Title: Disaster Opportunity Zones Act
Policy area: Taxation

Summary:
Disaster Opportunity Zones Act
This bill allows a certain number of population census tracts comprising a low-income community within a qualified disaster zone to be designated as additional opportunity zones.
An opportunity zone is an economically distressed community where new investments, under certain conditions, may be eligible for preferential tax treatment.
Currently, opportunity zones have been designated in parts of all 50 states, the District of Columbia, and five U.S. territories.
The bill defines qualified disaster zone as that portion of the Hurricane Florence disaster area; the Hurricane Michael disaster area; the Mendocino and Carr wildfire disaster area; and the Camp, Woolsey, and Hill wildfire disaster area that is determined by the President to warrant federal government assistance.

[Congressional Bills 116th Congress]
[From the U.S. Government Publishing Office]
[S. 1000 Introduced in Senate (IS)]

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116th CONGRESS
  1st Session
                                S. 1000

To amend the Internal Revenue Code of 1986 to allow the designation of 
 opportunity zones for population census tracts affected by Hurricane 
 Florence, Hurricane Michael, and the Mendocino, Carr, Camp, Woolsey, 
                          and Hill wildfires.


_______________________________________________________________________


                   IN THE SENATE OF THE UNITED STATES

                             April 3, 2019

    Mr. Rubio (for himself and Mr. Scott of Florida) introduced the 
 following bill; which was read twice and referred to the Committee on 
                                Finance

_______________________________________________________________________

                                 A BILL


 
To amend the Internal Revenue Code of 1986 to allow the designation of 
 opportunity zones for population census tracts affected by Hurricane 
 Florence, Hurricane Michael, and the Mendocino, Carr, Camp, Woolsey, 
                          and Hill wildfires.

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

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Disaster Opportunity Zones Act''.

SEC. 2. ADDITIONAL DESIGNATIONS OF OPPORTUNITY ZONES.

    Section 1400Z-1 of the Internal Revenue Code of 1986 is amended by 
adding at the end the following new subsection:
    ``(g) Additional Designations for Certain Disaster Areas.--
            ``(1) In general.--Notwithstanding subsection (d), an 
        eligible population census tract may be designated as a 
        qualified opportunity zone.
            ``(2) Process for designation.--An eligible population 
        census tract shall be designated as a qualified opportunity 
        zone in the same manner as described in subsection (b), except 
        that for purposes of applying such subsection to eligible 
        population census tracts, the determination period shall be the 
        90-day period beginning on the date of the enactment of this 
        subsection (as extended under subsection (b)(2)).
            ``(3) Limitation.--The number of eligible population census 
        tracts that may be designated under this subsection may not 
        exceed the greater of--
                    ``(A) 25 percent of the eligible population census 
                tracts in the State, or
                    ``(B) 25.
            ``(4) Special rules.--In applying this subchapter to any 
        qualified opportunity zone designated under this subsection, 
        for purposes of determining--
                    ``(A) whether any property which would not be 
                qualified opportunity fund business property without 
                regard to this subsection is qualified opportunity fund 
                business property, and
                    ``(B) whether any corporation or partnership which 
                is not a qualified opportunity fund business without 
                regard to this subsection is a qualified opportunity 
                fund business,
        subparagraphs (B)(i)(I), (C)(i), and (D)(i)(I) of section 
        1400Z-2(d)(2) shall each be applied by substituting `the 
        incident beginning date of the disaster described in section 
        1400Z-1(g)(5)(B) with respect to such qualified opportunity 
        zone' for `December 31, 2017'.
            ``(5) Eligible population census tract.--For purposes of 
        this subsection--
                    ``(A) In general.--The term `eligible population 
                census tract' means a population census tract which--
                            ``(i) is a low-income community, and
                            ``(ii) is part of a qualified disaster 
                        zone.
                    ``(B) Qualified disaster zone.--
                            ``(i) In general.--The term `qualified 
                        disaster zone' means that portion of the 
                        Hurricane Florence disaster area, the Hurricane 
                        Michael disaster area, the Mendocino and Carr 
                        wildfire disaster area, and the Camp, Woolsey, 
                        and Hill wildfire disaster area which is 
                        determined by the President to warrant 
                        individual or individual and public assistance 
                        from the Federal Government under the Robert T. 
                        Stafford Disaster Relief and Emergency 
                        Assistance Act by reason of the hurricane or 
                        wildfires with respect to which the major 
                        disaster with respect to the area were 
                        declared.
                            ``(ii) Hurricane florence disaster area.--
                        The term `Hurricane Florence disaster area' 
                        means any area with respect to which a major 
                        disaster has been declared by the President 
                        before December 17, 2018, under section 401 of 
                        the Robert T. Stafford Disaster Relief and 
                        Emergency Assistance Act by reason of Hurricane 
                        Florence.
                            ``(iii) Hurricane michael disaster area.--
                        The term `Hurricane Michael disaster area' 
                        means any area with respect to which a major 
                        disaster has been declared by the President 
                        before December 17, 2018, under section 401 of 
                        the Robert T. Stafford Disaster Relief and 
                        Emergency Assistance Act by reason of Hurricane 
                        Michael.
                            ``(iv) Mendocino and carr wildfire disaster 
                        area.--The term `Mendocino and Carr wildfire 
                        disaster area' means any area with respect to 
                        which between August 4, 2018, and December 17, 
                        2018, a major disaster has been declared by the 
                        President under section 401 the Robert T. 
                        Stafford Disaster Relief and Emergency 
                        Assistance Act by reason of the wildfire in 
                        California commonly known as the Mendocino and 
                        Carr wildfires of 2018.
                            ``(v) Camp, woolsey, and hill wildfire 
                        disaster area.--The term `Camp, Woolsey, and 
                        Hill wildfire disaster area' means any area 
                        with respect to which between November 12, 
                        2018, and December 17, 2018, a major disaster 
                        has been declared by the President under 
                        section 401 of the Robert T. Stafford Disaster 
                        Relief and Emergency Assistance Act by reason 
                        of the wildfires in California commonly known 
                        as the Camp, Woolsey, and Hill wildfires of 
                        2018.
                    ``(C) Incident beginning date.--The term `incident 
                beginning date' means--
                            ``(i) in the case of the Hurricane Florence 
                        disaster area, September 7, 2018,
                            ``(ii) in the case of the Hurricane Michael 
                        disaster area, October 7, 2018,
                            ``(iii) in the case of the Mendocino and 
                        Carr wildfire disaster area, July 23, 2018, and
                            ``(iv) in the case of the Camp, Woolsey, 
                        and Hill wildfire disaster area, November 8, 
                        2018.''.
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