Senate bill opens Opportunity Zone tax breaks to former military bases

What does this do?

S 4606 would expand the Opportunity Zones program to include areas where military bases were closed through the official base realignment and closure process, even if those areas do not meet the program's existing low-income requirements. Former military base sites would also be exempt from the cap that limits how many Opportunity Zones each state can designate, meaning states could add them on top of their current allowance.

Who does it affect?

Residents and local governments in communities that lost a military base through the base realignment and closure process are most directly affected. Investors, real estate developers, and businesses considering activity in those areas would also be affected, as would states administering their Opportunity Zone designations.

Why does it matter?

Communities that lose a military base typically also lose associated jobs and economic activity. Extending Opportunity Zone eligibility to these areas could change where private investment flows and how former base properties are redeveloped.

Where does it stand?