1. Short title
This Act may be cited as the “Opportunity Zones Transparency, Extension, and Improvement Act”.
Opportunity Zones Transparency, Extension, and Improvement Act
A BILL
To amend the Internal Revenue Code of 1986 to modify the rules relating to qualified opportunity zones, and for other purposes.
2. Findings
Congress makes the following findings:
The 8,764 population census tracts designated as qualified opportunity zones under section 1400Z–1 of the Internal Revenue Code of 1986 span across all 50 States, the District of Columbia, and 5 Territories and overwhelmingly represent communities that have been economically left behind as the American economy has surged forward.
The average poverty rate of qualified opportunity zone residents is 26.4 percent.
Fifty-four percent of the country’s pockets of concentrated persistent poverty—meaning census tracts in which at least 40 percent of the population has lived in poverty since at least 1980—are qualified opportunity zones.
More adults in qualified opportunity zones lack a high school diploma than have a four-year college degree.
The Investing in Opportunity Act, which originally proposed opportunity zones, originally incorporated reporting requirements to evaluate the impact the incentive will have on designated communities and it is critical that Congress act to reinstate reporting requirements as soon as possible.