S.2787 - Opportunity Zone Reporting and Reform Act116th Congress (2019-2020)
|Sponsor:||Sen. Wyden, Ron [D-OR] (Introduced 11/06/2019)|
|Committees:||Senate - Finance|
|Latest Action:||Senate - 11/06/2019 Read twice and referred to the Committee on Finance. (All Actions)|
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Summary: S.2787 — 116th Congress (2019-2020)All Information (Except Text)
Introduced in Senate (11/06/2019)
Opportunity Zone Reporting and Reform Act
This bill establishes annual reporting requirements for qualified opportunity funds and requires certain identifying information on persons investing in such funds. It also provides for penalties for failing to file reports or filing reports with incorrect information, and requires public online disclosure of information in the reports.
The bill expands prohibitions of investments in certain luxury assets, including private planes, sports stadiums, self-storage facilities, and luxury rental properties. It also terminates designations of contiguous communities that are not low-income as opportunity zones.
The Internal Revenue Service must 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.