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Tipton Introduces the Opportunity Zone Extension Act

April 15, 2020
Press Release

WASHINGTON, D.C.—Congressman Scott Tipton (CO-03) joined several House colleagues in introducing H.R.6513, “The Opportunity Zone Extension Act,” a bill that would extend the opportunity zone provisions that were part of the Tax Cuts and Jobs Act.  The proposed legislation would extend the program from 2026 to 2030 and provide additional opportunities for investors to participate in the Opportunity Zones program. The Opportunity Zones program designates economically-distressed communities and encourages private investment and economic growth in those areas. 

“Rural Colorado communities often struggle to achieve and sustain economic growth under normal circumstances. Opportunity Zones can play a critical role in bringing new businesses to these communities, and new investments will be as crucial as ever in the recovery following the COVID-19 outbreak," said Tipton. "In a time of such uncertainty for many families and businesses, extending the realization date for Opportunity Zone investment just makes sense.”

The Opportunity Zone Extension Act would change the date for investment gains in opportunity zones to be realized from December 31, 2026 to December 31, 2030. This will allow investors additional time to invest in qualifying communities and access the incentives that were signed into law with the Tax Cuts and Jobs Act.

Read the text of the bill here.