,i  #aaf? ,,congress  #a/ ,session  ,h4 
,r4 #diii  ,,9 ,,! ,,h\se ,,(           
,,repres5tatives  ,novemb] #h1 #bjai,mr4
 ,johnson ( ,georgia 7= himself & ,mr4  
,ru%7 introduc$ ! foll[+ bill2 :i* 0    
ref]r$ to ! ,committee on ,ways & ,means
  ,a ,,bill  ,to am5d ! ,int]nal ,rev5ue
 ,code ( #aihf to require fairness &    
div]sity 9 opportunity zone inve/m5t4   
#a4 ,opportunity zone fairness &        
inclusion  7a7 ,9 g5]al ,section        
#adjj,z-#b7;d7 ( ! ,int]nal ,rev5ue     
,code ( #aihf is am5d$ by add+ at ! end 
! foll[+ new p>agraph3  7#d7            
,opportunity ,fund fairness & inclusion 
7,a7 ,9 g5]al ,a fund %all n be treat$ z
 a qualifi$ opportunity fund = purposes 
( ?is section unless su* fund--  7i7    
meets ! inve/m5t advisory bo>d          
requirem5ts ( subp>agraph 7,b71  7ii7   
meets ! inve/m5t div]sity requirem5ts ( 
subp>agraph 7,c71  7iii7 meets !        
af=dable h\s+ inve/m5t requirem5ts (    
subp>agraph 7,d71 &  7iv7 ) respect to  
ea* inve/m5t 9 an opportunity zone1     

assesses1 & prep>es a writt5 report     
detail+1 h[ su* inve/m5t w affect       
diff]5t racial & e?nic gr\ps )9 ! zone &
 submits su* report to ! ,committee on  
,ways & ,means ( ! ,h\se (              
,repres5tatives1 ! ,committee on ,f9ance
 ( ! ,s5ate1 & ! ,jo9t ,committee on    
,taxation4  7,b7 ,inve/m5t advisory bo>d
 ,! requirem5ts ( ?is subp>agraph %all n
 be treat$ z met ) respect to any fund  
unless su* fund has1 = ea* qualifi$     
opportunity zone )9 :i* ! fund inve/s 9 
qualifi$ opportunity zone prop]ty1 an   
inve/m5t advisory bo>d :i*--  7i7 is    
appo9t$ by ! local gov]nm5t ( !         
jurisdiction )9 :i* ! zone to :i* su*   
advisory bo>d relates is locat$1 &  7ii7
 advises ! fund 9 direct+ inve/m5ts 9 ! 
zone = ! b5efit ( ! zone4  7,c7         
,inve/m5t div]sity requirem5ts ,!       
requirem5ts ( ?is subp>agraph %all n be 
treat$ z met ) respect to any fund      
unless--  7i7 at lea/ #cj p]c5t ( !     
fund's qualifi$ opportunity zone prop]ty
 is qualifi$ opportunity zone prop]ty ) 

respect to an opportunity zone )9 a     
c\nty1 or local jurisdiction1 !         
population ( :i* is #bjj1jjj or less1   
7ii7 at lea/ #ej p]c5t ( ! fund's       
qualifi$ opportunity zone prop]ty       
consi/s ( int]e/s 9 p>tn]%ips1 & /ock ( 
corporations1 :i* are--  7,i7 small     
bus9ess conc]ns own$ & controll$ by wom5
 7)9 ! mean+ ( section #c7n7 ( ! ,small 
,bus9ess ,act 7#ae ,u4,s4,c4 #fcb7n771  
or  7,,ii7 small bus9ess conc]ns own$ & 
controll$ by socially & economically    
disadvantag$ individuals "u section     
#h7;d77#c77;,c7 ( su* ,act 7#ae         
,u4,s4,c4 #fcg7;d77#c77;,c771 &  7iii7  
at lea/ #dj p]c5t ( ! fund's qualifi$   
opportunity zone prop]ty consi/s (--    
7,i7 /ock 9 corporations1 int]e/s 9 a   
p>tn]%ips1 or o!r prop]ty1 ! value ( ea*
 ( :i* does n exce$ #bj million1 &      
7,,ii7 /ock 9 corporations1 or int]e/s 9
 p>tn]%ips1 ! price-e>n+s ratio ( ea* ( 
:i* is "u #e4  7,d7 ,af=dable h\s+      
inve/m5t requirem5ts ,! requirem5ts (   
?is subp>agraph %all n be treat$ z met )

 respect to any fund unless 9 ! case (  
any inve/m5t 9 qualifi$ opportunity zone
 prop]ty :i* consi/s ( a resid5tial     
prop]ty project1 at lea/ #bj p]c5t ( !  
units 9 ! project are occupi$ by        
individuals ^: income is--  7i7 n m ?an 
#cj p]c5t ( area m$ian gross income1 or 
7ii7 n m ?an #bjj p]c5t ( ! pov]ty l9e  
7z def9$ 9 section #fgc ( ! ,community  
,s]vices ,block ,grant ,act 7#db        
,u4,s4,c4 #iijb77 = a family ( ! size   
involv$4  7,e7 ,inve/m5t measurem5t ,=  
purposes ( ?is p>agraph1 p]c5tages (    
qualifi$ opportunity zone prop]ty held  
by a qualifi$ opportunity fund %all be  
det]m9$ "u rules simil> to ! rules (    
p>agraph 7#a74  7,f7 ,failure to meet   
requirem5t ,9 ! case ( a qualifi$       
opportunity fund :i* fails to meet any (
 ! requirem5ts ( ?is p>agraph1          
subsection 7b7 %all be appli$ by        
sub/itut+ ! date ( su* failure =        
,decemb] #ca1 #bjbf 9 p>agraph 7#a77;,b7
 !re(4  4  7b7 ,effective date ,!       
am5dm5t made by ?is section %all take   

effect on ! date ( ! enactm5t ( ?is     
,act4