HB 2863
Allows a subtraction from federal taxable income of the gain from the sale of opportunity zone property, defined as property in a low-income census tract developed for affordable housing and held for a stated period of time.
| Status | In House Committee (HHOUSH) |
| Sponsors | Paul Evans (Democrat) (Chief) |
| Fiscal impact | May have fiscal impact, but no statement yet issued |
| Revenue impact | May have revenue impact, but no statement yet issued |
Bill Text
This bill allows a tax subtraction for gains from the sale of opportunity zone property in low-income census tracts developed for affordable housing held for a specified period.
Sponsors#
Chief Sponsors: Paul Evans
Overview#
Digest: The Act exempts gain on the sale of certain property in a low-income census tract from tax. (Flesch Readability Score: 70.1). Allows a subtraction from federal taxable income of the gain from the sale of opportunity zone property, defined as property in a low-income census tract developed for affordable housing and held for a stated period of time. Applies to tax years beginning on or after January 1, 2025, and before January 1, 2031. Takes effect on the 91st day following adjournment sine die.
Legislative History
| Date | Chamber | Action |
|---|---|---|
| 2025-01-13 | H | First reading. Referred to Speaker's desk. |
| 2025-01-17 | H | Referred to Housing and Homelessness with subsequent referral to Revenue. |
| 2025-06-27 | H | In committee upon adjournment. |