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116TH CONGRESS
2D SESSION
H. R. 7262
To amend the Internal Revenue Code of 1986 to allow qualified opportunity
funds to invest in community development financial institutions.
IN THE HOUSE OF REPRESENTATIVES
JUNE 18, 2020
Mr. MEEKS (for himself, Mr. QUIGLEY, Mr. CLEAVER, Mr. GREEN of Texas,
Mr. CA´RDENAS, Ms. ESHOO, Mr. GALLEGO, and Mr. CRIST) 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 quali-
fied opportunity funds to invest in community develop-
ment financial institutions.
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 ‘‘Community Develop-
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ment in Opportunity Zones Act of 2020’’.
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•HR 7262 IH
SEC. 2. QUALIFIED OPPORTUNITY FUND INVESTMENTS IN
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COMMUNITY DEVELOPMENT FINANCIAL IN-
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STITUTIONS.
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(a) IN GENERAL.—Section 1400Z–2(d)(3) of the In-
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ternal Revenue Code of 1986 is amended by adding at the
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end the following new subparagraph:
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‘‘(C) SPECIAL RULE FOR COMMUNITY DE-
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VELOPMENT
FINANCIAL
INSTITUTIONS.—The
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term ‘qualified opportunity zone business’ shall
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include any community development financial
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institution (as defined in section 103 of the
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Community Development Banking and Finan-
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cial Institutions Act of 1994 (12 U.S.C. 4702))
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if, during substantially all the qualified oppor-
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tunity fund’s holding period for its investment
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in such community development financial insti-
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tution, the average of the aggregate amount of
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investment, and principal amount of loans, pro-
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vided by such community development financial
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institution to qualified opportunity zone busi-
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nesses (other than community development fi-
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nancial institutions) or residents of qualified
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opportunity zones is not less than such invest-
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ment.’’.
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•HR 7262 IH
(b) EFFECTIVE DATE.—The amendment made by
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this section shall take effect on the date of the enactment
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of this Act.
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