summary
Introduced
06/18/2020
06/18/2020
In Committee
06/18/2020
06/18/2020
Crossed Over
Passed
Dead
12/31/2020
12/31/2020
Introduced Session
116th Congress
Bill Summary
Includes within the definition of qualified opportunity zone business any community development financial institution. This allows qualified opportunity funds to invest in such institutions.
AI Summary
This bill, the Community Development in Opportunity Zones Act of 2020, amends the Internal Revenue Code to allow qualified opportunity funds (QOFs) to invest in community development financial institutions (CDFIs). CDFIs are defined as institutions that provide financial services to underserved communities. Under this bill, CDFIs would be considered qualified opportunity zone businesses, enabling QOFs to direct their investments into these institutions. The goal is to facilitate QOF investments in community development projects within designated opportunity zones, areas of high poverty and unemployment that are eligible for certain tax incentives.
Committee Categories
Budget and Finance
Sponsors (10)
Gregory Meeks (D)*,
Nanette Barragán (D),
Tony Cárdenas (D),
Emanuel Cleaver (D),
Lou Correa (D),
Charlie Crist (D),
Anna Eshoo (D),
Ruben Gallego (D),
Al Green (D),
Mike Quigley (D),
Last Action
Referred to the House Committee on Ways and Means. (on 06/18/2020)
Official Document
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://www.congress.gov/bill/116th-congress/house-bill/7262/all-info |
| BillText | https://www.congress.gov/116/bills/hr7262/BILLS-116hr7262ih.pdf |
| Bill | https://www.congress.gov/116/bills/hr7262/BILLS-116hr7262ih.pdf.pdf |
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