Increasing Opportunity For Reindustrialization Act

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

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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 described 
                in subsection (c)(1)(C) and which does not meet the 
                requirements of subparagraph (A) or (B) of subsection 
                (c)(1) shall not be treated as a low-income community, 
                and
                    ``(B) the number of population census tracts in a 
                State that may be designated as qualified opportunity 
                zones under this section during any period (determined 
                after application of paragraphs (1) and (2)) shall be 
                increased by the number of population census tracts 
                described in subsection (c)(1)(C) and nominated for 
                designation as qualified opportunity zones during such 
                period.''.
    (c) Effective Date.--The amendments made by this subsection shall 
apply to areas designated under section 1400Z-1 of the Internal Revenue 
Code of 1986 after the date of the enactment of this Act.
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