To amend the Internal Revenue Code of 1986 to provide a special rule for designating former industrial tracts contiguous to designated opportunity zones, and for other purposes.
About This Bill
Committee
Latest Action · March 21, 2022
Referred to the House Committee on Ways and Means.
Rust to Revitalization Act of 2022
This bill sets forth a special rule for the certification and designation of a population census tract as a qualified opportunity zone. The population census tract must have a population of zero, was previously used for industrial purposes and is a brownfield industrial site, and is contiguous, including by water, to a population census tract that has been designated as a qualified opportunity zone.
A qualified opportunity zone is an economically distressed community where new investments, under certain conditions, may be eligible for preferential tax treatment.
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