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.

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