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”).
The KPMG logo and name are trademarks of KPMG International. KPMG International is a Swiss cooperative that serves as a coordinating entity for a network of independent member firms. KPMG International provides no audit or other client services. Such services are provided solely by member firms in their respective geographic areas. KPMG International and its member firms are legally distinct and separate entities. They are not and nothing contained herein shall be construed to place these entities in the relationship of parents, subsidiaries, agents, partners, or joint venturers. No member firm has any authority (actual, apparent, implied or otherwise) to obligate or bind KPMG International or any member firm in any manner whatsoever. The information contained in herein is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavor to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No one should act on such information without appropriate professional advice after a thorough examination of the particular situation. For more information, contact KPMG's Federal Tax Legislative and Regulatory Services Group at: + 1 202 533 4366, 1801 K Street NW, Washington, DC 20006.