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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.

USA115th CongressHR-828| House 
| Updated: 2/2/2017
Patrick J. Tiberi

Patrick J. Tiberi

Republican Representative

Ohio

Cosponsors (81)
Steve Chabot (Republican)Tim Ryan (Democratic)F. James Sensenbrenner (Republican)Tom O'Halleran (Democratic)Tom Cole (Republican)Markwayne Mullin (Republican)Erik Paulsen (Republican)Peter T. King (Republican)Lisa Blunt Rochester (Democratic)Steve Stivers (Republican)Kristi L. Noem (Republican)Emanuel Cleaver (Democratic)Darren Soto (Democratic)Derek Kilmer (Democratic)Carolyn B. Maloney (Democratic)Pete Aguilar (Democratic)Brad R. Wenstrup (Republican)Terri A. Sewell (Democratic)Bobby L. Rush (Democratic)Jackie Walorski (Republican)Lynn Jenkins (Republican)Eric Swalwell (Democratic)David Rouzer (Republican)Leonard Lance (Republican)Steve Cohen (Democratic)Suzan K. DelBene (Democratic)Tim Walberg (Republican)Billy Long (Republican)Carlos Curbelo (Republican)Mike Bishop (Republican)Ted Lieu (Democratic)Michelle Lujan Grisham (Democratic)Scott Perry (Republican)James B. Renacci (Republican)Ro Khanna (Democratic)Jason Smith (Republican)Elizabeth H. Esty (Democratic)Lloyd Smucker (Republican)Kenny Marchant (Republican)Patrick Meehan (Republican)Don Bacon (Republican)Andy Barr (Republican)John B. Larson (Democratic)David P. Joyce (Republican)Fred Upton (Republican)Jim Cooper (Democratic)Kyrsten Sinema (Independent)Steve Russell (Republican)Rodney Davis (Republican)Tom Rice (Republican)David G. Reichert (Republican)James A. Himes (Democratic)Will Hurd (Republican)Chris Collins (Republican)Ami Bera (Democratic)Jeb Hensarling (Republican)Richard E. Neal (Democratic)Thomas J. Rooney (Republican)Norma J. Torres (Democratic)Mark Walker (Republican)Louise McIntosh Slaughter (Democratic)David G. Valadao (Republican)Michael R. Turner (Republican)Ron Kind (Democratic)Beto O'Rourke (Democratic)Bradley Byrne (Republican)Jared Polis (Democratic)Earl Blumenauer (Democratic)Tom Reed (Republican)Seth Moulton (Democratic)Ed Perlmutter (Democratic)Kevin Yoder (Republican)Nanette Diaz Barragán (Democratic)George Holding (Republican)John K. Delaney (Democratic)Cheri Bustos (Democratic)Bradley Scott Schneider (Democratic)David P. Roe (Republican)Barbara Comstock (Republican)Patrick T. McHenry (Republican)Grace F. Napolitano (Democratic)

Ways and Means Committee

  • Introduced
  • In Committee
  • On Floor
  • Passed Chamber
  • Enacted
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.
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Timeline
Feb 2, 2017
Introduced in House
Feb 2, 2017
Referred to the House Committee on Ways and Means.
Oct 3, 2018

Latest Companion Bill Action

S 115-293
Committee on Small Business and Entrepreneurship. Hearings held. Hearings printed: S.Hrg. 115-574.
  • February 2, 2017
    Introduced in House


  • February 2, 2017
    Referred to the House Committee on Ways and Means.


  • October 3, 2018

    Latest Companion Bill Action

    S 115-293
    Committee on Small Business and Entrepreneurship. Hearings held. Hearings printed: S.Hrg. 115-574.

Taxation

Related Bills

  • S 115-293: 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.
  • S 115-1013: A bill to amend the Internal Revenue Code of 1986 to provide tax benefits for investments in gigabit opportunity zones.
  • HR 115-1: An Act to provide for reconciliation pursuant to titles II and V of the concurrent resolution on the budget for fiscal year 2018.
  • S 115-1: An original bill to provide for reconciliation pursuant to title II of the concurrent resolution on the budget for fiscal year 2018.
Business investment and capitalCapital gains taxCongressional oversightEconomic developmentFinancial services and investmentsIncome tax creditsIncome tax deferralIncome tax exclusionIncome tax ratesSecuritiesUnemployment

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.

