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H.R. 7242 - Disaster Recovery and Opportunity Act of 2018
Sponsor: Mark Meadows (R)
Introduced: 2018-12-10
Bill Status: Referred to the House Committee on Ways and Means.
 
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Full Text


115th CONGRESS
2d Session
H. R. 7242


    To amend the Internal Revenue Code of 1986 to allow certain areas affected by certain Federally declared disasters to be designated as opportunity zones.


IN THE HOUSE OF REPRESENTATIVES

December 10, 2018

    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 allow certain areas affected by certain Federally declared disasters to be designated as opportunity zones.

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 “Disaster Recovery and Opportunity Act of 2018”.

SEC. 2. Treatment as opportunity zones.

(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) Certain disaster zones.—

“(1) DESIGNATION.—With respect to a Federally declared disaster, the chief executive officer of a State may designate under this paragraph not more than 5 percent of the applicable disaster tracts in such State with respect to such disaster.

“(2) NO EFFECT ON LIMITATION ON NUMBER OF DESIGNATIONS.—An applicable disaster tract designated under paragraph (1) shall not be taken into account in determining the limitation under subsection (d).

“(3) APPLICABLE DISASTER TRACT.—The term ‘applicable disaster tract’ means, with respect to a Federally declared disaster, a population census tract in the disaster area related to such disaster.

“(4) FEDERALLY DECLARED DISASTER; DISASTER AREA.—In this subsection, the term ‘Federally declared disaster’ and the term ‘disaster area’ have the meaning given such terms in section 165(i).

“(5) APPLICABLE START DATE.—

“(A) QUALIFIED OPPORTUNITY FUND BUSINESSES AND PROPERTY.—In the case of an applicable disaster tract designated under paragraph (1), subparagraphs (B)(i)(I), (C)(i), and (D)(i)(I) of section 1400Z–2(d)(2) shall each be applied by substituting ‘the applicable start date’ for ‘December 31, 2017’.

“(B) EXTENSION OF DETERMINATION PERIOD.—In the case of an applicable disaster tract designated under paragraph (1), section (c)(2)(B) shall be applied by substituting ‘the applicable start date’ for ‘the date of the enactment of the Tax Cuts and Jobs Act’.

“(C) APPLICABLE START DATE.—The term ‘applicable start date’ means, with respect to a disaster area, the earliest incident date specified in the declaration to which such area relates.”.

(b) Effective date.—The amendments made by this section shall apply with respect to Federally declared disasters declared after the date of the enactment of this Act.


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