3.0.0 2994 2022-10-28T01:46:04Z 2022-10-28T01:46:04Z Senate S 2019-12-05 116 ssfi00 Finance Committee Senate Standing Referred to 2019-12-05T20:48:12Z 2019-12-05 ssfi00 Finance Committee Senate Read twice and referred to the Committee on Finance. IntroReferral 2019-12-05 Introduced in Senate IntroReferral 10000 9 Library of Congress S001184 Sen. Scott, Tim [R-SC] Tim Scott R SC N G000386 Sen. Grassley, Chuck [R-IA] Charles Grassley R IA E. 2019-12-05 True Y000064 Sen. Young, Todd [R-IN] Todd Young R IN C. 2019-12-05 True G000562 Sen. Gardner, Cory [R-CO] Cory Gardner R CO 2019-12-05 True E000295 Sen. Ernst, Joni [R-IA] Joni Ernst R IA 2019-12-05 True C001075 Sen. Cassidy, Bill [R-LA] Bill Cassidy R LA 2019-12-05 True R000595 Sen. Rubio, Marco [R-FL] Marco Rubio R FL 2019-12-05 True C001047 Sen. Capito, Shelley Moore [R-WV] Shelley Capito R WV Moore 2019-12-05 True L000575 Sen. Lankford, James [R-OK] James Lankford R OK 2019-12-11 False S001191 Sen. Sinema, Kyrsten [D-AZ] Kyrsten Sinema D AZ 2019-12-11 False L000594 Sen. Loeffler, Kelly [R-GA] Kelly Loeffler R GA 2020-02-04 False R000307 Sen. Roberts, Pat [R-KS] PAT ROBERTS R KS 2020-03-12 False M001197 Sen. McSally, Martha [R-AZ] Martha McSally R AZ 2020-03-12 False Taxation Economic development Financial services and investments Government information and archives Poverty and welfare assistance Tax administration and collection, taxpayers Taxation 00 2019-12-05 Introduced in Senate 2020-01-07T16:57:23Z 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.

]]> IMPACT Act Display Title IMPACT Act Short Title(s) as Introduced IMPACT Act Introduced in Senate IS Short Title(s) as Introduced Improving and Reinstating the Monitoring, Prevention, Accountability, Certification, and Transparency Provisions of Opportunity Zones Introduced in Senate IS 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. Introduced in Senate IS Introduced in Senate 2019-12-05T05:00:00Z https://www.govinfo.gov/content/pkg/BILLS-116s2994is/xml/BILLS-116s2994is.xml 2019-12-05 Read twice and referred to the Committee on Finance. 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.