Opportunity Zone Extension Act of 2021

Bill: 117-hr-970
Sponsor: full_name: Rep. Burchett, Tim [R-TN-2]
Introduced: 2021-02-11
Policy area: Taxation
Subjects: Business investment and capital

Capital gains tax

Economic development

Income tax deferral

Income tax rates
Latest action: action_date: 2021-02-11
text: Referred to the House Committee on Ways and Means.

Summaries:
action_date: 2021-02-11
action_desc: Introduced in House
text: <p>This bill extends for two years the election and capital gain deferral periods for qualified opportunity zones. An opportunity zone is an economically-distressed community where private investments, under certain conditions, may be eligible for capital gain tax incentives.</p>

tv_txt: I 117th CONGRESS 1st Session H. R. 970 IN THE HOUSE OF REPRESENTATIVES February 11, 2021 Mr. Burchett (for himself and Mr. Cuellar ) 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 extend the qualified opportunity zone tax incentive, and for other purposes.

1. Short title This Act may be cited as the Opportunity Zone Extension Act of 2021 . 2. Extension of election and gain deferral periods until December 31, 2028 (a) Extension of election period Section 1400Z–2(a)(2)(B) of the Internal Revenue Code of 1986 is amended by striking December 31, 2026 and inserting December 31, 2028 . (b) Extension of deferral period Section 1400Z–2(b)(1)(B) of such Code is amended by striking December 31, 2026 and inserting December 31, 2028 . (c) Effective date The amendments made by this section shall apply as if included in the enactment of section 13823 of Public Law 115–97 .