Title: Opportunity Zone Lead Remediation Impact Act of 2019
Policy area: Taxation

Summary:
Opportunity Zone Lead Remediation Impact Act of 2019
This bill imposes additional requirements for qualified opportunity zones with respect to residential property constructed before January 1, 1978. Such property may not contain painted surfaces that exceed levels described in the Lead-Based Paint Poisoning and Prevention Act and must contain pipes and fixtures that are lead free.

[Congressional Bills 116th Congress]
[From the U.S. Government Publishing Office]
[H.R. 4011 Introduced in House (IH)]

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116th CONGRESS
  1st Session
                                H. R. 4011

To amend the Internal Revenue Code of 1986 to require lead remediation 
 for qualified opportunity zone property originally constructed before 
                            January 1, 1978.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                             July 25, 2019

Mr. Cummings (for himself and Ms. Tlaib) introduced the following bill; 
         which was referred to the Committee on Ways and Means

_______________________________________________________________________

                                 A BILL


 
To amend the Internal Revenue Code of 1986 to require lead remediation 
 for qualified opportunity zone property originally constructed before 
                            January 1, 1978.

    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 ``Opportunity Zone Lead Remediation 
Impact Act of 2019''.

SEC. 2. LEAD REMEDIATION REQUIREMENTS FOR QUALIFIED OPPORTUNITY FUNDS.

    (a) Lead Remediation Requirements for Pre-1978 Property.--Section 
1400Z-2(d)(2)(D) of the Internal Revenue Code of 1986 is amended by 
adding at the end the following new clause:
                            ``(iv) Lead remediation requirements for 
                        pre-1978 property.--For purposes of 
                        subparagraph (A)(ii), no residential property 
                        originally constructed before January 1, 1978, 
                        shall be treated as substantially improved by 
                        the qualified opportunity zone fund unless, 
                        after improvement--
                                    ``(I) such property contains no 
                                painted surfaces that exceed the levels 
                                described in section 302(c) of the 
                                Lead-Based Paint Poisoning and 
                                Prevention Act, and
                                    ``(II) any pipes and fixtures of 
                                such property are lead free (as such 
                                term is defined in section 1417 of the 
                                Safe Water Drinking Act).''.
    (b) Donation of Opportunity Fund Assets.--Section 1400Z-2(d)(1) 
Internal Revenue Code of 1986 is amended by striking ``that holds'' and 
all that following through the period at the end and inserting the 
following: ``that--
                    ``(A) holds at least 88 percent of its assets in 
                qualified opportunity zone property, determined by the 
                average of the percentage of qualified opportunity zone 
                property held in the fund as measured--
                            ``(i) on the last day of the first 6-month 
                        period of the taxable year of the fund, and
                            ``(ii) on the last day of the taxable year 
                        of the fund, and
                    ``(B) donates not less than 2 percent of amounts 
                invested in such fund for use for remediation of lead 
                hazards in paint, dust, soil, and drinking water in 
                residential properties, nonresidential buildings 
                housing child care facilities (within the meaning of 
                section 305 of the Toxic Substances Control Act), or 
                school facilities (within the meaning of section 501 of 
                such Act) in a qualified opportunity zone.''.
    (c) Effective Date.--The amendments made by this Act shall apply to 
capital gains realized in taxable years beginning after the date of the 
enactment of this Act.
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