,i  #aafth ,,congress  #ast ,session    
,h4 ,r4 #diii  ,,in ,,the ,,house ,,of  
,,representatives  ,november #h1        
#bjai,mr4 ,johnson of ,georgia 7for     
himself and ,mr4 ,rush7 introduced the  
following bill2 which was referred to   
the ,committee on ,ways and ,means  ,a  
,,bill  ,to amend the ,internal ,revenue
 ,code of #aihf to require fairness and 
diversity in opportunity zone           
investment4  #a4 ,opportunity zone      
fairness and inclusion  7a7 ,in general 
,section #adjj,z-#b7;d7 of the ,internal
 ,revenue ,code of #aihf is amended by  
adding at the end the following new     
paragraph3  7#d7 ,opportunity ,fund     
fairness and inclusion  7,a7 ,in general
 ,a fund shall not be treated as a      
qualified opportunity fund for purposes 
of this section unless such fund--  7i7 
meets the investment advisory board     
requirements of subparagraph 7,b71  7ii7
 meets the investment diversity         
requirements of subparagraph 7,c71      
7iii7 meets the affordable housing      

investment requirements of subparagraph 
7,d71 and  7iv7 with respect to each    
investment in an opportunity zone1      
assesses1 and prepares a written report 
detailing1 how such investment will     
affect different racial and ethnic      
groups within the zone and submits such 
report to the ,committee on ,ways and   
,means of the ,house of                 
,representatives1 the ,committee on     
,finance of the ,senate1 and the ,joint 
,committee on ,taxation4  7,b7          
,investment advisory board ,the         
requirements of this subparagraph shall 
not be treated as met with respect to   
any fund unless such fund has1 for each 
qualified opportunity zone within which 
the fund invests in qualified           
opportunity zone property1 an investment
 advisory board which--  7i7 is         
appointed by the local government of the
 jurisdiction within which the zone to  
which such advisory board relates is    
located1 and  7ii7 advises the fund in  
directing investments in the zone for   

the benefit of the zone4  7,c7          
,investment diversity requirements ,the 
requirements of this subparagraph shall 
not be treated as met with respect to   
any fund unless--  7i7 at least #cj     
percent of the fund's qualified         
opportunity zone property is qualified  
opportunity zone property with respect  
to an opportunity zone within a county1 
or local jurisdiction1 the population of
 which is #bjj1jjj or less1  7ii7 at    
least #ej percent of the fund's         
qualified opportunity zone property     
consists of interests in partnerships1  
and stock of corporations1 which are--  
7,i7 small business concerns owned and  
controlled by women 7within the meaning 
of section #c7n7 of the ,small ,business
 ,act 7#ae ,u4,s4,c4 #fcb7n771 or       
7,,ii7 small business concerns owned and
 controlled by socially and economically
 disadvantaged individuals under section
 #h7;d77#c77;,c7 of such ,act 7#ae      
,u4,s4,c4 #fcg7;d77#c77;,c771 and  7iii7
 at least #dj percent of the fund's     

qualified opportunity zone property     
consists of-- 7,i7 stock in             
corporations1 interests in a            
partnerships1 or other property1 the    
value of each of which does not exceed  
#bj million1 and  7,,ii7 stock in       
corporations1 or interests in           
partnerships1 the price-earnings ratio  
of each of which is under #e4  7,d7     
,affordable housing investment          
requirements ,the requirements of this  
subparagraph shall not be treated as met
 with respect to any fund unless in the 
case of any investment in qualified     
opportunity zone property which consists
 of a residential property project1 at  
least #bj percent of the units in the   
project are occupied by individuals     
whose income is--  7i7 not more than #cj
 percent of area median gross income1 or
  7ii7 not more than #bjj percent of the
 poverty line 7as defined in section    
#fgc of the ,community ,services ,block 
,grant ,act 7#db ,u4,s4,c4 #iijb77 for a
 family of the size involved4  7,e7     

,investment measurement ,for purposes of
 this paragraph1 percentages of         
qualified opportunity zone property held
 by a qualified opportunity fund shall  
be determined under rules similar to the
 rules of paragraph 7#a74  7,f7 ,failure
 to meet requirement ,in the case of a  
qualified opportunity fund which fails  
to meet any of the requirements of this 
paragraph1 subsection 7b7 shall be      
applied by substituting the date of such
 failure for ,december #ca1 #bjbf in    
paragraph 7#a77;,b7 thereof4  4  7b7    
,effective date ,the amendment made by  
this section shall take effect on the   
date of the enactment of this ,act4