,i  #aaf? ,,congress  #a/ ,session  ,h4 
,r4 #ejaa  ,,9 ,,! ,,h\se ,,(           
,,repres5tatives  ,novemb] #h1 #bjai,mr4
 ,k9d 7= himself1 ,mr4 ,kelly (         
,p5nsylvania1 & ,ms4 ,sewell ( ,alabama7
 introduc$ ! foll[+ bill2 :i* 0 ref]r$  
to ! ,committee on ,ways & ,means  ,a   
,,bill  ,to am5d ! ,int]nal ,rev5ue     
,code ( #aihf to require report+ by     
qualifi$ opportunity funds4  #a4 ,%ort  
title ,?is ,act may be cit$ z !         
,opportunity ,zone ,acc\ntability &     
,transp>5cy ,act4  #b4 ,report+         
requirem5ts = qualifi$ opportunity funds
  7a7 ,9 g5]al ,subp>t ,a ( "p ,,iii (  
sub*apt] ,a ( *apt] #fa ( ! ,int]nal    
,rev5ue ,code ( #aihf is am5d$ by ins]t+
 aft] section #fjci;,j ! foll[+ new     
section3  #fjci,k4 ,returns by qualifi$ 
opportunity funds  7a7 ,9 g5]al ,e      
qualifi$ opportunity fund %all          
electronically file an annual return :i*
 conta9s ! in=mation describ$ 9         
subsection 7b74  7b7 ,in=mation requir$ 
,! in=mation describ$ 9 ?is subsection  

is z foll[s3 7#a7 ,fund in=mation  7,a7 
,! "n1 address1 & ,,t9 ( ! qualifi$     
opportunity fund4  7,b7 ,! entity       
classification ( ! qualifi$ opportunity 
fund1 su* z :e!r su* fund is a p>tn]%ip1
 ,c corporation1 ,s corporation1 or real
 e/ate inve/m5t tru/4  7,c7             
,c]tification t ! purpose ( ! qualifi$  
opportunity fund is inve/+ 9 qualifi$   
opportunity zone prop]ty4  7,d7 ,! total
 assets held by ! qualifi$ opportunity  
fund det]m9$ z ( ea* measurem5t date 9 !
 report+ p]iod4  7,e7 ,! aggregate am\nt
 ( ea* ( ! foll[+ :i* is held 9 !       
qualifi$ opportunity fund z ( ea*       
measurem5t date 9 ! report+ p]iod3  7i7 
,qualifi$ opportunity zone /ock4  7ii7  
,qualifi$ opportunity zone p>tn]%ip     
int]e/s4  7iii7 ,qualifi$ opportunity   
zone bus9ess prop]ty4  7,f7 ,z ( ea*    
measurem5t date 9 ! report+ p]iod1 !    
aggregate am\nt ( inve/m5ts 9 ! qualifi$
 opportunity fund :i* are describ$ 9    
section #adjj,z-#b7;e77#a77;,a77i7 & !  
ratio ( su* inve/m5ts to all inve/m5ts 9

 su* fund4  7#b7 ,in=mation reg>d+      
qualifi$ opportunity zone corporations &
 p>tn]%ips ,) respect to ea* corporation
 or p>tn]%ip any qualifi$ opportunity   
zone /ock or qualifi$ opportunity zone  
p>tn]%ip int]e/ ( :i* is held by !      
qualifi$ opportunity fund3  7,a7 ,! "n1 
address1 & ,,t9 ( ea* su* corporation or
 p>tn]%ip4  7,b7 ,c]tification t su*    
corporation or p>tn]%ip satisfies ea* ( 
! requirem5ts ( subclauses 7,i71 7,,ii71
 & 7,,iii7 ( section                    
#adjj,z-#b7;d77#b77;,b77i7 or clauses   
7i71 7ii71 & 7iii7 ( section            
#adjj,z-#b7;d77#b77;,c7 7z ! case may   
be7 ) respect to ! qualifi$ opportunity 
fund4  7,c7 ,! total inve/m5t by !      
qualifi$ opportunity fund 9 su*         
corporation or p>tn]%ip det]m9$ z ( ea* 
measurem5t date 9 ! report+ p]iod4  7,d7
 ,! p]c5tage ( /ock 9 su* corporation1  
or int]e/ 9 su* p>tn]%ip 7z ! case may  
be7 :i* is held by ! qualifi$           
opportunity fund 7det]m9$ sep>ately on !
 basis ( bo? vote & value7 z ( ea*      

measurem5t date 9 ! report+ p]iod4  7#c7
 ,in=mation reg>d+ qualifi$ opportunity 
zone bus9esses ,) respect to ea* trade  
or bus9ess c>ri$ on by any corporation  
or p>tn]%ip ref]r$ to 9 p>agraph 7#b7 & 
ea* trade or bus9ess ) respect to :i* ! 
qualifi$ opportunity fund holds qualifi$
 opportunity zone bus9ess prop]ty 7&    
det]m9$ z ( ea* measurem5t date 9 !     
report+ p]iod73  7,a7 ,! pr9cipal l9e ( 
bus9ess ( ! trade or bus9ess4  7,b7 ,)  
respect to any real prop]ty us$ 9 su*   
trade or bus9ess--  7i7 ! address ( su* 
real prop]ty1  7ii7 :e!r su* real       
prop]ty is own$ or leas$ by su*         
corporation1 p>tn]%ip1 or fund1  7iii7 !
 squ>e footage ( any build+s :i* are "p 
( su* real prop]ty1  7iv7 ! numb] (     
resid5tial units :i* are "p ( su* real  
prop]ty1 & ! numb] ( su* units :i* are  
r5tal units1 &  7v7 to ! ext5t kn[n by  
su* corporation1 p>tn]%ip1 or fund1 !   
numb] ( resid5tial r5tal units t are "p 
( su* prop]ty :i* are occupi$ by        
individuals ^: income is #ej p]c5t or   

