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Tax Breaks for Banks Supporting Opportunity Zone Businesses

This new law aims to encourage banks to lend money to businesses located in designated investment zones. Interest earned by banks on these loans may be excluded from their taxable income, which is intended to boost local business growth and job creation in these areas. Citizens may indirectly benefit from economic revitalization in their communities.
Key points
Banks can exclude interest income from loans to qualified opportunity zone businesses from their taxable income, up to $5 million annually.
The goal is to stimulate economic development and create new jobs in areas needing investment.
These changes apply to tax years beginning after the law is enacted.
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Status:
Expired
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Additional Information
Print number: 118_HR_4055
Sponsor: Rep. Barr, Andy [R-KY-6]
Process start date: 2023-06-13
System Note: Lustra is free, publicly auditable civic infrastructure, with full source code available on GitHub. You are reading sterilized legislative data, processed by our radical neutrality engine to strip political spin and retain factual mechanics. We process only official government data. Original documents remain the authoritative source, always verify them if you can.
Summarized by: gemini-2.5-flash-preview-05-20
Source data: api.congress.gov
AI work logs for this document launch

OFFICIAL LEGAL TITLE

Opportunity Zones Enhancement Act of 2023

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 118_HR_4055.

Which chamber initiated this legislation?

This legislation was initiated in the House of Representatives.

When did the legislative process begin?

The process officially started on 2023-06-13.

What are the main provisions?

Key points include:

  • Banks can exclude interest income from loans to qualified opportunity zone businesses from their taxable income, up to $5 million annually.
  • The goal is to stimulate economic development and create new jobs in areas needing investment.
  • These changes apply to tax years beginning after the law is enacted.
What is the specific legal status?

The current status is Expired.

Where can I read the full text of this legislation?

The full official text is available at: View full text

Who is the primary sponsor?

The primary sponsor is Rep. Barr, Andy [R-KY-6].

What is the latest detailed status?

The latest detailed status is: Referred to the House Committee on Ways and Means.

Is this summary verified?

Yes. This content was analyzed by AI and verified by the Lustra Judge System on 2025-12-25.

What is the impact of this bill?

We don't know, that is up to you to decide. Summarizing raw data with AI is fundamentally different from predicting socio-economic outcomes. As of 2026, we believe impact assessment strictly requires a human in the loop to verify and judge.

CATEGORIES

Taxes Economy Public Investments