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Legislative Alert: Senators Introduce Bipartisan Legislation to Require Reporting on OZ Investments

Posted By Administration, Thursday, May 9, 2019
Yesterday, Senators Cory Booker (D-NJ), Tim Scott (R-SC), Todd Young (R-IN), and Maggie Hassan (D-NH) introduced a bill, S. 1344, that would require the Secretary of the Treasury to collect data on the investments made with the Opportunity Zone tax incentive. This legislation would also require the Treasury Secretary to submit a report on their findings no later than a year from enactment of the bill.
The bill would require the Secretary of the Treasury to collect information on investments held by qualified opportunity funds (QOF) including:
  • The number of QOFs;
  • The amount of assets held in QOFs;
  • The composition of QOF investments by asset class;
  • The percentage of designated Opportunity Zones that receive QOF investments; and 
  • The impacts and outcomes of zone designation on economic indicators including job creation, poverty reduction, new business starts, and other metrics as determined by the Treasury Secretary.
The Treasury Secretary would also be required to collect information about the investments themselves:
  • The total amount and date of an investment;
  • The type of investment – such as whether it is in an existing business, new business, or real estate and the location of a business or real estate investment;
  • The type of activity being supported by the investment – such as single-family or multi-family residential property or commercial property, or the economic sector in which the business operates;
  • In the case of a business investment, the approximate number of full-time employees at the time the investment was made; and 
  • In the case of a real estate investment, the approximate total square footage and approximate number of residential units.
NALHFA will continue to monitor and track the progress of S. 1344. Please contact Katelynn Harris with any questions. 

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