Increasing Opportunity For Reindustrialization Act

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.

Section 1400Z–1(d) of the Internal Revenue Code of 1986 is amended by adding at the end the following new subparagraph:

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.

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.