58 lines
12 KiB
XML
58 lines
12 KiB
XML
<?xml version="1.0" encoding="UTF-8"?><?xml-stylesheet type="text/css" href="uslm.css"?><bill xmlns="http://schemas.gpo.gov/xml/uslm" xmlns:dc="http://purl.org/dc/elements/1.1/" xmlns:html="http://www.w3.org/1999/xhtml" xmlns:uslm="http://schemas.gpo.gov/xml/uslm" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance" xsi:schemaLocation="http://schemas.gpo.gov/xml/uslm uslm-2.1.0.xsd" xml:lang="en" id="A1"><!--Disclaimer: Legislative measures that include compacts or other non-standard data structures will require additional modeling and may contain inconsistencies in the converted USLM XML.--> <meta>
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<dc:title>116 S 1000 IS: To amend the Internal Revenue Code of 1986 to allow the designation of opportunity zones for population census tracts affected by Hurricane Florence, Hurricane Michael, and the Mendocino, Carr, Camp, Woolsey, and Hill wildfires.</dc:title>
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<dc:type>Senate Bill</dc:type>
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<docNumber>1000</docNumber>
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<citableAs>116 S 1000 IS</citableAs>
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<citableAs>116s1000is</citableAs>
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<citableAs>116 S. 1000 IS</citableAs>
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<docStage>Introduced in Senate</docStage>
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<currentChamber>SENATE</currentChamber>
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<dc:creator>United States Senate</dc:creator>
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<processedBy>GPO XPub Bill to USLM Generator, version 0.5 + manual changes</processedBy>
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<processedDate>2024-09-09</processedDate>
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<dc:publisher>United States Government Publishing Office</dc:publisher>
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<dc:format>text/xml</dc:format>
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<dc:language>EN</dc:language>
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<dc:rights>Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain.</dc:rights>
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<congress>116</congress>
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<session>1</session>
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<publicPrivate>public</publicPrivate></meta>
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<preface>
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<slugLine>•S 1000 IS</slugLine>
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<distributionCode display="yes">II</distributionCode>
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<congress value="116">116th CONGRESS</congress>
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<session value="1">1st Session</session>
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<dc:type>S. </dc:type>
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<docNumber>1000</docNumber>
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<dc:title>To amend the Internal Revenue Code of 1986 to allow the designation of opportunity zones for population census tracts affected by Hurricane Florence, Hurricane Michael, and the Mendocino, Carr, Camp, Woolsey, and Hill wildfires.</dc:title>
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<currentChamber value="SENATE">IN THE SENATE OF THE UNITED STATES</currentChamber>
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<action><date date="2019-04-03"><inline class="smallCaps">April </inline>3, 2019</date><actionDescription><sponsor senateId="S350">Mr. <inline class="smallCaps">Rubio</inline></sponsor> (for himself and <cosponsor senateId="S404">Mr. <inline class="smallCaps">Scott</inline> of Florida</cosponsor>) introduced the following bill; which was read twice and referred to the <committee committeeId="SSFI00">Committee on Finance</committee></actionDescription></action></preface>
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<main styleType="OLC"><longTitle><docTitle>A BILL</docTitle><officialTitle>To amend the Internal Revenue Code of 1986 to allow the designation of opportunity zones for population census tracts affected by Hurricane Florence, Hurricane Michael, and the Mendocino, Carr, Camp, Woolsey, and Hill wildfires.</officialTitle></longTitle><enactingFormula><i>Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, </i></enactingFormula>
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<section identifier="/us/bill/116/s/1000/s1" id="idF2F1BF5F5ABB4669AB5D37CA11EEE17F"><num value="1">SECTION 1. </num><heading>SHORT TITLE.</heading><content class="block">This Act may be cited as the “<shortTitle role="act">Disaster Opportunity Zones Act</shortTitle>”.</content></section>
