To amend the Internal Revenue Code of 1986 to repeal opportunity zones.

I 116TH CONGRESS 1ST SESSION H. R. 5252 To amend the Internal Revenue Code of 1986 to repeal opportunity zones. IN THE HOUSE OF REPRESENTATIVES NOVEMBER 22, 2019 Ms. TLAIB (for herself and Ms. JAYAPAL) 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 repeal opportunity zones. Be it enacted by the Senate and House of Representa- 1 tives of the United States of America in Congress assembled, 2 SECTION 1. REPEAL OF OPPORTUNITY ZONES AND REC- 3 OGNITION OF DEFERRED GAIN. 4 (a) IN GENERAL.—Effective on the day after the date 5 of the enactment of this Act, subchapter Z of chapter 1 6 of the Internal Revenue Code of 1986 is repealed, and any 7 gain to which section 1400Z–2(a)(1)(B) of such Code 8 would have otherwise applied shall be included in income 9 under section 1400Z–2(b) of such Code (determined by 10 VerDate Sep 11 2014 03:54 Dec 05, 2019 Jkt 099200 PO 00000 Frm 00001 Fmt 6652 Sfmt 6201 E:\BILLS\H5252.IH H5252 kjohnson on DSK79L0C42 with BILLS 2 •HR 5252 IH substituting the date of the enactment of this Act for ‘‘De- 1 cember 31, 2026’’ in paragraph (1)(B) thereof). 2 (b) REPEAL OF SPECIAL RULE FOR INVESTMENTS 3 HELD FOR AT LEAST 10 YEARS.—For purposes of section 4 1400Z–2(c) of such Code, the repeal under subsection (a) 5 shall be effective with respect to any investment held be- 6 fore, on, or after the date of the enactment of this Act. 7 Æ VerDate Sep 11 2014 03:54 Dec 05, 2019 Jkt 099200 PO 00000 Frm 00002 Fmt 6652 Sfmt 6301 E:\BILLS\H5252.IH H5252 kjohnson on DSK79L0C42 with BILLS