This bill modifies the tax code to allow areas surrounding closed military bases to be designated as "qualified opportunity zones," which are special economic areas that offer tax incentives to encourage investment and business development. Currently, opportunity zones can only be designated in low-income communities, but this bill would create an exception for census tracts containing former Department of Defense installations that were closed through the military base realignment and closure process, regardless of whether those areas meet low-income thresholds. The legislation would also increase the number of opportunity zones each state can designate by allowing additional zones in these military installation areas. The changes take effect after the bill is signed into law and would apply to all future opportunity zone designations. This is intended to help revitalize communities economically disrupted by military base closures by making them more attractive to investors through favorable tax treatment.
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