To amend the Internal Revenue Code of 1986 to require fairness and diversity in opportunity zone investment and to require minimum investment in controlled-environment agriculture.

12/29/2022, 1:48 PM

Summary of Bill HR 9338

Bill 117 hr 9338 aims to make changes to the Internal Revenue Code of 1986 in order to promote fairness and diversity in opportunity zone investments. Opportunity zones are designated areas where investors can receive tax benefits for investing in low-income communities. This bill seeks to ensure that these investments are made in a way that benefits a diverse range of individuals and communities.

One key provision of the bill is the requirement for a minimum investment in controlled-environment agriculture within opportunity zones. This means that a certain portion of the investment must be directed towards agricultural projects that take place in controlled environments, such as greenhouses or hydroponic farms. This is intended to promote sustainable and innovative agricultural practices within these communities.

Overall, the goal of Bill 117 hr 9338 is to ensure that opportunity zone investments are made in a way that benefits a wide range of individuals and communities, while also promoting sustainable and diverse economic development.

Congressional Summary of HR 9338

This bill modifies requirements relating to opportunity zone investment (i.e., investment in economically distressed areas) to require its funds to meet specified investment advisory board, diversity, and affordable housing requirements. It also requires that at least 5% of a fund's qualified opportunity zone property is controlled-environment agriculture property.

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Current Status of Bill HR 9338

Bill HR 9338 is currently in the status of Bill Introduced since November 17, 2022. Bill HR 9338 was introduced during Congress 117 and was introduced to the House on November 17, 2022. Bill HR 9338's most recent activity was Referred to the House Committee on Ways and Means. as of November 17, 2022

Bipartisan Support of Bill HR 9338

Total Number of Sponsors

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Republican Sponsors

Unaffiliated Sponsors

Total Number of Cosponsors

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Policy Area and Potential Impact of Bill HR 9338

Primary Policy Focus

Taxation

Alternate Title(s) of Bill HR 9338

To amend the Internal Revenue Code of 1986 to require fairness and diversity in opportunity zone investment and to require minimum investment in controlled-environment agriculture.