cosponsors, there from 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 |
| R-TX | Kenny Marchant | Original | Feb 2, 2017 |
| R-KS | Kevin Yoder | Original | Feb 2, 2017 |
| R-NJ | Leonard Lance | Original | Feb 2, 2017 |
| R-KS | Lynn Jenkins | Original | Feb 2, 2017 |
| R-PA | Patrick Meehan | Original | Feb 2, 2017 |
| D-CA | Pete Aguilar | Original | Feb 2, 2017 |
| D-MA | Richard E. Neal | Original | Feb 2, 2017 |
| D-CA | Ro Khanna | Original | Feb 2, 2017 |
| R-IL | Rodney Davis | Original | Feb 2, 2017 |
| D-WI | Ron Kind | Original | Feb 2, 2017 |
| R-PA | Scott Perry | Original | Feb 2, 2017 |
| D-MA | Seth Moulton | Original | Feb 2, 2017 |
| R-OH | Steve Stivers | Original | Feb 2, 2017 |
| D-WA | Suzan K. DelBene | Original | Feb 2, 2017 |
| D-AL | Terri A. Sewell | Original | Feb 2, 2017 |
| D-AZ | Tom O'Halleran | Original | Feb 2, 2017 |
| R-FL | Carlos Curbelo | Feb 3, 2017 | |
| R-OH | David P. Joyce | Feb 3, 2017 | |
| R-AL | Bradley Byrne | Feb 13, 2017 | |
| R-PA | Lloyd Smucker | Feb 13, 2017 | |
| R-NC | Mark Walker | Feb 13, 2017 | |
| R-SC | Tom Rice | Feb 13, 2017 | |
| D-IL | Bobby L. Rush | Feb 28, 2017 | |
| R-NY | Peter T. King | Feb 28, 2017 | |
| D-OH | Tim Ryan | Mar 9, 2017 | |
| R-MO | Billy Long | Mar 24, 2017 | |
| R-TN | David P. Roe | Mar 27, 2017 | |
| R-VA | Barbara Comstock | Apr 3, 2017 | |
| D-DE | Lisa Blunt Rochester | Apr 3, 2017 | |
| R-NE | Don Bacon | Apr 17, 2017 | |
| R-TX | Jeb Hensarling | Apr 17, 2017 | |
| R-OK | Tom Cole | Apr 26, 2017 | |
| D-NM | Michelle Lujan Grisham | Apr 27, 2017 | |
| R-FL | Thomas J. Rooney | May 3, 2017 | |
| D-MO | Emanuel Cleaver | May 4, 2017 | |
| R-OH | Brad R. Wenstrup | May 11, 2017 | |
| D-CA | Grace F. Napolitano | May 11, 2017 | |
| R-NC | Patrick T. McHenry | May 11, 2017 | |
| R-OK | Steve Russell | May 11, 2017 | |
| R-KY | Andy Barr | May 16, 2017 | |
| D-CA | Eric Swalwell | May 16, 2017 | |
| D-CA | Norma J. Torres | May 17, 2017 | |
| D-IL | Bradley Scott Schneider | May 19, 2017 | |
| R-IN | Jackie Walorski | Jun 12, 2017 | |
| I-AZ | Kyrsten Sinema | Jun 13, 2017 | |
| D-MD | John K. Delaney | Jun 20, 2017 | |
| D-CA | Nanette Diaz Barragán | Jun 23, 2017 | |
| D-NY | Louise McIntosh Slaughter | Jun 26, 2017 | |
| R-CA | David G. Valadao | Jun 27, 2017 | |
| R-NC | George Holding | Jun 28, 2017 | |
| R-SD | Kristi L. Noem | Jun 28, 2017 | |
| R-OH | Steve Chabot | Jul 11, 2017 | |
| D-CA | Ted Lieu | Jul 11, 2017 | |
| R-MI | Tim Walberg | Jul 12, 2017 | |
| R-OH | Michael R. Turner | Jul 17, 2017 | |
| R-OK | Markwayne Mullin | Jul 18, 2017 | |
| D-CA | Ami Bera | Jul 24, 2017 | |
| R-MI | Mike Bishop | Jul 28, 2017 | |
| R-NY | Tom Reed | Aug 4, 2017 | |
| D-IL | Cheri Bustos | Sep 25, 2017 | |
| R-TX | Will Hurd | Sep 25, 2017 | |
| D-TN | Steve Cohen | Oct 23, 2017 | |
| D-CT | Elizabeth H. Esty | Oct 26, 2017 | |
| D-NY | Carolyn B. Maloney | Nov 6, 2017 | |
| D-TX | Beto O'Rourke | Nov 14, 2017 | |
| D-CO | Ed Perlmutter | Nov 29, 2017 |
Committees 1
Where it was sent and what each committee and subcommittee did with it, in order.
| Chamber | Committee | What it did |
|---|---|---|
| House | Ways and Means Committee | Referred 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.
Research
What has been written about this bill: committee reports, cost estimates, the sponsor’s authority statement, printed hearings and the Congressional Research Service’s work.
Constitutional authority
The sponsor’s statement, as printed in the Congressional Record, vol. 163, no. 18, February 2, 2017, page H946.
Printed hearings 1
Hearings whose printed record names this bill, newest first: hearings on it, and wider hearings where it came up.
| Number | Hearing | Committee | Held |
|---|---|---|---|
| 115-297 | THE PROMISE OF OPPORTUNITY ZONES81 pages | Joint Economic Committee | May 17, 2018 |
CRS reports 1
Congressional Research Service work that CRS links to this bill or the law it became, newest first.
Cite it 1
Products on other subjects that cite it, usually among other measures.
| Product | Title | Kind | Published |
|---|---|---|---|
| R45152 | Tax Incentives for Opportunity Zones | Report | Apr 26, 2022 |
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 |
Titles 2
Every title it has carried, official and short, at each stage.
- Official Title as Introduced
- To amend the Internal Revenue Code of 1986 to provide for the deferral of inclusion in gross income for capital gains reinvested in opportunity zones.
- Short Titles as Introduced
- Investing in Opportunity Act
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; cost estimates are the Congressional Budget Office's, and the hearings are the printed hearings GovInfo publishes, which can appear months after the hearing.
