Bipartisan Group of Senators Introduces Bill to Expand Opportunity Zones

On November 15, Sens. Richard Burr (R-NC), Dianne Feinstein (D-CA), Lindsay Graham (R-SC), Kamala Harris (D-CA), Bill Nelson (D-FL), Marco Rubio (R-FL), and Thom Tillis (R-NC) introduced the “Hurricanes Florence and Michael and California Wildfire Tax Relief Act” (S. 3648). The bill, in addition to providing tax relief for victims of the natural disasters like an employment credit and tax-favored withdrawals from retirement plans, would designate all of the applicable disaster zones as an Opportunity Zones. The measure has been referred to the Senate Committee on Finance. It is unlikely to be considered in the waning days of the 115th Congress but will likely be introduced again in the 116th Congress.