US HB828 | 2017-2018 | 115th Congress

US Congress House Bill 828 (Prior Session Legislation)

Status

Spectrum: Bipartisan Bill
Status: Introduced on February 2 2017 - 25% progression, died in committee
Action: 2017-02-02 - Referred to the House Committee on Ways and Means.
Pending: House Ways And Means Committee
Text: Latest bill text (Introduced) [PDF]

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.

Title

Investing in Opportunity Act

Sponsors

Rep. Patrick Tiberi [R-OH]	Rep. Ron Kind [D-WI]	Rep. Patrick Meehan [R-PA]	Rep. Richard Neal [D-MA]
Rep. James Renacci [R-OH]	Rep. Pete Aguilar [D-CA]	Rep. Jason Smith [R-MO]	Rep. Terri Sewell [D-AL]
Rep. Erik Paulsen [R-MN]	Rep. Suzan DelBene [D-WA]	Rep. David Reichert [R-WA]	Rep. Jim Cooper [D-TN]
Rep. Lynn Jenkins [R-KS]	Rep. Seth Moulton [D-MA]	Rep. Steve Stivers [R-OH]	Rep. John Larson [D-CT]
Rep. Leonard Lance [R-NJ]	Rep. Jared Polis [D-CO]	Rep. James Sensenbrenner [R-WI]	Rep. Ro Khanna [D-CA]
Rep. Rodney Davis [R-IL]	Rep. Kevin Yoder [R-KS]	Rep. Derek Kilmer [D-WA]	Rep. David Rouzer [R-NC]
Rep. Darren Soto [D-FL]	Rep. Kenny Marchant [R-TX]	Rep. Earl Blumenauer [D-OR]	Rep. Fred Upton [R-MI]
Rep. James Himes [D-CT]	Rep. Chris Collins [R-NY]	Rep. Tom O'Halleran [D-AZ]	Rep. Scott Perry [R-PA]
Rep. Carlos Curbelo [R-FL]	Rep. David Joyce [R-OH]	Rep. Bradley Byrne [R-AL]	Rep. Lloyd Smucker [R-PA]
Rep. Mark Walker [R-NC]	Rep. Tom Rice [R-SC]	Rep. Peter King [R-NY]	Rep. Bobby Rush [D-IL]
Rep. Tim Ryan [D-OH]	Rep. Billy Long [R-MO]	Rep. David Roe [R-TN]	Rep. Lisa Rochester [D-DE]
Rep. Barbara Comstock [R-VA]	Rep. Don Bacon [R-NE]	Rep. Jeb Hensarling [R-TX]	Rep. Tom Cole [R-OK]
Rep. Michelle Lujan Grisham [D-NM]	Rep. Thomas Rooney [R-FL]	Rep. Emanuel Cleaver [D-MO]	Rep. Steve Russell [R-OK]
Rep. Grace Napolitano [D-CA]	Rep. Brad Wenstrup [R-OH]	Rep. Patrick McHenry [R-NC]	Rep. Garland Barr [R-KY]
Rep. Eric Swalwell [D-CA]	Rep. Norma Torres [D-CA]	Rep. Bradley Schneider [D-IL]	Rep. Jackie Walorski [R-IN]
Sen. Kyrsten Sinema [I-AZ]	Rep. John Delaney [D-MD]	Rep. Nanette Barragan [D-CA]	Rep. Louise Slaughter [D-NY]
Rep. David Valadao [R-CA]	Rep. George Holding [R-NC]	Rep. Kristi Noem [R-SD]	Rep. Ted Lieu [D-CA]
Rep. Steve Chabot [R-OH]	Rep. Tim Walberg [R-MI]	Rep. Michael Turner [R-OH]	Sen. Markwayne Mullin [R-OK]
Rep. Ami Bera [D-CA]	Rep. Mike Bishop [R-MI]	Rep. Tom Reed [R-NY]	Rep. Will Hurd [R-TX]
Rep. Cheri Bustos [D-IL]	Rep. Steve Cohen [D-TN]	Rep. Elizabeth Esty [D-CT]	Rep. Carolyn Maloney [D-NY]
Rep. Beto O'Rourke [D-TX]	Rep. Ed Perlmutter [D-CO]

History

Date	Chamber	Action
2017-02-02	House	Referred to the House Committee on Ways and Means.
2017-02-02	House	Introduced in House

Same As/Similar To

SB293 (Same As) 2018-10-03 - Committee on Small Business and Entrepreneurship. Hearings held.
SB1013 (Related) 2017-05-03 - Read twice and referred to the Committee on Finance.
SB1 (Related) 2017-11-28 - Placed on Senate Legislative Calendar under General Orders. Calendar No. 269.
HB1 (Related) 2017-12-22 - Became Public Law No: 115-97. (TXT | PDF)