HR 5042
Opportunity Zone Reform Act
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Sign in to take action- Introduced
- Passed House
- Passed Senate
- To President
- Became Law
Bill overview
The Opportunity Zone Reform Act modifies rules surrounding qualified opportunity zones, aiming to improve the program's effectiveness. It restricts the areas eligible as qualified opportunity zones by excluding census tracts with high median family incomes, and it clarifies the definition of ‘low-income community.’ The bill also addresses investments within these zones, excluding certain property types like self-storage and stadiums, and requires the IRS to maintain a public list of certified qualified opportunity funds. Finally, it mandates a report from the Government Accountability Office assessing the program’s impact after five and ten years.
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Primary sponsor
Cosponsors
Eleanor Holmes [D-DC-At Large] Norton
Karen Bass
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