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.
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.
Introduced in House
Introduced in House
Referred to the House Committee on Ways and Means.
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