,i  #aaf? ,,congress  #a/ ,session  ,h4 
,r4 #ejdb  ,,9 ,,! ,,h\se ,,(           
,,repres5tatives  ,novemb] #ab1         
#bjai,mr4 ,clyburn 7= himself1 ,ms4     
,adams1 & ,mr4 ,clay7 introduc$ ! foll[+
 bill2 :i* 0 ref]r$ to ! ,committee on  
,ways & ,means  ,a ,,bill  ,to am5d !   
,int]nal ,rev5ue ,code ( #aihf to re=m  
rules relat$ to qualifi$ opportunity    
zones4  #a4 ,%ort title ,?is ,act may be
 cit$ z ! ,opportunity ,zone ,re=m ,act4
  #b4 ,modification ( tracts qualifi$ to
 be designat$ z qualifi$ opportunity    
zones  7a7 ,disqualification ( c]ta9    
c5sus tracts  7#a7 ,c5sus tracts ) high 
m$ian family income ,p>agraph 7#a7 (    
section #adjj,z-#a7;c7 ( ! ,int]nal     
,rev5ue ,code ( #aihf is am5d$ to read z
 foll[s3  7#a7 ,l[-income communities   
7,a7 ,9 g5]al ,except z provid$ 9       
subp>agraph 7,b71 ! t]m l[-income       
community has ! same mean+ z :5 us$ 9   
section #de;,d7e74  7,b7 ,exception  7i7
 ,9 g5]al ,su* t]m %all n include any   
c5sus tract if ! m$ian family income =  

su* tract exce$s #abj p]c5t ( ! national
 m$ian family income 7z det]m9$ bas$ !  
mo/ rec5t data publi%$ by ! ,bureau ( ! 
,c5sus on ! date ( ! enactm5t ( !       
,opportunity ,zone ,re=m ,act74  7ii7   
,special rule ,clause 7i7 %all n apply  
to any c5sus tract if-- 7,i7 ! pov]ty   
rate = su* tract is at lea/ #bj p]c5t1 &
  7,,ii7 less ?an #aj p]c5t ( !         
population ( su* tract is enroll$ 9 an  
in/itution ( high] education 7z def9$ 9 
section #aja ( ! ,high] ,education ,act 
( #aife74  4  7#b7 ,contigu\s c5sus     
tracts ,section #adjj,z-#a ( su* ,code  
is am5d$ by /rik+ subsection 7e7 &      
r$esignat+ subsection 7f7 z subsection  
7e74  7b7 ,treatm5t ( previ\sly         
designat$ tracts ,section #adjj,z-#a (  
su* ,code1 z am5d$ by subsection        
7a77#b71 is am5d$ by add+ at ! end !    
foll[+3  7f7 ,treatm5t ( c]ta9 c5sus    
tracts  7#a7 ,9 g5]al ,except z provid$ 
9 section #adjj,z-#b7;d77#b77;,d71 any  
c5sus tract 7o!r ?an a c5sus tract 9    
,pu]to ,rico7 :i* is n a l[-income      

community & :i* 0 designat$ z a qualifi$
 opportunity zone be=e ! date ( !       
enactm5t ( ! ,opportunity ,zone ,re=m   
,act %all n be treat$ z a qualifi$      
opportunity zone on or aft] su* date (  
enactm5t4  7#b7 ,replacem5t zones  7,a7 
,9 g5]al ,a ,/ate may designate a       
l[-income community z a qualifi$        
opportunity zone to replace a c5sus     
tract ! /atus ( :i* z a qualifi$        
opportunity zone 0 t]m9at$ by reason (  
p>agraph 7#a74  7,b7 ,special rules ,=  
purposes ( ?is sub*apt]-- 7i7 !         
det]m9ation p]iod ) respect to a        
designation "u subp>agraph 7,a7 %all be 
! #ij-;day p]iod beg9n+ on ! date ( !   
enactm5t ( su* ,act1 z ext5d$ "u        
subsection 7b77#b71 &  7ii7 ! p]iod =   
:i* any su* designation is 9 effect %all
 be ! p]iod beg9n+ ) ! date su*         
designation takes effect & end+ ) ! la/ 
day ( ! #aj? cal5d> ye> beg9n+ on or    
aft] ! designation date z a qualifi$    
opportunity zone = ! c5sus tract :i* x  
is replac+ z su* a zone by reason ( !   

