Opportunity Zone Reform Act
Latest action · Nov 12, 2019 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.
- IntroducedNov 12, 2019
- Passed HouseNot reached
- Passed SenateNot reached
- To the PresidentNot reached
- Became lawNot reached
Summary
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.
Cosponsors 9
Members who signed on, in the order they did. Signatures ran from Nov 12, 2019 to Feb 11, 2020, with 2 there on the day it was introduced.
| Seat | Cosponsor | Signed on | |
|---|---|---|---|
| D-NC | Alma S. Adams | Original | Nov 12, 2019 |
| D-MO | Wm. Lacy Clay | Original | Nov 12, 2019 |
| D-DC | Eleanor Holmes Norton | Nov 13, 2019 | |
| D-OH | Marcia L. Fudge | Nov 13, 2019 | |
| D-CA | Karen Bass | Nov 20, 2019 | |
| D-AZ | Raúl M. Grijalva | Nov 20, 2019 | |
| D-FL | Val Butler Demings | Dec 3, 2019 | |
| D-OH | Joyce Beatty | Feb 11, 2020 | |
| D-OR | Suzanne Bonamici | Feb 11, 2020 |
Actions 2
Everything that happened, newest first.
- Nov 12, 2019Introduced in House
- Nov 12, 2019Referred to the House Committee on Ways and Means.
Related bills 1
Companion bills and other measures the record links to this one.
| Bill | Title | Relationship | Latest action |
|---|---|---|---|
| S 2787 | Opportunity Zone Reporting and Reform Act | Related bill | Nov 6, 2019 |
Subjects
Assigned by the Library of Congress. Policy area: Taxation.
Text 1
Each version as it was printed, newest first.
- Nov 12, 2019Introduced 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.