Senate Finance Committee ranking member Ron Wyden (D-OR) this week introduced a bill that would revise the opportunity zone rules by requiring public reporting, tightening rules, and terminating zones that are not “low income.”
According to a Finance Committee release, the bill—the Opportunity Zone Reporting and Reform Act—includes proposals to:
The proposed information reporting requirements generally would be effective for tax years beginning after the date the bill is enacted. However, proposed prohibitions on certain types of trades or businesses qualifying as opportunity zones would be effective as of the date the bill was introduced (November 6, 2019), while some other proposed modifications would apply as if they had been included in the qualified opportunity zone provisions of Pub. L. No. 115-97 (the law often referred to as the “Tax Cuts and Jobs Act”).
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