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<section role="instruction" identifier="/us/bill/116/s/1000/s2" id="idA75CA6D10C0A4C2B9E1FE032FCA2D4DF"><num value="2">SEC. 2. </num><heading>ADDITIONAL DESIGNATIONS OF OPPORTUNITY ZONES.</heading><content>Section 1400Z–1 of the Internal Revenue Code of 1986 <amendingAction type="amend">is amended</amendingAction> by <amendingAction type="add">adding</amendingAction> at the end the following new subsection:
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<quotedContent id="id7896C8DB936E4973B8C4FA057212B2A1" styleType="OLC">
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<subsection id="id0AAC11A99C984FA299ECB596B6D0DA30" class="indent0"><num value="g">“(g) </num><heading><inline class="smallCaps">Additional Designations for Certain Disaster Areas</inline>.—</heading>
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<paragraph id="id0A41071C701045E1A9FED8E13ABBD8A4" class="indent1"><num value="1">“(1) </num><heading><inline class="smallCaps">In general</inline>.—</heading><content>Notwithstanding subsection (d), an eligible population census tract may be designated as a qualified opportunity zone.</content></paragraph>
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<paragraph id="id5AB4C750BBFC40F19E60B5D5A5CEF2A4" class="indent1"><num value="2">“(2) </num><heading><inline class="smallCaps">Process for designation</inline>.—</heading><content>An eligible population census tract shall be designated as a qualified opportunity zone in the same manner as described in subsection (b), except that for purposes of applying such subsection to eligible population census tracts, the determination period shall be the 90-day period beginning on the date of the enactment of this subsection (as extended under subsection (b)(2)).</content></paragraph>
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<paragraph id="idB22B89A06F604D7DB5738222C0718F3B" class="indent1"><num value="3">“(3) </num><heading><inline class="smallCaps">Limitation</inline>.—</heading><chapeau>The number of eligible population census tracts that may be designated under this subsection may not exceed the greater of—</chapeau>
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<subparagraph id="id5CF9F28369A9495287DD16F5AA11AD97" class="indent2"><num value="A">“(A) </num><content>25 percent of the eligible population census tracts in the State, or</content></subparagraph>
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<subparagraph id="idB453E0E52F9543E99C7B6395E2D3B9A5" class="indent2"><num value="B">“(B) </num><content>25.</content></subparagraph></paragraph>
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<paragraph id="id5B55B9FC3A0F44D4B593B312A9DBB44B" class="indent1"><num value="4">“(4) </num><heading><inline class="smallCaps">Special rules</inline>.—</heading><chapeau>In applying this subchapter to any qualified opportunity zone designated under this subsection, for purposes of determining—</chapeau>
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<subparagraph id="idB016541101F84836B8112C1988899A24" class="indent2"><num value="A">“(A) </num><content>whether any property which would not be qualified opportunity fund business property without regard to this subsection is qualified opportunity fund business property, and</content></subparagraph>
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<subparagraph id="idA1213F7CBE5E44D7AE5CBD030989C4CC" class="indent2"><num value="B">“(B) </num><content>whether any corporation or partnership which is not a qualified opportunity fund business without regard to this subsection is a qualified opportunity fund business,</content></subparagraph>
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<continuation class="indent0" role="paragraph">subparagraphs (B)(i)(I), (C)(i), and (D)(i)(I) of section 1400Z–2(d)(2) shall each be applied by substituting ‘the incident beginning date of the disaster described in section 1400Z–1(g)(5)(B) with respect to such qualified opportunity zone’ for ‘December 31, 2017’.</continuation></paragraph>
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<paragraph id="idC305B80182B44B00874C0A696B1E8C06" class="indent1"><num value="5">“(5) </num><heading><inline class="smallCaps">Eligible population census tract</inline>.—</heading><chapeau>For purposes of this subsection—</chapeau>
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<subparagraph role="definitions" id="id237CBB251EB3443E8BFBF8B8B8C50AB7" class="indent2"><num value="A">“(A) </num><heading><inline class="smallCaps">In general</inline>.—</heading><chapeau>The term ‘<term>eligible population census tract</term>’ means a population census tract which—</chapeau>
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<clause id="id679DD97FDE664D2D865DE576C53A94C3" class="indent3"><num value="i">“(i) </num><content>is a low-income community, and</content></clause>
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<clause id="id408B99C6494047CFB08DA463121EFFAD" class="indent3"><num value="ii">“(ii) </num><content>is part of a qualified disaster zone.</content></clause></subparagraph>
