Increasing Opportunity For Reindustrialization Act

This bill changes federal tax law so that a census tract can be designated as a qualified opportunity zone if it contains any part of a former Department of Defense installation, facility, or entity closed through a base realignment and closure (BRAC) round. Such tracts would not have to meet the usual low-income community requirements to qualify. Tracts nominated under this rule would not count against a state's limit on the number of opportunity zones; instead, the state's limit would increase by the number of these tracts nominated. The changes would apply to designations made after the bill becomes law.

Full text and official record on Congress.gov

Sponsors

• David McCormick Republican sponsor
• 2 cosponsors