All Information (Except Text) for S.293 - Investing in Opportunity Act115th Congress (2017-2018) |
|Sponsor:||Sen. Scott, Tim [R-SC] (Introduced 02/02/2017)|
|Committees:||Senate - Finance|
|Latest Action:||Senate - 02/02/2017 Read twice and referred to the Committee on Finance. (All Actions)|
This bill has the status Introduced
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Titles Actions Overview All Actions Cosponsors Committees Related Bills Subjects Latest Summary All Summaries
Short Titles - Senate
Short Titles as Introduced
Investing in Opportunity Act
Actions Overview (1)
|02/02/2017||Introduced in Senate|
02/02/2017 Introduced in Senate
All Actions (1)
|02/02/2017||Read twice and referred to the Committee on Finance.|
Action By: Senate
02/02/2017 Read twice and referred to the Committee on Finance.
|Sen. Booker, Cory A. [D-NJ]*||02/02/2017|
|Sen. Blunt, Roy [R-MO]*||02/02/2017|
|Sen. Bennet, Michael F. [D-CO]*||02/02/2017|
|Sen. Graham, Lindsey [R-SC]*||02/02/2017|
|Sen. Coons, Christopher A. [D-DE]*||02/02/2017|
|Sen. Capito, Shelley Moore [R-WV]*||02/02/2017|
|Sen. Gillibrand, Kirsten E. [D-NY]*||02/02/2017|
|Sen. Peters, Gary C. [D-MI]*||02/02/2017|
|Sen. Gardner, Cory [R-CO]*||02/02/2017|
|Sen. Young, Todd C. [R-IN]*||02/02/2017|
|Sen. Warner, Mark R. [D-VA]*||02/02/2017|
|Sen. Hassan, Margaret Wood [D-NH]||04/06/2017|
|Sen. Ernst, Joni [R-IA]||10/03/2017|
|Sen. Portman, Rob [R-OH]||10/05/2017|
|Committee / Subcommittee||Date||Activity||Reports|
|Senate Finance||02/02/2017||Referred to|
Subject — Policy Area:
One Policy Area term, which best describes an entire measure, is assigned to every public bill or resolution.
Latest Summary (1)
Introduced in Senate (02/02/2017)
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.