Senate Bill 4065
117th Congress(2021-2022)
Opportunity Zones Transparency, Extension, and Improvement Act
Introduced
Introduced
Introduced in Senate on Apr 7, 2022
Overview
Text
Introduced
Apr 7, 2022
Latest Action
Apr 7, 2022
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
4065
Congress
117
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
New Jersey
Indiana
Maryland
Missouri
South Carolina
Virginia
Senate Votes (0)
House Votes (0)
No Senate votes have been held for this bill.
Summary

Opportunity Zones Transparency, Extension, and Improvement Act

This bill revises rules and reinstates reporting requirements relating to qualified opportunity zones (economically distressed communities where new investments, under specified conditions, may be eligible for preferential tax treatment).

Specifically, the bill terminates the designation of zones that are disqualified due to median family income exceeding 130% of national median family income and permits states to identify and expand terminations of such zones.

The bill also reinstates reporting requirements for qualified opportunity zones and imposes penalties for noncompliance with such requirements, extends the opportunity zones temporary deferral period for qualifying capital gain through 2028, and establishes a State and Community Dynamism Fund to support public and private investment in qualified opportunity zones.

Text (1)
Actions (2)
04/07/2022
Read twice and referred to the Committee on Finance.
04/07/2022
Introduced in Senate
Public Record
Record Created
Apr 8, 2022 4:13:50 AM
Record Updated
Jun 1, 2022 3:30:32 PM