S 293 — Investing in Opportunity Act
Last action — Committee on Small Business and Entrepreneurship. Hearings held. Hearings printed: S.Hrg. 115-574.
-
✓Introduced
-
2In Committee
-
3Passed Senate
-
4Passed House
-
5To Executive
-
6Enacted
This bill died with 115th Congress. It reached “In Committee” and never advanced before the session ended, so it can no longer move — a new version would have to be reintroduced in the current session.
This bill is no longer active — its legislative session has ended, so there is no live prognosis. It would have to be reintroduced in the current session to move again.
Summary
Investing in Opportunity Act This bill amends the Internal Revenue Code to authorize the designation of opportunity zones in low-income communities and to provide tax incentives for investments in the zones, including deferring the recognition of capital gains that are reinvested in the zones. Governors may submit nominations for a limited number of opportunity zones to the Department of the Treasury for certification and designation. Governors must give particular consideration to areas that: are currently the focus of mutually reinforcing state, local, or private economic development initiatives to attract investment and foster startup activity; have demonstrated success in geographically targeted development programs such as promise zones, the new markets tax credit, empowerment zones, and renewal communities; and have recently experienced significant layoffs due to business closures or relocations. Treasury must designate zones if a governor fails to submit nominations within a specified period of time. An "opportunity fund" is any investment vehicle organized as a corporation or a partnership to invest in opportunity zones that holds at least 90% of its assets in opportunity zone assets. Taxpayers may temporarily defer the recognition of capital gains that are invested in opportunity zones. Investments in opportunity zones or opportunity funds that are held for at least five years are eligible for capital gains tax reductions or exemptions, depending on how long the investment is held. Treasury must report to Congress on the opportunity zone incentives enacted in this bill, including an assessment of opportunity fund investments at the national and state levels.
Bill Text
- Introduced Introduced in Senate Current html February 02, 2017
AI-generated reading aid from the bill's amendatory text — verify against the official bill.
This bill introduces provisions for the deferral of capital gains taxes for investments made in qualified opportunity zones.
-
Section 1400Z-2
Deferral for capital gains invested in opportunity zones.
This establishes a new framework for the deferral of capital gains taxes related to investments in opportunity zones.
-
Section 1400Z-1
Designation of Qualified Opportunity Zones.
This creates a new designation for certain low-income communities as qualified opportunity zones.
Action History
-
Introduced in Senate
-
Read twice and referred to the Committee on Finance.
-
Committee on Small Business and Entrepreneurship. Hearings held. Hearings printed: S.Hrg. 115-574.
Sponsors
- Tim Scott · Primary
Sponsorship breakdown
Export CSV (upgrade) →1 sponsors · 0 co-sponsors · 546 not signed on
Sponsors (1)
- Scott, Tim Republican
Co-sponsors (0)
None.
Not signed on (546)
546 members have not signed on to this bill.
Show all 546 →"Not signed on" means a member has not sponsored or co-sponsored this bill — it does not imply opposition. Members flagged Voted No have a recorded No vote on this bill.
Subjects
Frequently asked questions
- What does S 293 do?
- Investing in Opportunity Act This bill amends the Internal Revenue Code to authorize the designation of opportunity zones in low-income communities and to provide tax incentives for investments in the zones, including deferring the recognition of capital gains that are reinvested in the zones. Governors may submit nominations for a limited number of opportunity zones to the Department of the Treasury for certification and designation. Governors must give particular consideration to areas that: are currently the focus of mutually reinforcing state, local, or private economic development initiatives to attract investment and foster startup activity; have demonstrated success in geographically targeted development programs such as promise zones, the new markets tax credit, empowerment zones, and renewal communities; and have recently experienced significant layoffs due to business closures or relocations. Treasury must designate zones if a governor fails to submit nominations within a specified period of time. An "opportunity fund" is any investment vehicle organized as a corporation or a partnership to invest in opportunity zones that holds at least 90% of its assets in opportunity zone assets. Taxpayers may temporarily defer the recognition of capital gains that are invested in opportunity zones. Investments in opportunity zones or opportunity funds that are held for at least five years are eligible for capital gains tax reductions or exemptions, depending on how long the investment is held. Treasury must report to Congress on the opportunity zone incentives enacted in this bill, including an assessment of opportunity fund investments at the national and state levels.
- Who sponsors S 293?
- S 293 is sponsored by Scott, Tim (Republican).
- What is the current status of S 293?
- This bill died with 115th Congress. It reached “In Committee” and never advanced before the session ended, so it can no longer move — a new version would have to be reintroduced in the current session.
- Where can I track S 293?
- Track S 293 free on One Click Politics — get push/email alerts when it moves.
Make your voice heard on S 293
Find the representatives who decide this bill and tell them where you stand — for yourself, or mobilize your whole list in one click with One Click Politics advocacy software.
Stay ahead of S 293
Last checked for changes 3 months ago · updated continuously
One Click Politics tracks every bill in Congress and all 50 states.
Track this bill →