Reps. Steube, Thompson Introduce Bipartisan Legislation to Support Redevelopment of Former Military Installations
WASHINGTON–U.S. Representatives Greg Steube (R-Fla.) and Mike Thompson (D-Calif.) today introduced the Increasing Opportunity for Reindustrialization Act, bipartisan legislation that would help communities redevelop former military installations. The bill expands Qualified Opportunity Zone (QOZ) designation to include Base Realignment and Closure (BRAC) sites. It allows states to nominate these areas for QOZ eligibility without counting them against the current cap on eligible Opportunity Zone tracts. The bill is carried in the Senate by Sens. Dave McCormick (R-Penn.) and Brian Schatz (D-Hawaii).
“As the only active-duty veteran in the House Republican Conference serving on Ways and Means, I’ve seen firsthand what these communities give to our national defense, and I know what it takes to help them rebuild when a base closes,” said Rep. Greg Steube. “This bill gives states a tool to attract private investment into these communities without taking opportunity away from any other zone already on the map.”
Since 1988, the Department of War has conducted five rounds of BRAC, closing or realigning hundreds of military installations nationwide. Many of these communities continue to face economic challenges including job losses, declining tax revenues, and the cost of redeveloping aging infrastructure.
BRAC sites often include substantial existing infrastructure, transportation access, and developable land well-suited to advance manufacturing, logistics, energy production, and other economic activity. Expanding Opportunity Zone eligibility to these areas is intended to encourage long-term private investment and accelerate redevelopment in communities affected by base closures.
The Increasing Opportunity for Reindustrialization Act retains the requirement that states nominate BRAC locations for designation, while ensuring these tracts do not count against the total number of QOZs currently allowed under law.
The full text of the Increasing Opportunity for Reindustrialization Act is available here.
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