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 county's Internet Web site. The bill would define various terms for these purposes.