3.0.0 293 2023-01-11T13:34:50Z 2023-01-11T13:34:50Z Senate S 2017-02-02 115 sssb00 Small Business and Entrepreneurship Committee Senate Standing Hearings by 2018-10-03T18:30:34Z ssfi00 Finance Committee Senate Standing Referred to 2017-02-02T20:23:27Z An Act to provide for reconciliation pursuant to titles II and V of the concurrent resolution on the budget for fiscal year 2018. 115 1 HR 2017-12-22 Signed by President. Related bill CRS Gigabit Opportunity Act 115 1013 S 2017-05-03 Read twice and referred to the Committee on Finance. Related bill CRS An original bill to provide for reconciliation pursuant to title II of the concurrent resolution on the budget for fiscal year 2018. 115 1 S 2017-11-28 Placed on Senate Legislative Calendar under General Orders. Calendar No. 269. Related bill CRS Investing in Opportunity Act 115 828 HR 2017-02-02 Referred to the House Committee on Ways and Means. Identical bill CRS 2018-10-03 sssb00 Small Business and Entrepreneurship Committee Senate Committee on Small Business and Entrepreneurship. Hearings held. Committee 2017-02-02 ssfi00 Finance Committee Senate Read twice and referred to the Committee on Finance. IntroReferral 2017-02-02 Introduced in Senate IntroReferral 10000 9 Library of Congress S001184 Sen. Scott, Tim [R-SC] Tim Scott R SC N B001288 Sen. Booker, Cory A. [D-NJ] Cory Booker D NJ 2017-02-02 True B000575 Sen. Blunt, Roy [R-MO] Roy Blunt R MO 2017-02-02 True B001267 Sen. Bennet, Michael F. [D-CO] Michael Bennet D CO 2017-02-02 True G000359 Sen. Graham, Lindsey [R-SC] Lindsey Graham R SC 2017-02-02 True C001088 Sen. Coons, Christopher A. [D-DE] Christopher Coons D DE A. 2017-02-02 True C001047 Sen. Capito, Shelley Moore [R-WV] Shelley Capito R WV Moore 2017-02-02 True G000555 Sen. Gillibrand, Kirsten E. [D-NY] Kirsten Gillibrand D NY E. 2017-02-02 True P000595 Sen. Peters, Gary C. [D-MI] Gary Peters D MI 2017-02-02 True G000562 Sen. Gardner, Cory [R-CO] Cory Gardner R CO 2017-02-02 True Y000064 Sen. Young, Todd [R-IN] Todd Young R IN C. 2017-02-02 True W000805 Sen. Warner, Mark R. [D-VA] Mark Warner D VA R. 2017-02-02 True H001076 Sen. Hassan, Margaret Wood [D-NH] Maggie Hassan D NH 2017-04-06 False E000295 Sen. Ernst, Joni [R-IA] Joni Ernst R IA 2017-10-03 False P000449 Sen. Portman, Rob [R-OH] Rob Portman R OH 2017-10-05 False Taxation Business investment and capital Capital gains tax Congressional oversight Economic development Financial services and investments Income tax credits Income tax deferral Income tax exclusion Income tax rates Securities Unemployment Taxation 00 2017-02-02 Introduced in Senate 2017-04-18T19:38:51Z 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.

]]> Investing in Opportunity Act Display Title Investing in Opportunity Act Official Title as Introduced A bill 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. Introduced in Senate IS Short Titles as Introduced Investing in Opportunity Act Introduced in Senate 2017-02-02T05:00:00Z https://www.govinfo.gov/content/pkg/BILLS-115s293is/xml/BILLS-115s293is.xml 2018-10-03 Committee on Small Business and Entrepreneurship. Hearings held. text/xml EN Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain. Congressional Research Service, Library of Congress This file contains bill summaries and statuses for federal legislation. A bill summary describes the most significant provisions of a piece of legislation and details the effects the legislative text may have on current law and federal programs. Bill summaries are authored by the Congressional Research Service (CRS) of the Library of Congress. As stated in Public Law 91-510 (2 USC 166 (d)(6)), one of the duties of CRS is "to prepare summaries and digests of bills and resolutions of a public general nature introduced in the Senate or House of Representatives". For more information, refer to the User Guide that accompanies this file.