PlainBillCongress, translated.Legislation. Context. Public interest.Congressional Research Service
Version 00 · Introduced in Senate · Dec 5, 2019
Improving and Reinstating the Monitoring, Prevention, Accountability, Certification, and Transparency Provisions of Opportunity Zones or the IMPACT Act
This bill provides statutory authority for annual reporting requirements by qualified opportunity funds and taxpayers investing in such funds and sets forth the information required in the reports. The bill imposes penalties for failure to comply with such reporting requirements.
The bill requires the Department of the Treasury to make publicly available annual reports on qualified opportunity funds, including, among other things, the number of such funds and the aggregate amount of assets held in such funds. Treasury must also provide additional information in every fifth year on the impacts and outcomes of a designation of a census tract as a qualified opportunity zone using specified economic indicators.
Treasury must also establish procedures to protect against disclosure of return information that can be associated with any particular taxpayer or competitive or proprietary information.
People & committees
Sen. Scott, Tim [R-SC] · R–SC
Legislative record
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Read twice and referred to the Committee on Finance.
Introduced in Senate
Primary sources
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No related bills are listed in this snapshot. This does not establish whether the proposal has appeared in earlier Congresses.
Source last updated: Jan 3, 2025. Consult Congress.gov for the current record.
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