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S 4606
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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.

Introduced May 20, 2026

Latest action (May 20, 2026) Read twice and referred to the Committee on Finance.

Referred to
Finance Committee
Policy area
Taxation
Issues
Economy & Taxes

Summary
  • Allows population census tracts containing closed Department of Defense installations from base realignment and closure rounds to be designated as qualified opportunity zones under the Internal Revenue Code.
  • Exempts former military installation census tracts from the requirement to meet low-income community criteria to qualify as opportunity zones.
  • Increases the number of qualified opportunity zones a state may designate by the number of former military installation tracts nominated for designation during each period.
  • Applies the changes to opportunity zone designations made after the bill's enactment date.

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)
2 cosponsors

Actions (2)
  1. May 20, 2026 Read twice and referred to the Committee on Finance. · senate
  2. 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.

  • S 4065 — Opportunity Zones Transparency, Extension, and Improvement Act · Introduced Dec 13, 2022 · Cong. 117 77%
  • HR 7820 — To amend the Internal Revenue Code of 1986 to modify the rules for investments in qualified opportunity funds, and for other purposes. · Introduced Mar 5, 2026 · Cong. 119 74%
  • HR 3687 — To amend the Internal Revenue Code of 1986 to renew and enhance opportunity zones, and for other purposes. · Introduced Jun 3, 2025 · Cong. 119 70%
  • S 2443 — Veterans Jobs Opportunity Act · Introduced Jul 24, 2025 · Cong. 119 66%
  • S 492 — Improve and Enhance the Work Opportunity Tax Credit Act · Introduced Feb 10, 2025 · Cong. 119 61%
  • HR 1298 — Veterans Jobs Opportunity Act · Introduced Feb 13, 2025 · Cong. 119 61%

Text versions (1)
  • Introduced in Senate · May 20, 2026

Only one text version is on file, so there’s no earlier version to compare against yet.

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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