Senate Republicans Release Opportunity Zone Reporting Bill

A group of Senate Republicans released a bill to beef up transparency requirements for the 2017 tax law’s opportunity zones incentives, the latest in a series of measures aimed at reforming the perk.

Sen. Tim Scott (S.C.), one of the authors of the tax break ahead of the 2017 law, unveiled the bill Dec. 6 along with Senate Finance Committee Chairman Chuck Grassley (Iowa) and six other Republicans.

• The measure would impose a monetary penalty on investors getting the capital gains tax breaks if they don’t comply with the bill’s reporting requirements.
• Those investors can defer and ...