Assembly Bill No. 1445 CHAPTER 380An act to add Article 11 (commencing with Section 50574) to Chapter 2 of Part 1 of Division 1 of Title 5 of the Government Code, relating to local government. [ Approved by Governor September 14, 2018. Filed with Secretary of State September 14, 2018. ] LEGISLATIVE COUNSEL'S DIGESTAB 1445, Reyes. Designated qualified opportunity zones: sale or lease of property.Existing law generally governs the sale or lease of property owned by a city or county under various circumstances, including, among others, surplus property and property sold for economic development purposes.Existing federal law authorizes the governor of a state to nominate a specified number of census tracts that meet certain requirements as a qualified opportunity zone and authorizes the Secretary of the Treasury to designate those tracts as qualified opportunity zones. Existing federal law provides certain federal tax incentives to a taxpayer who invests in a qualified opportunity fund, which is an investment vehicle organized for the purpose of investing in qualified opportunity zone property, as prescribed.This bill would direct a city or county to require a qualified opportunity zone fund to provide, as part of any transaction for the sale or lease of property owned by the city or county that is located within a designated qualified opportunity zone to a qualified opportunity zone fund for use as a qualified opportunity zone business property, a timeline for completion of the investment activity on the property and information relating to the development of the property, as specified. The bill would require that information to be posted on the city or countys Internet Web site. The bill would define various terms for these purposes.Digest Key Vote: MAJORITY Appropriation: NO Fiscal Committee: NO Local Program: NO Bill TextThe people of the State of California do enact as follows:SECTION 1. Article 11 (commencing with Section 50574) is added to Chapter 2 of Part 1 of Division 1 of Title 5 of the Government Code, to read: Article 11. Property Within Designated Qualified Opportunity Zones50574. (a) For purposes of this article, the following terms have the following meanings:(1) Designated qualified opportunity zone means a qualified opportunity zone, as defined in subsection (a) of Section 1400Z-1 of Title 26 of the United States Code, that has received a designation pursuant to that section.(2) Qualified opportunity zone business property has the same meaning as defined in subparagraph (D) of paragraph (2) of subsection (d) of Section 1400Z-2 of Title 26 of the United States Code.(3) Qualified opportunity zone fund has the same meaning as defined in subsection (d) of Section 1400Z-2 of Title 26 of the United States Code.(b) (1) A city or county shall require a qualified opportunity zone fund to provide all of the following as part of any transaction for the sale or lease to a qualified opportunity zone fund for use as a qualified opportunity zone business property of property owned by the city or county that is located within a designated qualified opportunity zone:(A) A timeline for completion of the investment activity on the property.(B) An estimation of the number of jobs that will be created as a result of the investment activity on the property.(C) A summary of local workforce utilization strategies that will be employed as part of the investment activity on the property.(2) A qualified opportunity zone fund shall provide the information required by paragraph (1) as part of its request for the sale or lease of property owned by the city or county.(3) A city or county shall not sell or lease property to a qualified opportunity zone fund unless the qualified opportunity zone fund has submitted the information required by paragraph (1).(c) The information required by paragraph (1) of subdivision (b) shall be posted on the city or countys Internet Web site.
Assembly Bill No. 1445 CHAPTER 380An act to add Article 11 (commencing with Section 50574) to Chapter 2 of Part 1 of Division 1 of Title 5 of the Government Code, relating to local government. [ Approved by Governor September 14, 2018. Filed with Secretary of State September 14, 2018. ] LEGISLATIVE COUNSEL'S DIGESTAB 1445, Reyes. Designated qualified opportunity zones: sale or lease of property.Existing law generally governs the sale or lease of property owned by a city or county under various circumstances, including, among others, surplus property and property sold for economic development purposes.Existing federal law authorizes the governor of a state to nominate a specified number of census tracts that meet certain requirements as a qualified opportunity zone and authorizes the Secretary of the Treasury to designate those tracts as qualified opportunity zones. Existing federal law provides certain federal tax incentives to a taxpayer who invests in a qualified opportunity fund, which is an investment vehicle organized for the purpose of investing in qualified opportunity zone property, as prescribed.This bill would direct a city or county to require a qualified opportunity zone fund to provide, as part of any transaction for the sale or lease of property owned by the city or county that is located within a designated qualified opportunity zone to a qualified opportunity zone fund for use as a qualified opportunity zone business property, a timeline for completion of the investment activity on the property and information relating to the development of the property, as specified. The bill would require that information to be posted on the city or countys Internet Web site. The bill would define various terms for these purposes.Digest Key Vote: MAJORITY Appropriation: NO Fiscal Committee: NO Local Program: NO
Assembly Bill No. 1445
CHAPTER 380
An act to add Article 11 (commencing with Section 50574) to Chapter 2 of Part 1 of Division 1 of Title 5 of the Government Code, relating to local government.
