Increasing Opportunity For Reindustrialization Act

[Congressional Bills 119th Congress] [From the U.S. Government Publishing Office] [S. 4606 Introduced in Senate (IS)]

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119th CONGRESS 2d Session S. 4606

To amend the Internal Revenue Code of 1986 to permit certain population census tracts containing former military installations to be designated as qualified opportunity zones.

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IN THE SENATE OF THE UNITED STATES

May 20, 2026

Mr. McCormick (for himself and Mr. Schatz) introduced the following bill; which was read twice and referred to the Committee on Finance

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A BILL

To amend the Internal Revenue Code of 1986 to permit certain population census tracts containing former military installations to be designated as qualified 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 ``Increasing Opportunity For Reindustrialization Act''.

SEC. 2. CERTAIN AREAS CONTAINING FORMER MILITARY INSTALLATIONS ELIGIBLE FOR DESIGNATION AS QUALIFIED OPPORTUNITY ZONES.

(a) In General.--Section 1400Z-1(c)(1) of the Internal Revenue Code of 1986 is amended-- (1) by striking ``or'' at the end of subparagraph (A)(ii), (2) by striking the period at the end of subparagraph (B)(ii)(II), and (3) by adding at the end the following new subparagraph: ``(C) such population census tract contains any portion of a former installation, facility, or entity of the Department of Defense closed pursuant to a base realignment and closure round.''. (b) Designations Exempted From Limitation.--Section 1400Z-1(d) of the Internal Revenue Code of 1986 is amended by adding at the end the following new subparagraph: ``(3) Special rule for population census tracts containing former military installations.--For purposes of applying paragraphs (1) and (2)-- ``(A) a population census tract which is described in subsection (c)(1)(C) and which does not meet the requirements of subparagraph (A) or (B) of subsection (c)(1) shall not be treated as a low-income community, and ``(B) the number of population census tracts in a State that may be designated as qualified opportunity zones under this section during any period (determined after application of paragraphs (1) and (2)) shall be increased by the number of population census tracts described in subsection (c)(1)(C) and nominated for designation as qualified opportunity zones during such period.''. (c) Effective Date.--The amendments made by this subsection shall apply to areas designated under section 1400Z-1 of the Internal Revenue Code of 1986 after the date of the enactment of this Act. <all>