Expanding Opportunity Zones Act of 2021

Hozzl · 2022-12-31T04:58:40Z

Explore the details of House Bill 4177 Expanding Opportunity Zones Act of 2021 currently in Congress. Get insights into its purpose, current status, sponsors, and potential impact on Taxation. Stay informed on legislative developments.

12/31/2022, 4:58 AM

Summary of Bill HR 4177

Bill 117 HR 4177, also known as the Expanding Opportunity Zones Act of 2021, aims to expand the Opportunity Zones program created by the Tax Cuts and Jobs Act of 2017. The Opportunity Zones program is designed to incentivize investment in economically distressed communities by providing tax benefits to investors who put their money into designated zones.

The Expanding Opportunity Zones Act of 2021 seeks to broaden the scope of the program by allowing governors to designate additional census tracts as Opportunity Zones, beyond the current limit of 25% of eligible census tracts in each state. This expansion would give states more flexibility in targeting areas in need of investment.

Additionally, the bill includes provisions to increase transparency and accountability in the program by requiring the Treasury Department to report on the impact of Opportunity Zones on job creation, poverty reduction, and other economic indicators. This reporting requirement aims to ensure that the program is effectively achieving its goals of revitalizing distressed communities. Overall, the Expanding Opportunity Zones Act of 2021 is intended to build upon the success of the Opportunity Zones program and further promote economic development in underserved areas across the United States.

Congressional Summary of HR 4177

Expanding Opportunity Zones Act of 2021

This bill revises provisions relating to tax-exempt opportunity zones to increase the number of low-income communities that may be designated as qualified opportunity zones, and to extend the periods of election and deferral of gain invested with respect to such zones.

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Current Status of Bill HR 4177

Bill HR 4177 is currently in the status of Bill Introduced since June 25, 2021. Bill HR 4177 was introduced during Congress 117 and was introduced to the House on June 25, 2021. Bill HR 4177's most recent activity was Referred to the House Committee on Ways and Means. as of June 25, 2021

Bipartisan Support of Bill HR 4177

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Total Number of Cosponsors

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Policy Area and Potential Impact of Bill HR 4177

Primary Policy Focus

Taxation

Alternate Title(s) of Bill HR 4177

To amend the Internal Revenue Code of 1986 to increase the number of designated qualified opportunity zones, to extend the periods of election and deferral with regard to such zones, and for other purposes.

Expanding Opportunity Zones Act of 2021