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<subparagraph id="idD27FD47ED8C347719ACA432B2B765E6D" class="indent2"><num value="B">“(B) </num><heading><inline class="smallCaps">Qualified disaster zone</inline>.—</heading>
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<clause role="definitions" id="idAD978C8DBEB84AB5BFD5B50101ABD89E" class="indent3"><num value="i">“(i) </num><heading><inline class="smallCaps">In general</inline>.—</heading><content>The term ‘<term>qualified disaster zone</term>’ means that portion of the Hurricane Florence disaster area, the Hurricane Michael disaster area, the Mendocino and Carr wildfire disaster area, and the Camp, Woolsey, and Hill wildfire disaster area which is determined by the President to warrant individual or individual and public assistance from the Federal Government under the Robert T. Stafford Disaster Relief and Emergency Assistance Act by reason of the hurricane or wildfires with respect to which the major disaster with respect to the area were declared.</content></clause>
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<clause role="definitions" id="id82f962e52b744daf896dbebdce92203e" class="indent3"><num value="ii">“(ii) </num><heading><inline class="smallCaps">Hurricane florence disaster area</inline>.—</heading><content>The term ‘<term>Hurricane Florence disaster area</term>’ means any area with respect to which a major disaster has been declared by the President before December 17, 2018, under section 401 of the Robert T. Stafford Disaster Relief and Emergency Assistance Act by reason of Hurricane Florence.</content></clause>
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<clause role="definitions" id="ida144ad52d544421b8024348decbacf19" class="indent3"><num value="iii">“(iii) </num><heading><inline class="smallCaps">Hurricane michael disaster area</inline>.—</heading><content>The term ‘<term>Hurricane Michael disaster area</term>’ means any area with respect to which a major disaster has been declared by the President before December 17, 2018, under section 401 of the Robert T. Stafford Disaster Relief and Emergency Assistance Act by reason of Hurricane Michael.</content></clause>
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<clause role="definitions" id="idea8f5fccb17e4accab851b371cba703b" class="indent3"><num value="iv">“(iv) </num><heading><inline class="smallCaps">Mendocino and carr wildfire disaster area</inline>.—</heading><content>The term ‘<term>Mendocino and Carr wildfire disaster area</term>’ means any area with respect to which between August 4, 2018, and December 17, 2018, a major disaster has been declared by the President under section 401 the Robert T. Stafford Disaster Relief and Emergency Assistance Act by reason of the wildfire in California commonly known as the Mendocino and Carr wildfires of 2018.</content></clause>
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<clause role="definitions" id="id8751221ea6cb4cf4b30d1007599a4598" class="indent3"><num value="v">“(v) </num><heading><inline class="smallCaps">Camp, woolsey, and hill wildfire disaster area</inline>.—</heading><content>The term ‘<term>Camp, Woolsey, and Hill wildfire disaster area</term>’ means any area with respect to which between November 12, 2018, and December 17, 2018, a major disaster has been declared by the President under section 401 of the Robert T. Stafford Disaster Relief and Emergency Assistance Act by reason of the wildfires in California commonly known as the Camp, Woolsey, and Hill wildfires of 2018.</content></clause></subparagraph>
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<subparagraph role="definitions" id="id9b6a651ac1e44ccaa0b7c749eab25dcc" class="indent2"><num value="C">“(C) </num><heading><inline class="smallCaps">Incident beginning date</inline>.—</heading><chapeau>The term ‘<term>incident beginning date</term>’ means—</chapeau>
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<clause id="id871E66E3F0F2416CB5455989F2C66119" class="indent3"><num value="i">“(i) </num><content>in the case of the Hurricane Florence disaster area, September 7, 2018,</content></clause>
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<clause id="id008521670ABF46DBAC5D0C547E20563A" class="indent3"><num value="ii">“(ii) </num><content>in the case of the Hurricane Michael disaster area, October 7, 2018,</content></clause>
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<clause id="id4B1FED46AF424FB6B98C5940DACEB055" class="indent3"><num value="iii">“(iii) </num><content>in the case of the Mendocino and Carr wildfire disaster area, July 23, 2018, and</content></clause>
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<clause id="id20FCA1E574D9495A95817730F16D7F4A" class="indent3"><num value="iv">“(iv) </num><content>in the case of the Camp, Woolsey, and Hill wildfire disaster area, November 8, 2018.”</content></clause></subparagraph></paragraph></subsection></quotedContent><inline role="after-quoted-block">.</inline></content></section></main><endMarker>○</endMarker></bill> |