Senate Bill 2994
116th Congress(2019-2020)
IMPACT Act
Introduced
Introduced
Introduced in Senate on Dec 5, 2019
Overview
Text
Sponsor
Introduced
Dec 5, 2019
Latest Action
Dec 5, 2019
Origin Chamber
Senate
Type
Bill
Bill
The primary form of legislative measure used to propose law. Depending on the chamber of origin, bills begin with a designation of either H.R. or S. Joint resolution is another form of legislative measure used to propose law.
Bill Number
2994
Congress
116
Policy Area
Taxation
Taxation
Primary focus of measure is all aspects of income, excise, property, inheritance, and employment taxes; tax administration and collection. Measures concerning state and local finance may fall under Economics and Public Finance policy area.
Sponsorship by Party
No Senate votes have been held for this bill.
Summary

Improving and Reinstating the Monitoring, Prevention, Accountability, Certification, and Transparency Provisions of Opportunity Zones or the IMPACT Act

This bill provides statutory authority for annual reporting requirements by qualified opportunity funds and taxpayers investing in such funds and sets forth the information required in the reports. The bill imposes penalties for failure to comply with such reporting requirements.

The bill requires the Department of the Treasury to make publicly available annual reports on qualified opportunity funds, including, among other things, the number of such funds and the aggregate amount of assets held in such funds. Treasury must also provide additional information in every fifth year on the impacts and outcomes of a designation of a census tract as a qualified opportunity zone using specified economic indicators.

Treasury must also establish procedures to protect against disclosure of return information that can be associated with any particular taxpayer or competitive or proprietary information.

Text (1)
December 5, 2019
Actions (2)
12/05/2019
Read twice and referred to the Committee on Finance.
12/05/2019
Introduced in Senate
Public Record
Created
Dec 6, 2019 5:42:40 AM
Updated
Feb 3, 2021 5:35:40 AM