,i #aafth ,,congress #ast ,session ,h4 ,r4 #ejaa ,,in ,,the ,,house ,,of ,,representatives ,november #h1 #bjai,mr4 ,kind 7for himself1 ,mr4 ,kelly of ,pennsylvania1 and ,ms4 ,sewell of ,alabama7 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 reporting by qualified opportunity funds4 #a4 ,short title ,this ,act may be cited as the ,opportunity ,zone ,accountability and ,transparency ,act4 #b4 ,reporting requirements for qualified opportunity funds 7a7 ,in general ,subpart ,a of part ,,iii of subchapter ,a of chapter #fa of the ,internal ,revenue ,code of #aihf is amended by inserting after section #fjci;,j the following new section3 #fjci,k4 ,returns by qualified opportunity funds 7a7 ,in general ,every qualified opportunity fund shall electronically file an annual return which contains the information described in subsection 7b74 7b7 ,information required ,the information described in this subsection is as follows3 7#a7 ,fund information 7,a7 ,the name1 address1 and ,,tin of the qualified opportunity fund4 7,b7 ,the entity classification of the qualified opportunity fund1 such as whether such fund is a partnership1 ,c corporation1 ,s corporation1 or real estate investment trust4 7,c7 ,certification that the purpose of the qualified opportunity fund is investing in qualified opportunity zone property4 7,d7 ,the total assets held by the qualified opportunity fund determined as of each measurement date in the reporting period4 7,e7 ,the aggregate amount of each of the following which is held in the qualified opportunity fund as of each measurement date in the reporting period3 7i7 ,qualified opportunity zone stock4 7ii7 ,qualified opportunity zone partnership interests4 7iii7 ,qualified opportunity zone business property4 7,f7 ,as of each measurement date in the reporting period1 the aggregate amount of investments in the qualified opportunity fund which are described in section #adjj,z-#b7;e77#a77;,a77i7 and the ratio of such investments to all investments in such fund4 7#b7 ,information regarding qualified opportunity zone corporations and partnerships ,with respect to each corporation or partnership any qualified opportunity zone stock or qualified opportunity zone partnership interest of which is held by the qualified opportunity fund3 7,a7 ,the name1 address1 and ,,tin of each such corporation or partnership4 7,b7 ,certification that such corporation or partnership satisfies each of the requirements of subclauses 7,i71 7,,ii71 and 7,,iii7 of section #adjj,z-#b7;d77#b77;,b77i7 or clauses 7i71 7ii71 and 7iii7 of section #adjj,z-#b7;d77#b77;,c7 7as the case may be7 with respect to the qualified opportunity fund4 7,c7 ,the total investment by the qualified opportunity fund in such corporation or partnership determined as of each measurement date in the reporting period4 7,d7 ,the percentage of stock in such corporation1 or interest in such partnership 7as the case may be7 which is held by the qualified opportunity fund 7determined separately on the basis of both vote and value7 as of each measurement date in the reporting period4 7#c7 ,information regarding qualified opportunity zone businesses ,with respect to each trade or business carried on by any corporation or partnership referred to in paragraph 7#b7 and each trade or business with respect to which the qualified opportunity fund holds qualified opportunity zone business property 7and determined as of each measurement date in the reporting period73 7,a7 ,the principal line of business of the trade or business4 7,b7 ,with respect to any real property used in such trade or business-- 7i7 the address of such real property1 7ii7 whether such real property is owned or leased by such corporation1 partnership1 or fund1 7iii7 the square footage of any buildings which are part of such real property1 7iv7 the number of residential units which are part of such real property1 and the number of such units which are rental units1 and 7v7 to the extent known by such corporation1 partnership1 or fund1 the number of residential rental units that are part of such property which are occupied by individuals whose income is #ej percent or less of area median gross income 7within the meaning of section #db7;g77#a77;,a774 7,c7 ,with respect to any property held by such corporation1 partnership or fund1 and used in such trade or business1 the qualified opportunity zone in which such property is primarily used and the aggregate value of the investment in such property used in such zone1 separately stated with respect to each of the following categories of property 7and separately stated with respect to each such category on the basis of whether such property is owned or leased73 7i7 ,real property 7including improvements to real property74 7ii7 ,improvements to real property4 7iii7 ,tangible personal property4 7iv7 ,intangible property 7excluding leases of real or tangible personal property74 7v7 ,any other property4 7,d7 ,the number of employees 7stated in full-time equivalents7 employed in such trade or business4 7#d7 ,other information ,such other information as the ,secretary may reasonably require4 7c7 ,definitions and special rules ,for purposes of this section-- 7#a7 ,in general ,any term used in this section which is also used in subchapter ,z of chapter #a shall have the meaning given such term in such subchapter4 7#b7 ,measurement date ,the term measurement date means-- 7,a7 the date referred to in subparagraph 7,a7 of section #adjj,z-#b7;d77#a71 and 7,b7 the date referred to in subparagraph 7,b7 of such section4 7#c7 ,reporting period ,the term reporting period means the taxable year for which the report under this section is made4 7d7 ,regulations ,the ,secretary shall prescribe such regulations as may be necessary to carry out the purposes of this section1 including the time and manner of filing the return required under subsection 7a74 7e7 ,public availability of returns ,annual returns filed under this section shall be made available by the ,secretary to the public as soon as practicable in a machine readable format4 ,prior to making any return available to the public under this subsection1 the ,secretary shall redact any individual's ,,tin which appears in such return4 4 7b7 ,penalty for failure ,to file complete and correct return ,section #ffeb of such ,code is amended by adding at the end the following new subsection3 7q7 ,failure of qualified opportunity fund ,to file correct information return ,in the case of a qualified opportunity fund's failure to file a complete and correct return under section #fjci,k at the time and in the manner prescribed therefor1 unless it is shown that such failure is due to reasonable cause and not to willful neglect1 there shall be paid 7upon notice and demand by the ,secretary and in the same manner as tax7 by such fund #ejj for each day during which such failure continues4 ,the maximum penalty under this subsection on failures with respect to any #a return shall not exceed #bjj1jjj4 4 7c7 ,collection and availability of statistical information ,the ,secretary of the ,treasury1 or the ,secretary's designee shall-- 7#a7 collect and compile statistical information with respect to each qualified opportunity zone1 including the number of qualified opportunity funds that have made an investment in each qualified opportunity zone1 the aggregate amount of investment in each zone by qualified opportunity funds1 and such other metrics concerning job creation1 poverty reduction1 and community and economic development that the ,secretary considers appropriate1 and 7#b7 make such information available to the public on an annual basis4 7d7 ,effective date ,the amendments made by this section shall apply to reports for taxable years ending after the date of the enactment of this ,act4