Disaster Opportunity Zones Act

Bill: 116-s-1000
Sponsor: full_name: Sen. Rubio, Marco [R-FL]
Introduced: 2019-04-03
Policy area: Taxation
Subjects: Business investment and capital

California

Capital gains tax

Disaster relief and insurance

Economic development

Fires

Florida

Forests, forestry, trees

Georgia

Income tax deferral

Natural disasters

North Carolina

Poverty and welfare assistance

South Carolina

Virginia
Latest action: action_date: 2019-04-03
text: Read twice and referred to the Committee on Finance.

Summaries:
action_date: 2019-04-03
action_desc: Introduced in Senate
text: <p><b>Disaster Opportunity Zones Act</b></p> <p>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. </p> <p>An opportunity zone is an economically distressed community where new investments, under certain conditions, may be eligible for preferential tax treatment. </p> <p>Currently, opportunity zones have been designated in parts of all 50 states, the District of Columbia, and five U.S. territories.</p> <p>The bill defines <i>qualified disaster zone</i> 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. </p>

tv_txt: II 116th CONGRESS 1st Session S. 1000 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.

1. Short title This Act may be cited as the Disaster Opportunity Zones Act . 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. .