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S. 2994: IMPACT Act

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S. 2994: IMPACT Act

116th Congress · introduced 2019-12-05 · Taxation · Latest: Read twice and referred to the Committee on Finance.

federal

Follow this bill, step by step

  1. Where it came from: introduced 2019-12-05 · official record
  2. Who proposed it: Sen. Scott, Tim [R-SC] · what a sponsor is
  3. What happened next: no floor votes in our records yet. Why?
  4. Where it stands now: Read twice and referred to the Committee on Finance. Not final yet: this can still change. We check for updates every day.
  5. If it becomes law and spends money: follow the money to money laws, then agencies and contracts and grants.

What does this mean?

Official title

IMPACT Act

Plain summary

Improving and Reinstating the Monitoring, Prevention, Accountability, Certification, and Transparency Provisions of Opportunity Zones or the IMPACT Act This bill provides statutory authority for annual reporting requirements by qualified opportunity funds and taxpayers investing in such funds and sets forth the information required in the reports. The bill imposes penalties for failure to comply with such reporting requirements. The bill requires the Department of the Treasury to make publicly available annual reports on qualified opportunity funds, including, among other things, the number of such funds and the aggregate amount of assets held in such funds. Treasury must also provide additional information in every fifth year on the impacts and outcomes of a designation of a census tract as a qualified opportunity zone using specified economic indicators. Treasury must also establish procedures to protect against disclosure of return information that can be associated with any particular taxpayer or competitive or proprietary information.

Congressional Research Service summary (Introduced in Senate), quoted unchanged (nonpartisan). Read the source.

What a vote does

A “Yea” vote

If it passes both chambers and is signed, it becomes law.

A “Nay” vote

If it is not passed, current law stays as it is.

PSI Sci description of the legislative step (not an opinion).

What does this mean? (plain words)

Official text

IMPACT Act

Source: Congressional Research Service summary (Introduced in Senate)

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The strongest published arguments

Arguments for (supporters)

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Arguments against (opponents)

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Alternatives

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How did my representative vote? · This bill's floor votes

Officials and money

Sponsor: Sen. Scott, Tim [R-SC] · 12 cosponsors

Cost estimate: No cost estimate published yet.

Cosponsors on this site

Chuck Grassley (R-IA), Todd Young (R-IN), Joni Ernst (R-IA), Bill Cassidy (R-LA), Shelley Moore Capito (R-WV), James Lankford (R-OK)

Sponsor's campaign money: Sen. Scott, Tim [R-SC] reported raising $6.7 million (2025–2026). Details. Shown for context only; it does not mean any donor supported this bill.

No linked floor roll calls in our collected records yet. This does not mean the bill has never had a vote. Check the official bill history.

Words on this page, explained (2)
Bill
A proposed law. It becomes law only if it passes the legislature and is signed by the president or governor (or a veto is overridden).
Statute
A written law passed by a legislature. A statute can be changed by a later law; changing a constitution needs an amendment.

Plain meanings written from linked sources. All words.

Sources

Record fed-us-cong116-s2994 · catalog fed-us-congress-bills-cong116 · updated 2026-11-15 by psicol fed-bills-cong116