[ Approved by Governor September 14, 2018. Filed with Secretary of State September 14, 2018. ]
LEGISLATIVE COUNSEL'S DIGEST
## LEGISLATIVE COUNSEL'S DIGEST
AB 1445, Reyes. Designated qualified opportunity zones: sale or lease of property.
Existing law generally governs the sale or lease of property owned by a city or county under various circumstances, including, among others, surplus property and property sold for economic development purposes.Existing federal law authorizes the governor of a state to nominate a specified number of census tracts that meet certain requirements as a qualified opportunity zone and authorizes the Secretary of the Treasury to designate those tracts as qualified opportunity zones. Existing federal law provides certain federal tax incentives to a taxpayer who invests in a qualified opportunity fund, which is an investment vehicle organized for the purpose of investing in qualified opportunity zone property, as prescribed.This bill would direct a city or county to require a qualified opportunity zone fund to provide, as part of any transaction for the sale or lease of property owned by the city or county that is located within a designated qualified opportunity zone to a qualified opportunity zone fund for use as a qualified opportunity zone business property, a timeline for completion of the investment activity on the property and information relating to the development of the property, as specified. The bill would require that information to be posted on the city or countys Internet Web site. The bill would define various terms for these purposes.
Existing law generally governs the sale or lease of property owned by a city or county under various circumstances, including, among others, surplus property and property sold for economic development purposes.
Existing federal law authorizes the governor of a state to nominate a specified number of census tracts that meet certain requirements as a qualified opportunity zone and authorizes the Secretary of the Treasury to designate those tracts as qualified opportunity zones. Existing federal law provides certain federal tax incentives to a taxpayer who invests in a qualified opportunity fund, which is an investment vehicle organized for the purpose of investing in qualified opportunity zone property, as prescribed.
This bill would direct a city or county to require a qualified opportunity zone fund to provide, as part of any transaction for the sale or lease of property owned by the city or county that is located within a designated qualified opportunity zone to a qualified opportunity zone fund for use as a qualified opportunity zone business property, a timeline for completion of the investment activity on the property and information relating to the development of the property, as specified. The bill would require that information to be posted on the city or countys Internet Web site. The bill would define various terms for these purposes.
## Digest Key
## Bill Text
The people of the State of California do enact as follows:SECTION 1. Article 11 (commencing with Section 50574) is added to Chapter 2 of Part 1 of Division 1 of Title 5 of the Government Code, to read: Article 11. Property Within Designated Qualified Opportunity Zones50574. (a) For purposes of this article, the following terms have the following meanings:(1) Designated qualified opportunity zone means a qualified opportunity zone, as defined in subsection (a) of Section 1400Z-1 of Title 26 of the United States Code, that has received a designation pursuant to that section.(2) Qualified opportunity zone business property has the same meaning as defined in subparagraph (D) of paragraph (2) of subsection (d) of Section 1400Z-2 of Title 26 of the United States Code.(3) Qualified opportunity zone fund has the same meaning as defined in subsection (d) of Section 1400Z-2 of Title 26 of the United States Code.(b) (1) A city or county shall require a qualified opportunity zone fund to provide all of the following as part of any transaction for the sale or lease to a qualified opportunity zone fund for use as a qualified opportunity zone business property of property owned by the city or county that is located within a designated qualified opportunity zone:(A) A timeline for completion of the investment activity on the property.(B) An estimation of the number of jobs that will be created as a result of the investment activity on the property.(C) A summary of local workforce utilization strategies that will be employed as part of the investment activity on the property.(2) A qualified opportunity zone fund shall provide the information required by paragraph (1) as part of its request for the sale or lease of property owned by the city or county.(3) A city or county shall not sell or lease property to a qualified opportunity zone fund unless the qualified opportunity zone fund has submitted the information required by paragraph (1).(c) The information required by paragraph (1) of subdivision (b) shall be posted on the city or countys Internet Web site.
