Scott Introduces IMPACT Act to Establish OZ Reporting Requirements

Sen. Tim Scott, R-S.C., and seven co-sponsors–including Senate Finance Committee Chairman Chuck Grassley, R-Iowa–today announced legislation to establish reporting requirements for the opportunity zones (OZ) incentive. The Improving and Reinstating the Monitoring, Prevention, Accountability, Certification and Transparency of Opportunity Zones (IMPACT) Act would require qualified opportunity funds to report myriad information on assets and property owned and investors to report specific information on OZ investments. The legislation proposes penalties for individuals and funds that don’t accurately make timely reports; requires the Treasury Department release timely information tracking QOFs and their investments; and requires Treasury to issue a comprehensive report on economic and demographic information concerning OZs every five years.