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Opportunity Zones Transparency, Extension, and Improvement Act

Introduced: April 7, 2022 Introduced by: Booker, Cory A. Democratic · New Jersey See on congress.gov
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 Everywhere this bill has been 3 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Dec 13, 2022
Committee on Banking, Housing, and Urban Affairs Subcommittee on Securities, Insurance, and Investment. Hearings held. With printed Hearing: S.Hrg. 117-756.
Apr 7, 2022
Read twice and referred to the Committee on Finance.
Apr 7, 2022
Introduced in Senate
 Plain-English summary Congressional Research Service

Opportunity Zones Transparency, Extension, and Improvement Act

This bill revises rules and reinstates reporting requirements relating to qualified opportunity zones (economically distressed communities where new investments, under specified conditions, may be eligible for preferential tax treatment).

Specifically, the bill terminates the designation of zones that are disqualified due to median family income exceeding 130% of national median family income and permits states to identify and expand terminations of such zones.

The bill also reinstates reporting requirements for qualified opportunity zones and imposes penalties for noncompliance with such requirements, extends the opportunity zones temporary deferral period for qualifying capital gain through 2028, and establishes a State and Community Dynamism Fund to support public and private investment in qualified opportunity zones.

What's happening now December 13, 2022

Committee on Banking, Housing, and Urban Affairs Subcommittee on Securities, Insurance, and Investment. Hearings held. With printed Hearing: S.Hrg. 117-756.

 Committees of jurisdiction 3
 Cosponsors 4
All 4 Democratic 2 Republican 2