less ( area m$ian gross income 7)9 !    
mean+ ( section #db7;g77#a77;,a774  7,c7
 ,) respect to any prop]ty held by su*  
corporation1 p>tn]%ip or fund1 & us$ 9  
su* trade or bus9ess1 ! qualifi$        
opportunity zone 9 :i* su* prop]ty is   
prim>ily us$ & ! aggregate value ( !    
inve/m5t 9 su* prop]ty us$ 9 su* zone1  
sep>ately /at$ ) respect to ea* ( !     
foll[+ categories ( prop]ty 7& sep>ately
 /at$ ) respect to ea* su* category on !
 basis ( :e!r su* prop]ty is own$ or    
leas$73  7i7 ,real prop]ty 7includ+     
improvem5ts to real prop]ty74  7ii7     
,improvem5ts to real prop]ty4  7iii7    
,tangible p]sonal prop]ty4  7iv7        
,intangible prop]ty 7exclud+ leases (   
real or tangible p]sonal prop]ty74  7v7 
,any o!r prop]ty4  7,d7 ,! numb] (      
employees 7/at$ 9 full-"t equival5ts7   
employ$ 9 su* trade or bus9ess4  7#d7   
,o!r in=mation ,su* o!r in=mation z !   
,secret>y may reasonably require4  7c7  
,def9itions & special rules ,= purposes 
( ?is section--  7#a7 ,9 g5]al ,any t]m 

us$ 9 ?is section :i* is also us$ 9     
sub*apt] ,z ( *apt] #a %all h ! mean+   
giv5 su* t]m 9 su* sub*apt]4  7#b7      
,measurem5t date ,! t]m measurem5t date 
means-- 7,a7 ! date ref]r$ to 9         
subp>agraph 7,a7 ( section              
#adjj,z-#b7;d77#a71 &  7,b7 ! date      
ref]r$ to 9 subp>agraph 7,b7 ( su*      
section4  7#c7 ,report+ p]iod ,! t]m    
report+ p]iod means ! taxable ye> = :i* 
! report "u ?is section is made4  7d7   
,regulations ,! ,secret>y %all prescribe
 su* regulations z may be necess>y to   
c>ry out ! purposes ( ?is section1      
includ+ ! "t & mann] ( fil+ ! return    
requir$ "u subsection 7a74  7e7 ,public 
availability ( returns ,annual returns  
fil$ "u ?is section %all be made        
available by ! ,secret>y to ! public z  
soon z practicable 9 a ma*9e readable   
=mat4 ,prior to mak+ any return         
available to ! public "u ?is subsection1
 ! ,secret>y %all r$act any individual's
 ,,t9 :i* appe>s 9 su* return4  4  7b7  
,p5alty = failure ,to file complete &   

correct return ,section #ffeb ( su*     
,code is am5d$ by add+ at ! end ! foll[+
 new subsection3  7q7 ,failure (        
qualifi$ opportunity fund ,to file      
correct in=mation return ,9 ! case ( a  
qualifi$ opportunity fund's failure to  
file a complete & correct return "u     
section #fjci,k at ! "t & 9 ! mann]     
prescrib$ !re=1 unless x is %[n t su*   
failure is due to reasonable cause & n  
to willful neglect1 !re %all be paid 7^u
 notice & dem& by ! ,secret>y & 9 ! same
 mann] z tax7 by su* fund #ejj = ea* day
 dur+ :i* su* failure cont9ues4 ,!      
maximum p5alty "u ?is subsection on     
failures ) respect to any #a return %all
 n exce$ #bjj1jjj4  4  7c7 ,collection &
 availability ( /ati/ical in=mation ,!  
,secret>y ( ! ,treasury1 or !           
,secret>y's designee %all-- 7#a7 collect
 & compile /ati/ical in=mation ) respect
 to ea* qualifi$ opportunity zone1      
includ+ ! numb] ( qualifi$ opportunity  
funds t h made an inve/m5t 9 ea*        
qualifi$ opportunity zone1 ! aggregate  

am\nt ( inve/m5t 9 ea* zone by qualifi$ 
opportunity funds1 & su* o!r metrics    
conc]n+ job creation1 pov]ty r$uction1 &
 community & economic developm5t t !    
,secret>y consid]s appropriate1 &  7#b7 
make su* in=mation available to ! public
 on an annual basis4  7d7 ,effective    
date ,! am5dm5ts made by ?is section    
%all apply to reports = taxable ye>s    
end+ aft] ! date ( ! enactm5t ( ?is     
,act4