July 30, 2026
Mr. Steube (for himself and Mr. Thompson of California) introduced the following bill; which was referred to the Committee on Ways and Means
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.
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.