House Legislation Would Establish OZ Reporting Framework, Penalties

Wednesday, November 6, 2019 - 1:15pm

Reps. Ron Kind, D-Wis., Mike Kelly, R-Pa., and Terri Sewell, D-Ala., today introduced legislation to establish a reporting framework, disclosure requirements and a penalty structure for qualified opportunity funds (QOFs). The Opportunity Zone Accountability and Transparency Act would mandate that QOFs annually report assets; their aggregate amount of qualified OZ stock, OZ partnership interests and OZ business property; and details about the types of OZ businesses for which the QOF holds business property. The legislation would also institute a $500 daily fine for failure to file correct information and require the Treasury Department to collect and compile statistical information on each OZ, including the number of QOFs that have invested in each OZ. The House bill is not connected to the Opportunity Zone Reporting and Reform Act introduced today in the Senate.