Allows certain census tracts with former military installations to be designated as qualified opportunity zones.
The Increasing Opportunity For Reindustrialization Act amends the Internal Revenue Code to permit certain population census tracts containing former military installations to be designated as qualified opportunity zones. These zones offer tax incentives to encourage investment and job creation. The bill exempts these specific census tracts from the usual limitations on the number of zones that can be designated. The changes apply to areas designated after the bill's enactment.
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