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H.R. 1852: CAPITAL Act of 2019

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


I

116th CONGRESS

1st Session

H. R. 1852

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 provide for designation of qualified opportunity zones every 10 years.

1.

Short title

This Act may be cited as the Creating Advancement and Personal Improvement in Targeted American Localities Act of 2019 or as the CAPITAL Act of 2019.

2.

Designation of qualified opportunity zones every 10 years

(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)

Designation of zones every 10 years

(1)

Second round of designations

As of the first date (after enactment of this subsection) that no designation of a qualified opportunity zone remains is in effect by reason of the application of subsection (f), the provisions of this section shall be reapplied—

(A)

as though such provisions were enacted on such date,

(B)

and by substituting such date for—

(i)

the date of the enactment of Public Law 115–97 in subsection (b)(3), and

(ii)

the date of the enactment of the Tax Cuts and Jobs Act in subsection (c)(2)(B).

(2)

Subsequent rounds of designations

Paragraph (1) shall be reapplied as of the first date that no designation of a qualified opportunity zone from the preceding round of designations remains in effect by reason of the application of subsection (f) to such round of designations.

(3)

Redesignations permitted

Nothing in this subsection shall be construed to prevent the designation of a tract as a qualified opportunity zone merely because such tract was previously designated as such a zone if such tract otherwise meets the requirements for such designation as of the time of such subsequent designation.

.

(b)

Effective date

The amendment made by this section shall take effect on the date of the enactment of this Act.