The Qualified Opportunity Zone (QOZ) program, enacted in the 2017 tax reform legislation (the Act), has triggered developments in Congress and the Administration. Several bills have been introduced that are intended to strengthen reporting requirements, while bills by Senate Finance Committee Ranking Member Ron Wyden (D-OR) and others call for substantive changes to the Act's provisions.
The bills would add additional reporting requirements for qualified opportunity funds (QOFs), including detailed information about the assets and businesses a QOF holds. Also, the Wyden and other bills would make major changes to the QOZ incentive and the program as a whole. Congressional action on some of these proposals remains uncertain.