Title: 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.
Policy area: Taxation

Summary:
This bill requires the Department of the Treasury to collect data and report to Congress on investments held by qualified opportunity funds. Treasury must also make certain information regarding the investments publicly available. Qualified opportunity funds are investment vehicles that are organized as either a partnership or a corporation and receive tax benefits for investing in certain low-income communities that have been designated as opportunity zones.

[Congressional Bills 116th Congress]
[From the U.S. Government Publishing Office]
[S. 1344 Introduced in Senate (IS)]

<DOC>






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.

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

SECTION 1. COLLECTION OF DATA ON OPPORTUNITY ZONE TAX INCENTIVES.

    (a) In General.--The Secretary of the Treasury, or the Secretary's 
delegate (referred to in this Act as the ``Secretary''), shall collect 
information on investments held by qualified opportunity funds (as 
defined in section 1400Z-2(d) of the Internal Revenue Code of 1986) 
nationally and at the State level, which shall include--
            (1) the number of such qualified opportunity funds,
            (2) the amount of assets held in qualified opportunity 
        funds,
            (3) the composition of qualified opportunity fund 
        investments by asset class,
            (4) the percentage of qualified opportunity zone census 
        tracts designated under subchapter Z of the Internal Revenue 
        Code of 1986 (as added by section 13823 of Public Law 115-97) 
        that have received qualified opportunity fund investments, and
            (5) the impacts and outcomes of zone designation in those 
        areas on economic indicators, including job creation, poverty 
        reduction, new business starts, and other metrics as determined 
        by the Secretary.
    (b) Investments.--For any investment described in subsection (a), 
the Secretary shall collect relevant information regarding each such 
investment, including--
            (1) the total amount of the investment and the date on 
        which such investment was made,
            (2) the type of investment, such as whether the investment 
        is in an existing business, new business, or real property, and 
        the location of such business or property,
            (3) the type of activity being supported by such 
        investment, such as single-family or multi-family residential 
        properties, commercial properties, or the economic sectors in 
        which the business operates,
            (4) in the case of a business, the approximate number of 
        full-time employees at the time the investment in such business 
        was made, and
            (5) in the case of real property, the approximate total 
        square footage and the approximate number of residential units, 
        as applicable.
    (c) Collection of Information.--For purposes of any information 
described in this section, the Secretary shall establish appropriate 
procedures and measures to ensure that--
            (1) collection of such information is performed in a manner 
        so as to prevent duplicative or redundant reporting, and
            (2) any personally identifiable data included in such 
        information is properly protected and withheld from disclosure 
        to the public.

SEC. 2. REPORT TO CONGRESS.

    The Secretary shall submit a report to Congress on the opportunity 
zone incentives enacted by section 13823 of Public Law 115-97, 
beginning 5 years after the date of enactment of this Act and annually 
thereafter, which shall include the information described in section 
1(a).

SEC. 3. INFORMATION REGARDING INVESTMENTS.

    Subject to subsection (c) of section 1, the Secretary shall make 
the information submitted pursuant to subsection (b) of such section 
publicly available, with such information to be made available not 
later than the date which is 1 year after the date of enactment of this 
Act and annually thereafter, following the initial reporting of such 
information by any qualified opportunity fund.
                                 <all>