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House Bill 7262
116th Congress(2019-2020)
Community Development in Opportunity Zones Act of 2020
Introduced
Introduced
Introduced in House on Jun 18, 2020
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Introduced in House 
Jun 18, 2020
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Introduced in House(Jun 18, 2020)
Jun 18, 2020
Not Scanned for Linkage
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Multiple bills can contain the same text. This could be an identical bill in the opposite chamber or a smaller bill with a section embedded in a larger bill.
Bill Sponsor regularly scans bill texts to find sections that are contained in other bill texts. When a matching section is found, the bills containing that section can be viewed by clicking "View Bills" within the bill text section.
Bill Sponsor is currently only finding exact word-for-word section matches. In a future release, partial matches will be included.
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H. R. 7262 (Introduced-in-House)


116th CONGRESS
2d Session
H. R. 7262


To amend the Internal Revenue Code of 1986 to allow qualified opportunity funds to invest in community development financial institutions.

IN THE HOUSE OF REPRESENTATIVES

June 18, 2020

Mr. Meeks (for himself, Mr. Quigley, Mr. Cleaver, Mr. Green of Texas, Mr. Cárdenas, Ms. Eshoo, Mr. Gallego, and Mr. Crist) introduced the following bill; which was referred to the Committee on Ways and Means

A BILL

To amend the Internal Revenue Code of 1986 to allow qualified opportunity funds to invest in community development financial institutions.

Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,

SECTION 1. Short title.

This Act may be cited as the “Community Development in Opportunity Zones Act of 2020”.

SEC. 2. Qualified opportunity fund investments in community development financial institutions.

(a) In general.—Section 1400Z–2(d)(3) of the Internal Revenue Code of 1986 is amended by adding at the end the following new subparagraph:

“(C) SPECIAL RULE FOR COMMUNITY DEVELOPMENT FINANCIAL INSTITUTIONS.—The term ‘qualified opportunity zone business’ shall include any community development financial institution (as defined in section 103 of the Community Development Banking and Financial Institutions Act of 1994 (12 U.S.C. 4702)) if, during substantially all the qualified opportunity fund’s holding period for its investment in such community development financial institution, the average of the aggregate amount of investment, and principal amount of loans, provided by such community development financial institution to qualified opportunity zone businesses (other than community development financial institutions) or residents of qualified opportunity zones is not less than such investment.”.

(b) Effective date.—The amendment made by this section shall take effect on the date of the enactment of this Act.