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. 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.

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Timeline

1. 2 February 2017

   Introduced

   Read twice and referred to the Committee on Finance.

   Source: IntroReferral

2. 2 February 2017

   Introduced

   Introduced in Senate

   Source: IntroReferral

3. 3 October 2018

   Committee

   Committee on Small Business and Entrepreneurship. Hearings held. Hearings printed: S.Hrg. 115-574.

   Source: Committee

Votes

No vote records are attached yet.

Versions

• Introduced in Senate · 2 February 2017 · Download file

Documents

3 official files

• Introduced in Senate (text)

  Introduced in Senate · EN · 2 February 2017

  ViewDownloadOpen at official source

• Introduced in Senate (PDF)

  Introduced in Senate · EN · 2 February 2017

  ViewDownloadOpen at official source

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• Introduced in Senate

  summary · EN · 2 February 2017

  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

  Documentvertaling op verzoek met downloadbare PDF (logo + link naar de officiële bron). Het bronbestand blijft leidend.

Sponsors

• Sen. Scott, Tim [R-SC] · R · Sponsor
• Sen. Booker, Cory A. [D-NJ] · D · Sponsor
• Sen. Blunt, Roy [R-MO] · R · Sponsor
• Sen. Bennet, Michael F. [D-CO] · D · Sponsor
• Sen. Graham, Lindsey [R-SC] · R · Sponsor
• Sen. Coons, Christopher A. [D-DE] · D · Sponsor
• Sen. Capito, Shelley Moore [R-WV] · R · Sponsor
• Sen. Gillibrand, Kirsten E. [D-NY] · D · Sponsor
• Sen. Peters, Gary C. [D-MI] · D · Sponsor
• Sen. Gardner, Cory [R-CO] · R · Sponsor
• Sen. Young, Todd [R-IN] · R · Sponsor
• Sen. Warner, Mark R. [D-VA] · D · Sponsor
• Sen. Hassan, Margaret Wood [D-NH] · D · Cosponsor
• Sen. Ernst, Joni [R-IA] · R · Cosponsor
• Sen. Portman, Rob [R-OH] · R · Cosponsor
• · sssb00 · Standing
• · ssfi00 · Standing

Related records

• related to → An act to provide for reconciliation pursuant to titles II and V of the concurrent resolution on the budget for fiscal year 2018.
• related to → Investing in Opportunity Act
• related to ← Gigabit Opportunity Act
• related to ← An original bill to provide for reconciliation pursuant to title II of the concurrent resolution on the budget for fiscal year 2018.