Tiberi, 31 Cosponsors Reintroduce Investing in Opportunity Act
Rep. Pat Tiberi, R-Ohio, and 31 cosponsors reintroduced the Investing in Opportunity Act (H.R. 828), a bill that would provide tax incentives for investing in “opportunity zones” in low-income communities. The legislation would allow taxpayers to defer capital gains taxes on investments reinvested into “opportunity zones” as identified in the New Markets Tax Credit (NMTC) program definition of low-income communities. The legislation would also create “opportunity funds,” where investors can pool resources to invest in areas of need. Tiberi introduced a bill by the same name in the last Congress with 61 cosponsors, while a companion bill was introduced in the last Senate with 10 cosponsors. The text for H.R. 828 is not available, but will be posted on the NMTC legislation page when it is released.