The people of the State of California do enact as follows:
## The people of the State of California do enact as follows:
SECTION 1. Article 11 (commencing with Section 50574) is added to Chapter 2 of Part 1 of Division 1 of Title 5 of the Government Code, to read: Article 11. Property Within Designated Qualified Opportunity Zones50574. (a) For purposes of this article, the following terms have the following meanings:(1) Designated qualified opportunity zone means a qualified opportunity zone, as defined in subsection (a) of Section 1400Z-1 of Title 26 of the United States Code, that has received a designation pursuant to that section.(2) Qualified opportunity zone business property has the same meaning as defined in subparagraph (D) of paragraph (2) of subsection (d) of Section 1400Z-2 of Title 26 of the United States Code.(3) Qualified opportunity zone fund has the same meaning as defined in subsection (d) of Section 1400Z-2 of Title 26 of the United States Code.(b) (1) A city or county shall require a qualified opportunity zone fund to provide all of the following as part of any transaction for the sale or lease to a qualified opportunity zone fund for use as a qualified opportunity zone business property of property owned by the city or county that is located within a designated qualified opportunity zone:(A) A timeline for completion of the investment activity on the property.(B) An estimation of the number of jobs that will be created as a result of the investment activity on the property.(C) A summary of local workforce utilization strategies that will be employed as part of the investment activity on the property.(2) A qualified opportunity zone fund shall provide the information required by paragraph (1) as part of its request for the sale or lease of property owned by the city or county.(3) A city or county shall not sell or lease property to a qualified opportunity zone fund unless the qualified opportunity zone fund has submitted the information required by paragraph (1).(c) The information required by paragraph (1) of subdivision (b) shall be posted on the city or countys Internet Web site.
SECTION 1. Article 11 (commencing with Section 50574) is added to Chapter 2 of Part 1 of Division 1 of Title 5 of the Government Code, to read:
### SECTION 1.
Article 11. Property Within Designated Qualified Opportunity Zones50574. (a) For purposes of this article, the following terms have the following meanings:(1) Designated qualified opportunity zone means a qualified opportunity zone, as defined in subsection (a) of Section 1400Z-1 of Title 26 of the United States Code, that has received a designation pursuant to that section.(2) Qualified opportunity zone business property has the same meaning as defined in subparagraph (D) of paragraph (2) of subsection (d) of Section 1400Z-2 of Title 26 of the United States Code.(3) Qualified opportunity zone fund has the same meaning as defined in subsection (d) of Section 1400Z-2 of Title 26 of the United States Code.(b) (1) A city or county shall require a qualified opportunity zone fund to provide all of the following as part of any transaction for the sale or lease to a qualified opportunity zone fund for use as a qualified opportunity zone business property of property owned by the city or county that is located within a designated qualified opportunity zone:(A) A timeline for completion of the investment activity on the property.(B) An estimation of the number of jobs that will be created as a result of the investment activity on the property.(C) A summary of local workforce utilization strategies that will be employed as part of the investment activity on the property.(2) A qualified opportunity zone fund shall provide the information required by paragraph (1) as part of its request for the sale or lease of property owned by the city or county.(3) A city or county shall not sell or lease property to a qualified opportunity zone fund unless the qualified opportunity zone fund has submitted the information required by paragraph (1).(c) The information required by paragraph (1) of subdivision (b) shall be posted on the city or countys Internet Web site.