USA115th CongressHR-828| House 
| Updated: 2/2/2017
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.
View Full Text

Suggested Questions

Get AI-generated questions to help you understand this bill better

Timeline
Feb 2, 2017
Introduced in House
Feb 2, 2017
Referred to the House Committee on Ways and Means.
Oct 3, 2018

Latest Companion Bill Action

S 115-293
Committee on Small Business and Entrepreneurship. Hearings held. Hearings printed: S.Hrg. 115-574.
  • February 2, 2017
    Introduced in House


  • February 2, 2017
    Referred to the House Committee on Ways and Means.


  • October 3, 2018

    Latest Companion Bill Action

    S 115-293
    Committee on Small Business and Entrepreneurship. Hearings held. Hearings printed: S.Hrg. 115-574.
Patrick J. Tiberi

Patrick J. Tiberi

Republican Representative

Ohio

Cosponsors (81)
Steve Chabot (Republican)Tim Ryan (Democratic)F. James Sensenbrenner (Republican)Tom O'Halleran (Democratic)Tom Cole (Republican)Markwayne Mullin (Republican)Erik Paulsen (Republican)Peter T. King (Republican)Lisa Blunt Rochester (Democratic)Steve Stivers (Republican)Kristi L. Noem (Republican)Emanuel Cleaver (Democratic)Darren Soto (Democratic)Derek Kilmer (Democratic)Carolyn B. Maloney (Democratic)Pete Aguilar (Democratic)Brad R. Wenstrup (Republican)Terri A. Sewell (Democratic)Bobby L. Rush (Democratic)Jackie Walorski (Republican)Lynn Jenkins (Republican)Eric Swalwell (Democratic)David Rouzer (Republican)Leonard Lance (Republican)Steve Cohen (Democratic)Suzan K. DelBene (Democratic)Tim Walberg (Republican)Billy Long (Republican)Carlos Curbelo (Republican)Mike Bishop (Republican)Ted Lieu (Democratic)Michelle Lujan Grisham (Democratic)Scott Perry (Republican)James B. Renacci (Republican)Ro Khanna (Democratic)Jason Smith (Republican)Elizabeth H. Esty (Democratic)Lloyd Smucker (Republican)Kenny Marchant (Republican)Patrick Meehan (Republican)Don Bacon (Republican)Andy Barr (Republican)John B. Larson (Democratic)David P. Joyce (Republican)Fred Upton (Republican)Jim Cooper (Democratic)Kyrsten Sinema (Independent)Steve Russell (Republican)Rodney Davis (Republican)Tom Rice (Republican)David G. Reichert (Republican)James A. Himes (Democratic)Will Hurd (Republican)Chris Collins (Republican)Ami Bera (Democratic)Jeb Hensarling (Republican)Richard E. Neal (Democratic)Thomas J. Rooney (Republican)Norma J. Torres (Democratic)Mark Walker (Republican)Louise McIntosh Slaughter (Democratic)David G. Valadao (Republican)Michael R. Turner (Republican)Ron Kind (Democratic)Beto O'Rourke (Democratic)Bradley Byrne (Republican)Jared Polis (Democratic)Earl Blumenauer (Democratic)Tom Reed (Republican)Seth Moulton (Democratic)Ed Perlmutter (Democratic)Kevin Yoder (Republican)Nanette Diaz Barragán (Democratic)George Holding (Republican)John K. Delaney (Democratic)Cheri Bustos (Democratic)Bradley Scott Schneider (Democratic)David P. Roe (Republican)Barbara Comstock (Republican)Patrick T. McHenry (Republican)Grace F. Napolitano (Democratic)

Ways and Means Committee

Taxation

Related Bills

  • S 115-293: 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.
  • S 115-1013: A bill to amend the Internal Revenue Code of 1986 to provide tax benefits for investments in gigabit opportunity zones.
  • HR 115-1: An Act to provide for reconciliation pursuant to titles II and V of the concurrent resolution on the budget for fiscal year 2018.
  • S 115-1: An original bill to provide for reconciliation pursuant to title II of the concurrent resolution on the budget for fiscal year 2018.
  • Introduced
  • In Committee
  • On Floor
  • Passed Chamber
  • Enacted
Business investment and capitalCapital gains taxCongressional oversightEconomic developmentFinancial services and investmentsIncome tax creditsIncome tax deferralIncome tax exclusionIncome tax ratesSecuritiesUnemployment