Economic Opportunity for Distressed Communities Act

[Congressional Bills 119th Congress] [From the U.S. Government Publishing Office] [H.R. 2292 Introduced in House (IH)] <DOC> 119th CONGRESS 1st Session H. R. 2292 To amend the Internal Revenue Code of 1986 to establish special rules for capital gains invested in brownfield and superfund sites. _______________________________________________________________________ IN THE HOUSE OF REPRESENTATIVES March 24, 2025 Mr. Edwards (for himself and Ms. Crockett) 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 establish special rules for capital gains invested in brownfield and superfund sites. 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 ``Economic Opportunity for Distressed Communities Act''. SEC. 2. ESTABLISHMENT OF SPECIAL RULES FOR CAPITAL GAINS INVESTED IN DISTRESSED OPPORTUNITY ZONES. (a) In General.--Subchapter Z of chapter 1 of the Internal Revenue Code of 1986 is amended by adding at the end the following new section: ``SEC. 1400Z-3. SPECIAL RULES FOR CAPITAL GAINS INVESTED IN DISTRESSED OPPORTUNITY ZONES. ``(a) In General.-- ``(1) Treatment of gains.--In the case of capital gains from the sale to, or exchange with, an unrelated person of any property held by the taxpayer, at the election of the taxpayer-- ``(A) gross income for the taxable year shall not include so much of such gain as does not exceed the aggregate amount invested by the taxpayer in a qualified distressed opportunity fund during the 180- day period beginning on the date of such sale or exchange, ``(B) the amount of gain excluded by subparagraph (A) shall be included in gross income as provided by subsection (b), and ``(C) subsection (c) shall apply. ``(2) Election.--No election may be made under paragraph (1)-- ``(A) with