Investing in Opportunity Act

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. The bill defines opportunity funds as 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 or opportunity funds. Investments 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.

This text is taken from the official record. PoliticalRepo does not editorialize.

Timeline

1. 27 April 2016

   Introduced

   Read twice and referred to the Committee on Finance.

   Source: IntroReferral

2. 27 April 2016

   Introduced

   Introduced in Senate

   Source: IntroReferral

3. 29 June 2016

   Committee

   Committee on Small Business and Entrepreneurship. Hearings held.

   Source: Committee

Votes

No vote records are attached yet.

Versions

• Introduced in Senate · 27 April 2016 · Download file

Documents

3 official files

• Introduced in Senate (text)

  Introduced in Senate · EN · 27 April 2016

  ViewDownloadOpen at official source

• Introduced in Senate (PDF)

  Introduced in Senate · EN · 27 April 2016

  ViewDownloadOpen at official source

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• Introduced in Senate

  summary · EN · 27 April 2016

  Open at official source

  Leesvertaling

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  Vertaal naarNL · DutchDE · GermanFR · FrenchES · SpanishIT · ItalianPL · PolishPT · PortugueseSV · SwedishDA · DanishFI · FinnishEL · GreekCS · CzechHU · HungarianRO · RomanianBG · BulgarianHR · CroatianSK · SlovakSL · SlovenianLT · LithuanianLV · LatvianET · EstonianGA · IrishMT · Maltese

  Vertaal document

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Sponsors

• Sen. Scott, Tim [R-SC] · R · Sponsor
• Sen. Booker, Cory A. [D-NJ] · D · Sponsor
• Sen. Gardner, Cory [R-CO] · R · Sponsor
• Sen. Peters, Gary C. [D-MI] · D · Sponsor
• Sen. Blunt, Roy [R-MO] · R · Sponsor
• Sen. Bennet, Michael F. [D-CO] · D · Sponsor
• Sen. Graham, Lindsey [R-SC] · R · Cosponsor
• Sen. Coons, Christopher A. [D-DE] · D · Cosponsor
• Sen. Capito, Shelley Moore [R-WV] · R · Cosponsor
• Sen. Gillibrand, Kirsten E. [D-NY] · D · Cosponsor
• · sssb00 · Standing
• · ssfi00 · Standing

Related records

• related to → Investing in Opportunity Act