Article 11. Property Within Designated Qualified Opportunity Zones50574. (a) For purposes of this article, the following terms have the following meanings:(1) Designated qualified opportunity zone means a qualified opportunity zone, as defined in subsection (a) of Section 1400Z-1 of Title 26 of the United States Code, that has received a designation pursuant to that section.(2) Qualified opportunity zone business property has the same meaning as defined in subparagraph (D) of paragraph (2) of subsection (d) of Section 1400Z-2 of Title 26 of the United States Code.(3) Qualified opportunity zone fund has the same meaning as defined in subsection (d) of Section 1400Z-2 of Title 26 of the United States Code.(b) (1) A city or county shall require a qualified opportunity zone fund to provide all of the following as part of any transaction for the sale or lease to a qualified opportunity zone fund for use as a qualified opportunity zone business property of property owned by the city or county that is located within a designated qualified opportunity zone:(A) A timeline for completion of the investment activity on the property.(B) An estimation of the number of jobs that will be created as a result of the investment activity on the property.(C) A summary of local workforce utilization strategies that will be employed as part of the investment activity on the property.(2) A qualified opportunity zone fund shall provide the information required by paragraph (1) as part of its request for the sale or lease of property owned by the city or county.(3) A city or county shall not sell or lease property to a qualified opportunity zone fund unless the qualified opportunity zone fund has submitted the information required by paragraph (1).(c) The information required by paragraph (1) of subdivision (b) shall be posted on the city or countys Internet Web site.
Article 11. Property Within Designated Qualified Opportunity Zones
Article 11. Property Within Designated Qualified Opportunity Zones
50574. (a) For purposes of this article, the following terms have the following meanings:(1) Designated qualified opportunity zone means a qualified opportunity zone, as defined in subsection (a) of Section 1400Z-1 of Title 26 of the United States Code, that has received a designation pursuant to that section.(2) Qualified opportunity zone business property has the same meaning as defined in subparagraph (D) of paragraph (2) of subsection (d) of Section 1400Z-2 of Title 26 of the United States Code.(3) Qualified opportunity zone fund has the same meaning as defined in subsection (d) of Section 1400Z-2 of Title 26 of the United States Code.(b) (1) A city or county shall require a qualified opportunity zone fund to provide all of the following as part of any transaction for the sale or lease to a qualified opportunity zone fund for use as a qualified opportunity zone business property of property owned by the city or county that is located within a designated qualified opportunity zone:(A) A timeline for completion of the investment activity on the property.(B) An estimation of the number of jobs that will be created as a result of the investment activity on the property.(C) A summary of local workforce utilization strategies that will be employed as part of the investment activity on the property.(2) A qualified opportunity zone fund shall provide the information required by paragraph (1) as part of its request for the sale or lease of property owned by the city or county.(3) A city or county shall not sell or lease property to a qualified opportunity zone fund unless the qualified opportunity zone fund has submitted the information required by paragraph (1).(c) The information required by paragraph (1) of subdivision (b) shall be posted on the city or countys Internet Web site.
50574. (a) For purposes of this article, the following terms have the following meanings:
(1) Designated qualified opportunity zone means a qualified opportunity zone, as defined in subsection (a) of Section 1400Z-1 of Title 26 of the United States Code, that has received a designation pursuant to that section.
(2) Qualified opportunity zone business property has the same meaning as defined in subparagraph (D) of paragraph (2) of subsection (d) of Section 1400Z-2 of Title 26 of the United States Code.
(3) Qualified opportunity zone fund has the same meaning as defined in subsection (d) of Section 1400Z-2 of Title 26 of the United States Code.
(b) (1) A city or county shall require a qualified opportunity zone fund to provide all of the following as part of any transaction for the sale or lease to a qualified opportunity zone fund for use as a qualified opportunity zone business property of property owned by the city or county that is located within a designated qualified opportunity zone:
(A) A timeline for completion of the investment activity on the property.
(B) An estimation of the number of jobs that will be created as a result of the investment activity on the property.
(C) A summary of local workforce utilization strategies that will be employed as part of the investment activity on the property.
(2) A qualified opportunity zone fund shall provide the information required by paragraph (1) as part of its request for the sale or lease of property owned by the city or county.
(3) A city or county shall not sell or lease property to a qualified opportunity zone fund unless the qualified opportunity zone fund has submitted the information required by paragraph (1).
(c) The information required by paragraph (1) of subdivision (b) shall be posted on the city or countys Internet Web site.