US Congress Senate Bill 2868 (Prior Session Legislation)

---

Spectrum: Bipartisan Bill
Status: Introduced on April 27 2016 - 25% progression, died in chamber
Action: 2016-06-29 - Committee on Small Business and Entrepreneurship. Hearings held.
Text: Latest bill text (Introduced) [PDF]

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. The bill defines opportunity funds as 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 or opportunity funds. Investments 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

Sen. Tim Scott [R-SC]	Sen. Cory Booker [D-NJ]	Sen. Cory Gardner [R-CO]	Sen. Gary Peters [D-MI]
Sen. Roy Blunt [R-MO]	Sen. Michael Bennet [D-CO]	Sen. Lindsey Graham [R-SC]	Sen. Christopher Coons [D-DE]
Sen. Shelley Capito [R-WV]	Sen. Kirsten Gillibrand [D-NY]

Date	Chamber	Action
2016-06-29	Senate	Committee on Small Business and Entrepreneurship. Hearings held.
2016-04-27	Senate	Read twice and referred to the Committee on Finance.

HB5082 (Related) 2016-04-27 - Referred to the House Committee on Ways and Means.

Type	Source
Summary	https://www.congress.gov/bill/114th-congress/senate-bill/2868/all-info
Text	https://www.congress.gov/114/bills/s2868/BILLS-114s2868is.pdf