Wyden Introduces Bill to Require QOF Reporting, Change Designation of Some OZs

Wednesday, November 6, 2019 - 10:30am

Sen. Ron Wyden, D-Ore., today introduced a bill to require information reporting from qualified opportunity funds (QOFs), end the designation of some opportunity zones (OZs), clarify some terms used in the OZ incentive and require a report from the Government Accountability Office (GAO) on the effectiveness of the incentive. The Opportunity Zone Reporting and Reform Act (summarized here) would require QOFs to report in nine areas, including information on all investors; the value of qualified OZ stock, partnership interests and business property; and any tangible or intangible property held by the QOF. The legislation would end the OZ designation for all “contiguous zones” that were named OZs, but are not low-income and would define the term “substantially all” to mean “not less than 90 percent.” The legislation would require QOFs to make their reports public on the Internet and for the Internal Revenue Service to maintain a public list of all QOFs. The GAO provision echoes a call from Wyden, Sen. Cory Booker, D-N.J., and Reps. Richard Neal, D-Mass., and John Lewis, D-Ga., for the GAO to study the OZ incentive.