S. 2787 · 116th Congress
Opportunity Zone Reporting and Reform Act
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Never voted on. It didn't reach a floor vote before the 116th Congress ended, so it expired. A bill has to be introduced again to be considered in a new Congress.
D
WydenSponsor2 cosponsors · 1 D, 1 I
0 signed on when it was introduced; the rest joined later. Cosponsors who withdrew aren't shown.
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.
What it does: CRS summary · Introduced in Senate · Nov 6, 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.
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: Opportunity Zone Reporting and Reform Act
Latest action (Nov 6, 2019): Read twice and referred to the Committee on Finance.
Policy area: Taxation · Origin: Senate · Introduced: Nov 6, 2019
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.