Rust to Revitalization Act of 2022

Bill: 117-hr-7183
Sponsor: full_name: Rep. Kildee, Daniel T. [D-MI-5]
Introduced: 2022-03-21
Policy area: Taxation
Latest action: action_date: 2022-03-21
text: Referred to the House Committee on Ways and Means.

Summaries:
action_date: 2022-03-21
action_desc: Introduced in House
text: <p><strong>Rust to Revitalization Act of 2022</strong></p> <p>This bill sets forth a special rule for the certification and designation of a population census tract as a qualified opportunity zone. The population census tract must have a population of zero, was previously used for industrial purposes and is a brownfield industrial site, and is contiguous, including by water, to a population census tract that has been designated as a qualified opportunity zone. </p> <p>A<em> qualified opportunity zone</em> is an economically distressed community where new investments, under certain conditions, may be eligible for preferential tax treatment.</p>

tv_txt: I 117th CONGRESS 2d Session H. R. 7183 IN THE HOUSE OF REPRESENTATIVES March 21, 2022 Mr. Kildee (for himself and Mr. Ruppersberger ) 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 provide a special rule for designating former industrial tracts contiguous to designated opportunity zones, and for other purposes.

1. Short title This Act may be cited as the Rust to Revitalization Act of 2022 . 2. Certain former industrial tracts designated as opportunity zones (a) In general Section 1400Z–1(b) of the Internal Revenue Code of 1986 is amended by adding at the end the following new paragraph: (4) Special rule for former industrial tracts contiguous to designated opportunity zones (A) In general Each population census tract described in subparagraph (B) shall be deemed to be certified and designated as a qualified opportunity zone, effective on the date of the enactment of this paragraph. (B) Population census tract described A population census tract is described in this subparagraph if— (i) the tract— (I) has a population of zero, (II) was previously used for industrial purposes and is a brownfield industrial site, and (III) is contiguous, including by water, to a population census tract that has been designated as a qualified opportunity zone under this section, or (ii) the tract was merged, as a result of the 2020 decennial census, into a census tract described in clause (i)(III) and met all requirements described in subclause (i) prior to such merger. (C) Determination of census tract information For purposes of this paragraph, the boundaries and population of a census tract shall be determined based on United States Census Bureau data for the 2010 decennial census. (D) Notification The Secretary shall notify in writing the chief executive officer of the State in which a population census tract is certified and designated as a qualified opportunity zone under this paragraph of such designation. (E) Number of designations Population census tracts certified and designated as a qualified opportunity zone under this paragraph shall not be taken into account for purposes of subsection (d). (F) Definitions For purposes of this paragraph— (i) Brownfield industrial site The term brownfield industrial site means a census tract that includes real property the expansion, redevelopment, or reuse of which may be complicated by the presence or potential presence of a hazardous substance or pollutant or contaminant, including real property covered by a prospective purchaser agreement or similar agreement entered into by the Environmental Protection Agency or the appropriate State authority. (ii) Hazardous substance The term hazardous substance means— (I) a hazardous substance as defined in section 101(14) of the Comprehensive Environmental Response, Compensation, and Liability Act of 1980 (42 U.S.C 9601(14)), or (II) petroleum or a petroleum product. (iii) Pollutant or contaminant The term pollutant or contaminant has the meaning given such term in section 101(33) of such Act. . (b) Effective date The amendments made by this section shall apply to taxable years beginning after the date of the enactment of this Act.