II 

116TH CONGRESS 

1ST SESSION S. 1344 

To require the Secretary of the Treasury to collect data and issue a report 

on the opportunity zone tax incentives enacted by the 2017 tax reform 

legislation, and for other purposes. 

IN THE SENATE OF THE UNITED STATES 

MAY 7, 2019 

Mr. BOOKER (for himself, Mr. SCOTT of South Carolina, Mr. YOUNG, and Ms. 

HASSAN) introduced the following bill; which was read twice and referred 

to the Committee on Finance 

A BILL 

To require the Secretary of the Treasury to collect data 

and issue a report on the opportunity zone tax incentives 

enacted by the 2017 tax reform legislation, and for other 

purposes. 

1 Be it enacted by the Senate and House of Representa2 tives of the United States of America in Congress assembled, 

3 SECTION 1. COLLECTION OF DATA ON OPPORTUNITY ZONE 

4 TAX INCENTIVES. 

5 (a) IN GENERAL.—The Secretary of the Treasury, or 

6 the Secretary’s delegate (referred to in this Act as the 

7 ‘‘Secretary’’), shall collect information on investments held 

8 by qualified opportunity funds (as defined in section 


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1 1400Z–2(d) of the Internal Revenue Code of 1986) na2 tionally and at the State level, which shall include— 

3 (1) the number of such qualified opportunity 

4 funds, 

5 (2) the amount of assets held in qualified op6 portunity funds, 

7 (3) the composition of qualified opportunity 

8 fund investments by asset class, 

9 (4) the percentage of qualified opportunity zone 

10 census tracts designated under subchapter Z of the 

11 Internal Revenue Code of 1986 (as added by section 

12 13823 of Public Law 115–97) that have received 

13 qualified opportunity fund investments, and 

14 (5) the impacts and outcomes of zone designa15 tion in those areas on economic indicators, including 

16 job creation, poverty reduction, new business starts, 

17 and other metrics as determined by the Secretary. 

18 (b) INVESTMENTS.—For any investment described in 

19 subsection (a), the Secretary shall collect relevant infor20 mation regarding each such investment, including— 

21 (1) the total amount of the investment and the 

22 date on which such investment was made, 

23 (2) the type of investment, such as whether the 

24 investment is in an existing business, new business, 


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1 or real property, and the location of such business 

2 or property, 

3 (3) the type of activity being supported by such 

4 investment, such as single-family or multi-family res5 idential properties, commercial properties, or the 

6 economic sectors in which the business operates, 

7 (4) in the case of a business, the approximate 

8 number of full-time employees at the time the invest9 ment in such business was made, and 

10 (5) in the case of real property, the approxi11 mate total square footage and the approximate num12 ber of residential units, as applicable. 

13 (c) COLLECTION OF INFORMATION.—For purposes of 

14 any information described in this section, the Secretary 

15 shall establish appropriate procedures and measures to en16 sure that— 

17 (1) collection of such information is performed 

18 in a manner so as to prevent duplicative or redun19 dant reporting, and 

20 (2) any personally identifiable data included in 

21 such information is properly protected and withheld 

22 from disclosure to the public. 

23 SEC. 2. REPORT TO CONGRESS. 

24 The Secretary shall submit a report to Congress on 

25 the opportunity zone incentives enacted by section 13823 


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1 of Public Law 115–97, beginning 5 years after the date 

2 of enactment of this Act and annually thereafter, which 

3 shall include the information described in section 1(a). 

4 SEC. 3. INFORMATION REGARDING INVESTMENTS. 

5 Subject to subsection (c) of section 1, the Secretary 

6 shall make the information submitted pursuant to sub7 section (b) of such section publicly available, with such in8 formation to be made available not later than the date 

9 which is 1 year after the date of enactment of this Act 

10 and annually thereafter, following the initial reporting of 

11 such information by any qualified opportunity fund. 

Æ 


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