Bill > S4065

This bill, the Opportunity Zones Transparency, Extension, and Improvement Act, would make several changes to the qualified opportunity zone program established under the 2017 tax law. The key provisions include: - Disqualifying certain high-income opportunity zones and allowing states to nominate replacement zones, while providing special rules for "qualified preexisting" investments. - Allowing certain former industrial tracts contiguous to designated opportunity zones to be designated as opportunity zones. - Establishing new information reporting requirements for qualified opportunity funds and investors, with penalties for non-compliance. - Extending the deadline for investors to defer capital gains taxes on investments in opportunity funds from December 31, 2026 to December 31, 2028. - Modifying the definition of a qualified opportunity fund to require at least 90% of assets be invested in qualified opportunity zone property. - Establishing a State and Community Dynamism Fund to support investment and economic development in underserved communities, including opportunity zones.