Text: H.R.5252 — 116th Congress (2019-2020)All Information (Except Text)

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Introduced in House (11/22/2019)

 
[Congressional Bills 116th Congress]
[From the U.S. Government Publishing Office]
[H.R. 5252 Introduced in House (IH)]

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116th CONGRESS
  1st Session
                                H. R. 5252

To amend the Internal Revenue Code of 1986 to repeal opportunity zones.


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                    IN THE HOUSE OF REPRESENTATIVES

                           November 22, 2019

Ms. Tlaib (for herself and Ms. Jayapal) introduced the following bill; 
         which was referred to the Committee on Ways and Means

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                                 A BILL


 
To amend the Internal Revenue Code of 1986 to repeal opportunity zones.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. REPEAL OF OPPORTUNITY ZONES AND RECOGNITION OF DEFERRED 
              GAIN.

    (a) In General.--Effective on the day after the date of the 
enactment of this Act, subchapter Z of chapter 1 of the Internal 
Revenue Code of 1986 is repealed, and any gain to which section 1400Z-
2(a)(1)(B) of such Code would have otherwise applied shall be included 
in income under section 1400Z-2(b) of such Code (determined by 
substituting the date of the enactment of this Act for ``December 31, 
2026'' in paragraph (1)(B) thereof).
    (b) Repeal of Special Rule for Investments Held for at Least 10 
Years.--For purposes of section 1400Z-2(c) of such Code, the repeal 
under subsection (a) shall be effective with respect to any investment 
held before, on, or after the date of the enactment of this Act.
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