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Congressional Research Service
Version 00 · Introduced in Senate · Feb 2, 2017
Investing in Opportunity Act
This bill amends the Internal Revenue Code to authorize the designation of opportunity zones in low-income communities and to provide tax incentives for investments in the zones, including deferring the recognition of capital gains that are reinvested in the zones.
Governors may submit nominations for a limited number of opportunity zones to the Department of the Treasury for certification and designation. Governors must give particular consideration to areas that:
Showing the opening paragraphs of the official summary.
are currently the focus of mutually reinforcing state, local, or private economic development initiatives to attract investment and foster startup activity;
have demonstrated success in geographically targeted development programs such as promise zones, the new markets tax credit, empowerment zones, and renewal communities; and
have recently experienced significant layoffs due to business closures or relocations.
Treasury must designate zones if a governor fails to submit nominations within a specified period of time.
An "opportunity fund" is any investment vehicle organized as a corporation or a partnership to invest in opportunity zones that holds at least 90% of its assets in opportunity zone assets.
Taxpayers may temporarily defer the recognition of capital gains that are invested in opportunity zones. Investments in opportunity zones or opportunity funds that are held for at least five years are eligible for capital gains tax reductions or exemptions, depending on how long the investment is held.
Treasury must report to Congress on the opportunity zone incentives enacted in this bill, including an assessment of opportunity fund investments at the national and state levels.
People & committees
Sen. Scott, Tim [R-SC] · R–SC
Legislative record
A procedural vote is different from passage. Passage in one chamber does not establish enactment. Explore the glossary.
Committee on Small Business and Entrepreneurship. Hearings held. Hearings printed: S.Hrg. 115-574.
Read twice and referred to the Committee on Finance.
Introduced in Senate
Primary sources
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Source last updated: Sep 8, 2026. Consult Congress.gov for the current record.
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