Congress Introduces New Opportunity Zones Legislation

On April 7, the Opportunity Zones Transparency, Extension, and Improvement Act was introduced. The bipartisan, bicameral legislation is led in the Senate by Senators Cory Booker (D-NJ), Tim Scott (R-SC), Mark Warner (D-VA), and Chris Van Hollen (D-MD) and in the House by Representatives Ron Kind (D-WI-03), Mike Kelly (R-PA-16), Terri Sewell (D-AL-07), and Dan Kildee (D-MI-05). The new legislation would extend the Opportunity Zone (OZ) tax incentive through 2028, as well as implement reporting requirements to better assess the impact of the program. In addition, the legislation would make several modifications to the OZ incentive, including: sunsetting the OZ designation for census tracts with a median family income at or above 130 percent of the national median family income; allowing Qualified Opportunity Funds (QOFs) to be organized so that they can invest in other QOFs, allowing smaller projects to receive funding; and, creating a State and Community Dynamism Fund to provide grants to states for technical assistance, capacity building, and financing support to drive private and public capital to underserved businesses and communities.

announcement of the bill includes additional details on the legislation, including a one-page summary and a section-by-section review of the bill.

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