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H.R. 1851: Disaster Recovery and Opportunity Act of 2019


The text of the bill below is as of Mar 21, 2019 (Introduced).


I

116th CONGRESS

1st Session

H. R. 1851

IN THE HOUSE OF REPRESENTATIVES

March 21, 2019

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 certain Federally declared disaster areas to be designated as opportunity zones for purposes of economic development and recovery.

1.

Short title

This Act may be cited as the Disaster Recovery and Opportunity Act of 2019.

2.

Treatment as opportunity zones

(a)

In general

Section 1400Z–1 of the Internal Revenue Code of 1986 is amended by adding at the end the following new subsection:

(g)

Certain disaster zones

(1)

Designation

With respect to a Federally declared disaster, the chief executive officer of a State may designate under this paragraph not more than 5 percent of the applicable disaster tracts in such State with respect to such disaster.

(2)

No effect on limitation on number of designations

An applicable disaster tract designated under paragraph (1) shall not be taken into account in determining the limitation under subsection (d).

(3)

Applicable disaster tract

The term applicable disaster tract means, with respect to a Federally declared disaster, a population census tract in the disaster area related to such disaster.

(4)

Federally declared disaster; disaster area

In this subsection, the term Federally declared disaster and the term disaster area have the meaning given such terms in section 165(i).

(5)

Applicable start date

(A)

Qualified opportunity fund businesses and property

In the case of an applicable disaster tract designated under paragraph (1), subparagraphs (B)(i)(I), (C)(i), and (D)(i)(I) of section 1400Z–2(d)(2) shall each be applied by substituting the applicable start date for December 31, 2017.

(B)

Extension of determination period

In the case of an applicable disaster tract designated under paragraph (1), section (c)(2)(B) shall be applied by substituting the applicable start date for the date of the enactment of the Tax Cuts and Jobs Act.

(C)

Applicable start date

The term applicable start date means, with respect to a disaster area, the earliest incident date specified in the declaration to which such area relates.

.

(b)

Effective date

The amendments made by this section shall apply with respect to Federally declared disasters declared after the date of the enactment of this Act.