CAPITAL Act of 2019

Creating Advancement and Personal Improvement in Targeted American Localities Act of 2019 or the CAPITAL Act of 2019

This bill allows opportunity zones to be designated every 10 years. (Opportunity zones are certain low-income areas in which various tax incentives are available for investments in the zones. Under current law, the existing designations expire after 10 years, and no additional designations are permitted.)

[Congressional Bills 116th Congress]
[From the U.S. Government Publishing Office]
[H.R. 1852 Introduced in House (IH)]

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116th CONGRESS
  1st Session
                                H. R. 1852

 To amend the Internal Revenue Code of 1986 to provide for designation 
             of qualified opportunity zones every 10 years.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                             March 21, 2019

 Mr. Meadows 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.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 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''.

SEC. 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.
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