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Increasing Opportunity For Reindustrialization Act
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.
Summary
This bill amends the tax code to allow areas containing closed military installations to be designated as qualified opportunity zones, which offer tax incentives for investment and economic development. Currently, qualified opportunity zones must be located in low-income communities, but this bill allows census tracts with former military bases to be designated regardless of income level. The bill also increases the number of qualified opportunity zones each state can designate by allowing additional zones equal to the number of former military installation areas nominated for designation. These changes apply to designations made after the bill's enactment.
AI-generated plain-language summary of the bill text — neutral, and may be imperfect. See the full text below for the exact wording.
Sponsor (1)
- Sen. McCormick, David [R-PA] (R-PA)
2 cosponsors
Actions (2)
- May 20, 2026 Read twice and referred to the Committee on Finance. · senate
- May 20, 2026 Introduced in Senate
Similar bills (6)
Bills with similar text or summary — includes reintroductions across Congresses. Ranked by semantic similarity of the bill text (computed locally); a neutral discovery aid, not a claim the bills are duplicates.
Full text
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. <all>
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