House Members Introduce Opportunity Zone Reform Act

Wednesday, November 13, 2019 - 2:15PM

Reps. James Clyburn, D-S.C., Alma Adams D-N.C., and William Lacy Clay, D-Mo., yesterday introduced The Opportunity Zone Reform Act, a House companion bill to S. 2787, introduced last week in the Senate. H.R. 5042 would immediately sunset opportunity zones (OZs) that have a median income of more than 120 percent of the national median income (with a few exceptions) or are not low-income but gained OZ designation due to being contiguous to an OZ. The House legislation echoes the Senate bill’s expansion of businesses prohibited to benefit from OZ investment to include self-storage property, stadiums and residential property that doesn’t have half of its units affordable to residents earning at or below 50 percent of the area median income. The House bill adds parking property to the list. The bill would also require the Secretary of the Treasury to maintain a list of qualified opportunity funds and require the Government Accountability Office to provide a report on the OZ incentive at the five- and 10-year marks after the bill passes. 

A detailed comparison of the Opportunity Zone Reform Act and another recently introduced OZ reporting bill, the Opportunity Zones Accountability and Transparency Act, will be available in the December issue of the Novogradac Journal of Tax Credits.

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