IMPACT Act
Latest action · Dec 5, 2019 Read twice and referred to the Committee on Finance.
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.
- IntroducedDec 5, 2019
- Passed SenateNot reached
- Passed HouseNot reached
- To the PresidentNot reached
- Became lawNot reached
Summary
Improving and Reinstating the Monitoring, Prevention, Accountability, Certification, and Transparency Provisions of Opportunity Zones or the IMPACT Act
This bill provides statutory authority for annual reporting requirements by qualified opportunity funds and taxpayers investing in such funds and sets forth the information required in the reports. The bill imposes penalties for failure to comply with such reporting requirements.
The bill requires the Department of the Treasury to make publicly available annual reports on qualified opportunity funds, including, among other things, the number of such funds and the aggregate amount of assets held in such funds. Treasury must also provide additional information in every fifth year on the impacts and outcomes of a designation of a census tract as a qualified opportunity zone using specified economic indicators.
Treasury must also establish procedures to protect against disclosure of return information that can be associated with any particular taxpayer or competitive or proprietary information.
Cosponsors 12
Members who signed on, in the order they did. Signatures ran from Dec 5, 2019 to Mar 12, 2020; 7 are original cosponsors, there from the day it was introduced.
| Seat | Cosponsor | Signed on | |
|---|---|---|---|
| R-LA | Bill Cassidy | Original | Dec 5, 2019 |
| R-IA | Chuck Grassley | Original | Dec 5, 2019 |
| R-CO | Cory Gardner | Original | Dec 5, 2019 |
| R-IA | Joni Ernst | Original | Dec 5, 2019 |
| R-FL | Marco Rubio | Original | Dec 5, 2019 |
| R-WV | Shelley Moore Capito | Original | Dec 5, 2019 |
| R-IN | Todd Young | Original | Dec 5, 2019 |
| R-OK | James Lankford | Dec 11, 2019 | |
| I-AZ | Kyrsten Sinema | Dec 11, 2019 | |
| R-GA | Kelly Loeffler | Feb 4, 2020 | |
| R-AZ | Martha McSally | Mar 12, 2020 | |
| R-KS | Pat Roberts | Mar 12, 2020 |
Committees 1
Where it was sent and what each committee and subcommittee did with it, in order.
| Chamber | Committee | What it did |
|---|---|---|
| Senate | Finance Committee | Referred Dec 5, 2019 |
Actions 2
Everything that happened, newest first.
- Dec 5, 2019Introduced in Senate
- Dec 5, 2019Read twice and referred to the Committee on Finance.
Titles 3
Every title it has carried, official and short, at each stage.
- Official Title as Introduced
- A bill to amend the Internal Revenue Code of 1986 to require information reporting with respect to the qualified opportunity zone tax incentives enacted by the 2017 tax reform legislation, to require public reports related to such tax incentives, and for other purposes.
- Short Title(s) as Introduced
- IMPACT Act
- Improving and Reinstating the Monitoring, Prevention, Accountability, Certification, and Transparency Provisions of Opportunity Zones
Subjects
Assigned by the Library of Congress. Policy area: Taxation.
Text 1
Each version as it was printed, newest first.
- Dec 5, 2019Introduced in Senate
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.
