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I
116TH CONGRESS
1ST SESSION H. R. 1851
To amend the Internal Revenue Code of 1986 to allow certain Federally
declared disaster areas to be designated as opportunity zones for pur-
poses of economic development and recovery.
IN THE HOUSE OF REPRESENTATIVES
MARCH 21, 2019
Mr. MEADOWS introduced the following bill; which was referred to the
Committee on Ways and Means
A BILL
To amend the Internal Revenue Code of 1986 to allow cer-
tain Federally declared disaster areas to be designated
as opportunity zones for purposes of economic develop-
ment and recovery.
Be it enacted by the Senate and House of Representa-
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tives of the United States of America in Congress assembled,
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SECTION 1. SHORT TITLE.
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This Act may be cited as the ‘‘Disaster Recovery and
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Opportunity Act of 2019’’.
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SEC. 2. TREATMENT AS OPPORTUNITY ZONES.
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(a) IN GENERAL.—Section 1400Z–1 of the Internal
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Revenue Code of 1986 is amended by adding at the end
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the following new subsection:
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‘‘(g) CERTAIN DISASTER ZONES.—
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‘‘(1) DESIGNATION.—With respect to a Feder-
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ally declared disaster, the chief executive officer of
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a State may designate under this paragraph not
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more than 5 percent of the applicable disaster tracts
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in such State with respect to such disaster.
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‘‘(2) NO EFFECT ON LIMITATION ON NUMBER
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OF
DESIGNATIONS.—An applicable disaster tract
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designated under paragraph (1) shall not be taken
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into account in determining the limitation under
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subsection (d).
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‘‘(3) APPLICABLE DISASTER TRACT.—The term
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‘applicable disaster tract’ means, with respect to a
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Federally declared disaster, a population census
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tract in the disaster area related to such disaster.
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‘‘(4) FEDERALLY
DECLARED
DISASTER; DIS-
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ASTER AREA.—In this subsection, the term ‘Feder-
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ally declared disaster’ and the term ‘disaster area’
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have the meaning given such terms in section 165(i).
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‘‘(5) APPLICABLE START DATE.—
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‘‘(A)
QUALIFIED
OPPORTUNITY
FUND
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BUSINESSES AND PROPERTY.—In the case of an
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•HR 1851 IH
applicable disaster tract designated under para-
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graph (1), subparagraphs (B)(i)(I), (C)(i), and
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(D)(i)(I) of section 1400Z–2(d)(2) shall each be
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applied by substituting ‘the applicable start
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date’ for ‘December 31, 2017’.
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‘‘(B) EXTENSION OF DETERMINATION PE-
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RIOD.—In the case of an applicable disaster
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tract designated under paragraph (1), section
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(c)(2)(B) shall be applied by substituting ‘the
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applicable start date’ for ‘the date of the enact-
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ment of the Tax Cuts and Jobs Act’.
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‘‘(C) APPLICABLE START DATE.—The term
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‘applicable start date’ means, with respect to a
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disaster area, the earliest incident date specified
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in the declaration to which such area relates.’’.
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(b) EFFECTIVE DATE.—The amendments made by
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this section shall apply with respect to Federally declared
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disasters declared after the date of the enactment of this
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Act.
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