Summary: H.R.5042 — 116th Congress (2019-2020)All Information (Except Text)

There is one summary for H.R.5042. Bill summaries are authored by CRS.

Shown Here:
Introduced in House (11/12/2019)

Opportunity Zone Reform Act

This bill 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.