Introduced in House | Passed House | Introduced in Senate | Passed Senate | To President | Became Law |
11/22/2019 |
To amend the Internal Revenue Code of 1986 to repeal opportunity zones.
116th CONGRESS 1st Session |
To amend the Internal Revenue Code of 1986 to repeal opportunity zones.
Ms. Tlaib (for herself and Ms. Jayapal) introduced the following bill; which was referred to the Committee on Ways and Means
To amend the Internal Revenue Code of 1986 to repeal opportunity zones.
Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,
SECTION 1. Repeal of opportunity zones and recognition of deferred gain.
(a) In general.—Effective on the day after the date of the enactment of this Act, subchapter Z of chapter 1 of the Internal Revenue Code of 1986 is repealed, and any gain to which section 1400Z–2(a)(1)(B) of such Code would have otherwise applied shall be included in income under section 1400Z–2(b) of such Code (determined by substituting the date of the enactment of this Act for “December 31, 2026” in paragraph (1)(B) thereof).
(b) Repeal of special rule for investments held for at least 10 years.—For purposes of section 1400Z–2(c) of such Code, the repeal under subsection (a) shall be effective with respect to any investment held before, on, or after the date of the enactment of this Act.
Picture | Name | From | Date | Type |
---|---|---|---|---|
Rashida Tlaib | D-MI | 11/22/2019 | Sponsor | |
Pramila Jayapal | D-WA | 11/22/2019 | Cosponsor |
Date | Branch | Action |
---|---|---|
12/05/2019 | President | Sponsor introductory remarks on measure. (CR H9286)Action By: House of Representatives |
11/22/2019 | President | Referred to the House Committee on Ways and Means.Action By: House of Representatives |
11/22/2019 | President | Introduced in HouseAction By: House of Representatives |
Summary |
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There is one summary for H.R.5252. View summaries Shown Here:Introduced in House (11/22/2019) This bill repeals the investment tax incentive known as qualified opportunity zones on the day after the enactment date of this bill and also repeals the special basis rule for investments in such zones held for at least 10 years. |
Shown Here:Introduced in House (11/22/2019) This bill repeals the investment tax incentive known as qualified opportunity zones on the day after the enactment date of this bill and also repeals the special basis rule for investments in such zones held for at least 10 years. |