[Congressional Bills 116th Congress]
[From the U.S. Government Publishing Office]
[H.R. 7262 Introduced in House (IH)]

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116th CONGRESS
  2d Session
                                H. R. 7262

     To amend the Internal Revenue Code of 1986 to allow qualified 
    opportunity funds to invest in community development financial 
                             institutions.


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                    IN THE HOUSE OF REPRESENTATIVES

                             June 18, 2020

 Mr. Meeks (for himself, Mr. Quigley, Mr. Cleaver, Mr. Green of Texas, 
  Mr. Cardenas, Ms. Eshoo, Mr. Gallego, and Mr. Crist) introduced the 
 following bill; which was referred to the Committee on Ways and Means

_______________________________________________________________________

                                 A BILL


 
     To amend the Internal Revenue Code of 1986 to allow qualified 
    opportunity funds to invest in community development financial 
                             institutions.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Community Development in Opportunity 
Zones Act of 2020''.

SEC. 2. QUALIFIED OPPORTUNITY FUND INVESTMENTS IN COMMUNITY DEVELOPMENT 
              FINANCIAL INSTITUTIONS.

    (a) In General.--Section 1400Z-2(d)(3) of the Internal Revenue Code 
of 1986 is amended by adding at the end the following new subparagraph:
                    ``(C) Special rule for community development 
                financial institutions.--The term `qualified 
                opportunity zone business' shall include any community 
                development financial institution (as defined in 
                section 103 of the Community Development Banking and 
                Financial Institutions Act of 1994 (12 U.S.C. 4702)) 
                if, during substantially all the qualified opportunity 
                fund's holding period for its investment in such 
                community development financial institution, the 
                average of the aggregate amount of investment, and 
                principal amount of loans, provided by such community 
                development financial institution to qualified 
                opportunity zone businesses (other than community 
                development financial institutions) or residents of 
                qualified opportunity zones is not less than such 
                investment.''.
    (b) Effective Date.--The amendment made by this section shall take 
effect on the date of the enactment of this Act.
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