Title: Incentivizing Investment and Job Creation in Opportunity Zones Act of 2019
Policy area: Taxation

Summary:
Incentivizing Investment and Job Creation in Opportunity Zones Act of 2019
This bill directs the U.S. Customs and Border Protection to refund to entities that own or operate one or more manufacturing facilities in a qualified opportunity zone certain duties on imports

[Congressional Bills 116th Congress]
[From the U.S. Government Publishing Office]
[H.R. 3390 Introduced in House (IH)]

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116th CONGRESS
  1st Session
                                H. R. 3390

  To incentivize manufacturers to relocate production to Opportunity 
          Zones in the United States, and for other purposes.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                             June 20, 2019

 Mr. Holding introduced the following bill; which was referred to the 
                      Committee on Ways and Means

_______________________________________________________________________

                                 A BILL


 
  To incentivize manufacturers to relocate production to Opportunity 
          Zones in the United States, 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. SHORT TITLE.

    This Act may be cited as the ``Incentivizing Investment and Job 
Creation in Opportunity Zones Act of 2019''.

SEC. 2. REFUNDING DUTIES FOR PRODUCTION IN QUALIFIED OPPORTUNITY ZONES.

    (a) In General.--Not later than January 31 of each calendar year 
that begins after the date of the enactment of this Act, the Secretary 
of the Treasury, acting through the Commissioner of U.S. Customs and 
Border Protection, shall refund to each eligible entity that applies in 
accordance with subsection (c) the net amount described in subsection 
(b) with respect to articles imported and produced in the previous five 
years.
    (b) Net Refund Amount.--The net amount described in this 
subsection, with respect to a calendar year, is the following:
            (1) If the quantity of qualified imports in the preceding 
        five calendar years by an eligible entity is less than the 
        quantity of articles classifiable under the same 8-digit codes 
        of the Harmonized Tariff Schedule of the United States as the 
        articles so imported that were produced by such eligible entity 
        in a qualified opportunity zone in such calendar years, an 
        amount equal to the amount paid by such eligible entity in 
        duties on such qualified imports.
            (2) If the quantity of such qualified imports is equal to 
        or greater than the quantity of articles so produced, an amount 
        that is equal to--
                    (A) the quantity of articles so produced by such 
                eligible entity, multiplied by
                    (B) the rate of duty that would be imposed in 
                accordance with section 301 of the Trade Act of 1974 
                (19 U.S.C. 2411) or section 232 of the Trade Expansion 
                Act of 1962 (19 U.S.C. 1862), as applicable, with 
                respect to a corresponding qualified import.
    (c) Applications for Refund.--An entity may apply for a refund 
under subsection (a), or a liquidation or reliquidation of the entry of 
an article eligible for a refund under subsection (a), in accordance 
with such requirements the Commissioner of U.S. Customs and Border 
Protection may require in order to locate or reconstruct such entry and 
verify the duties initially paid on such entry. Amounts owed by the 
United States pursuant to such liquidation or reliquidation shall be 
paid, with interest, not later than 90 days after the date on which the 
Secretary determines that such amount is owed.
    (d) Definitions.--In this section:
            (1) Qualified opportunity zone.--The term ``qualified 
        opportunity zone'' means a location designated as a qualified 
        opportunity zone pursuant to section 1400Z-1 of the Internal 
        Revenue Code of 1986 (26 U.S.C. 1400Z-1).
            (2) Eligible entity.--The term ``eligible entity'' means an 
        entity that owns or operates one or more manufacturing 
        facilities in a qualified opportunity zone and any entity that 
        the Commissioner of U.S. Customs and Border Protection 
        determines to be related to such an entity.
            (3) Qualified import.--The term ``qualified import'' means 
        an article with respect to which duties are imposed pursuant to 
        section 301 of the Trade Act of 1974 (19 U.S.C. 2411) or 
        section 232 of the Trade Expansion Act of 1962 (19 U.S.C. 
        1862).
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