Legislation Would Provide Additional Future OZ Designations, Make Disaster Areas Eligible
Rep. Mark Meadows, R-N.C., last week introduced two bills concerning the opportunity zones (OZ) incentive. H.R. 1851 would allow chief executive officers of states and territories to designate OZs, with U.S. Treasury Department’s approval, every 10 years. Current legislation provides only the initial 10-year designation of OZs, which was finalized in July 2018. H.R. 1852 would allow federally declared disaster areas to be added as OZs. Both bills were assigned to the House Ways and Means Committee. Once text becomes available, copies of the bills will be posted to the Novogradac Opportunity Zones Resource Center’s legislation page.
Learn more about the OZ incentive, the effect of Treasury guidance and more at the Novogradac 2019 Spring Opportunity Zones Conference, April 25-26 in Denver.