US Congress House Bill 5042 (Prior Session Legislation)

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Sponsorship: Partisan Bill (Democrat 10)
Status: Introduced on November 12 2019 - 25% progression, died in committee
Action: 2019-11-12 - Referred to the House Committee on Ways and Means.
Pending: House Ways And Means Committee
Text: Latest bill text (Introduced) [PDF]

Modifies requirements relating to qualified opportunity zones. A "qualified opportunity zone" is an area in which investment is encouraged to promote economic development and job creation in distressed communities by providing tax benefits to investors. The bill revises requirements for the designation of certain census tracts as qualified opportunity zones based on median family income. It also excludes certain property from the term "qualified opportunity zone business property," including self storage property, parking property, stadiums, and certain residential rental property. The bill requires the Internal Revenue Service to provide a publicly available list of investment vehicles that are certified as qualified opportunity funds. The Government Accountability Office must report to Congress on the effectiveness of the Opportunity Zone program in the fifth and tenth year after the enactment of this bill.

Opportunity Zone Reform Act

Rep. James Clyburn [D-SC]	Rep. Alma Adams [D-NC]	Rep. Lacy Clay [D-MO]	Rep. Marcia Fudge [D-OH]
Rep. Eleanor Norton [D-DC]	Rep. Raul Grijalva [D-AZ]	Rep. Karen Bass [D-CA]	Rep. Val Demings [D-FL]
Rep. Suzanne Bonamici [D-OR]	Rep. Joyce Beatty [D-OH]

Date	Chamber	Action
2019-11-12	House	Referred to the House Committee on Ways and Means.
2019-11-12	House	Introduced in House

SB2787 (Related) 2019-11-06 - Read twice and referred to the Committee on Finance.

Type	Source
Summary	https://www.congress.gov/bill/116th-congress/house-bill/5042/all-info
Text	https://www.congress.gov/116/bills/hr5042/BILLS-116hr5042ih.pdf