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H.R. 4177 - Expanding Opportunity Zones Act of 2021

MAY 20, 2021

H.R. 4177; Expanding Opportunity Zones Act of 2021

DATED MAY 20, 2021
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Citations: H.R. 4177; Expanding Opportunity Zones Act of 2021

117TH CONGRESS
1ST SESSION

H.R. 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.

IN THE HOUSE OF REPRESENTATIVES

JUNE 25, 2021

Mr. HAGEDORN introduced the following bill;
which was referred to the Committee on _____

A BILL

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.

Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

This Act may be cited as the “Expanding Opportunity Zones Act of 2021”.

SEC. 2. OPPORTUNITY ZONES.

(a) INCREASE TO NUMBER OF QUALIFIED DESIGNATED OPPORTUNITY ZONES. —

(1) IN GENERAL. — Section 1400Z-1(d)(1) of the Internal Revenue Code of 1986 is amended by striking “25 percent” and inserting “30 percent”.

(2) EXCEPTION. — Section 1400Z-1(d)(2) of such Code is amended by striking “25” and inserting “30”.

(b) EXTENSION OF DETERMINATION PERIOD. — Section 1400Z-1(c)(2)(B) of such Code is amended by striking “Tax Cuts and Jobs Act” and inserting “Expanding Opportunity Zones Act of 2021”.

(e) EXTENSION OF ELECTION PERIOD. — Section 1400Z-2(a)(2)(B) of such Code is amended by striking “December 31, 2026.” and inserting “December 31, 2029.”.

(d) EXTENSION OF DEFERRAL OF GAIN INVESTED. — Section 1400Z-2(b)(1)(B) of such Code is amended by striking “December 31, 2026.” and inserting “December 31, 2029.”

(e) EFFECTIVE DATE. — The amendments made by this Act shall take effect on the date of the enactment of this Act.

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