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Summary (1)

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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.


Actions Overview (1)

Date
02/02/2017 Introduced in Senate

All Actions (1)

Date
02/02/2017 Read twice and referred to the Committee on Finance.
Action By: Senate

Titles (3)

Short Titles:

Short Titles - Senate

Short Titles as Introduced:

Investing in Opportunity Act

Official Titles:

Official Titles - Senate

Official Titles as Introduced:

A bill to amend the Internal Revenue Code of 1986 to provide for the deferral of inclusion in gross income for capital gains reinvested in opportunity zones.


Subjects (12)

  • Business investment and capital
  • Capital gains tax
  • Congressional oversight
  • Economic development
  • Financial services and investments
  • Income tax credits
  • Income tax deferral
  • Income tax exclusion
  • Income tax rates
  • Securities
  • Unemployment

Cosponsors (12)


Committees (1)

Committees, subcommittees and links to reports associated with this bill are listed here, as well as the nature and date of committee activity and Congressional report number.

Committee / Subcommittee Date Activity Reports
Senate Finance02/02/2017 Referred to

Related Bills (1)

A related bill may be a companion measure, an identical bill, a procedurally-related measure, or one with text similarities. Bill relationships are identified by the House, the Senate, or CRS, and refer only to same-congress measures.