Expanding Opportunity Zones Act of 2021

Bill: 117-hr-4177
Sponsor: full_name: Rep. Hagedorn, Jim [R-MN-1]
Introduced: 2021-06-25
Policy area: Taxation
Latest action: action_date: 2021-06-25
text: Referred to the House Committee on Ways and Means.

Summaries:
action_date: 2021-06-25
action_desc: Introduced in House
text: <p><strong>Expanding Opportunity Zones Act of 2021</strong></p> <p>This bill revises provisions relating to tax-exempt opportunity zones to increase the number of low-income communities that may be designated as qualified opportunity zones, and to extend the periods of election and deferral of gain invested with respect to such zones.</p>

tv_txt: I 117th CONGRESS 1st Session H. R. 4177 IN THE HOUSE OF REPRESENTATIVES June 25, 2021 Mr. Hagedorn (for himself, Mr. Balderson , Mrs. Hinson , and Mr. Duncan ) 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 increase the number of designated qualified opportunity zones, to extend the periods of election and deferral with regard to such zones, and for other purposes.

1. Short title This Act may be cited as the Expanding Opportunity Zones Act of 2021 . 2. Opportunity zones (a) Increase to number of qualified designated opportunity zones (1) In general Section 1400Z–1(d)(1) of the Internal Revenue Code of 1986 is amended by striking 25 percent and inserting 30 percent . (2) Exception Section 1400Z–1(d)(2) of such Code is amended by striking 25 and inserting 30 . (b) Extension of determination period Section 1400Z–1(c)(2)(B) of such Code is amended by striking Tax Cuts and Jobs Act and inserting Expanding Opportunity Zones Act of 2021 . (c) Extension of election period Section 1400Z–2(a)(2)(B) of such Code is amended by striking December 31, 2026. and inserting December 31, 2029. . (d) Extension of deferral of gain invested Section 1400Z–2(b)(1)(B) of such Code is amended by striking December 31, 2026. and inserting December 31, 2029. (e) Effective date The amendments made by this Act shall take effect on the date of the enactment of this Act.