t]m9ation "u clause 7i74  4  7c7        
,treatm5t ( exi/+ inve/m5ts ,section    
#adjj,z-#b7;d77#b77;,d7 ( su* ,code is  
am5d$ by add+ at ! end ! foll[+ new     
clause3  7iv7 ,special rule = inve/m5ts 
9 c]ta9 c5sus tracts  7,i7 ,9 g5]al ,=  
purposes ( apply+ ?is p>agraph1 ! use ( 
prop]ty 9 a qualifi$ c5sus tract %all be
 treat$ z use ( prop]ty 9 a qualifi$    
opportunity zone if ! orig9al use ( su* 
prop]ty occurr$ be=e ,novemb] #f1 #bjai1
 or 9 ! case ( prop]ty acquir$ be=e su* 
date1 ! prop]ty 0 sub/antially improv$  
be=e ! close ( ! #cj-mon? p]iod beg9n+ )
 ! mon? ( ! acquisition4  7,,ii7        
,qualifi$ c5sus tract ,= purposes ( ?is 
clause1 ! t]m qualifi$ c5sus tract means
 any c5sus tract :i* is n a l[-income   
community & :i* 0 designat$ z a qualifi$
 opportunity zone be=e ! date ( !       
enactm5t ( ! ,opportunity ,zone ,re=m   
,act4  4  #c4 ,ma9t5ance ( geographic   
b\nd>ies ( qualifi$ opportunity zones   
,section #adjj,z-#a7;e7 ( ! ,int]nal    
,rev5ue ,code ( #aihf1 z r$esignat$ by  

section #b7;a77#b71 is am5d$ by add+ at 
! end ! foll[+ new s5t5ce3 ,su*         
designation %all apply to ! geographic  
area z 9 effect at ! "t su* tract is    
designat$ )\t reg>d to :e!r adju/m5ts   
are made to ! b\nd>ies ( ! c5sus tract s
 designat$44  #d4 ,modification (       
prohibition on c]ta9 types ( trades or  
bus9ess z qualifi$ opportunity zone     
bus9esses  7a7 ,9 g5]al ,section        
#adjj,z-#b7;d77#c77;,a77iii7 ( !        
,int]nal ,rev5ue ,code ( #aihf is am5d$ 
by /rik+ 9 section #add7;c77#f77;,b7 &  
ins]t+ subsections 7a77#h77;,b7 or      
7c77#f77;,b7 ( section #add or section  
#adg7;e74  7b7 ,effective date ,!       
am5dm5t made by ?is section %all take   
effect on ,novemb] #f1 #bjai4  #e4 ,o!r 
modifications relat$ to qualifi$        
opportunity funds  7a7 ,application (   
qualifi$ opportunity zone bus9ess rules 
to trades or bus9esses conduct$ by      
qualifi$ opportunity zone funds  7#a7 ,9
 g5]al ,section #adjj,z-#b7;d77#a7 ( !  
,int]nal ,rev5ue ,code ( #aihf is am5d$ 

to read z foll[s3  7#a7 ,9 g5]al ,! t]m 
qualifi$ opportunity fund means any     
inve/m5t vehicle--  7,a7 :i* is organiz$
 z a corporation or a p>tn]%ip = !      
purpose ( inve/+ 9 qualifi$ opportunity 
zone prop]ty 7o!r ?an ano!r qualifi$    
opportunity fund7 t holds at lea/ #ij   
p]c5t ( its assets 9 qualifi$           
opportunity zone prop]ty1 det]m9$ by !  
av]age ( ! p]c5tage ( qualifi$          
opportunity zone prop]ty held 9 ! fund z
 measur$--  7i7 on ! la/ day ( ! fir/   
#f-mon? p]iod ( ! taxable ye> ( ! fund1 
&  7ii7 on ! la/ day ( ! taxable ye> ( !
 fund1 &  7,b7 any trade or bus9ess (   
:i* is a qualifi$ opportunity zone      
bus9ess4  4  7#b7 ,effective date ,!    
am5dm5ts made by ?is subsection %all    
take effect z if includ$ 9 section      
#achbc ( ,public ,law #aae-ig4  7b7     
,cl>ification ( sub/antially all  7#a7  
,9 g5]al ,section #adjj,z-#b7;d7 ( !    
,int]nal ,rev5ue ,code ( #aihf is       
am5d$-- 7,a7 by /rik+ dur+ sub/antially 
all ea* place x appe>s 9 p>agraphs      

7#b77;,b77i77,,iii71 7#b77;,c77iii71 &  
7#b77;,d77i77,,iii7 & ins]t+ = n less   
?an #ij p]c5t1  7,b7 by /rik+           
sub/antially all ( ! use 9 p>agraph     
7#b77;,d77i77,,iii7 & ins]t+ n less ?an 
#ij p]c5t ( ! use1 &  7,c7 by /rik+ 9   
:i* sub/antially all 9 p>agraph         
7#c77;,a77i7 & ins]t+ 9 :i* n less ?an  
#ij p]c5t4  7#b7 ,effective date ,!     
am5dm5ts made by ?is subsection %all    
take effect z if includ$ 9 section      
#achbc ( ,public ,law #aae-ig4  7c7     
,c]ta9 prop]ty exclud$ f qualifi$       
opportunity zone bus9ess prop]ty  7#a7  
,9 g5]al ,section                       
#adjj,z-#b7;d77#b77;,d7 ( ! ,int]nal    
,rev5ue ,code ( #aihf is am5d$-- 7,a7 9 
clause 7i71 by ins]t+ 7o!r ?an          
self-/orage prop]ty1 p>k+ prop]ty1      
/adium prop]ty1 or disqualifi$          
resid5tial r5tal prop]ty7 aft] tangible 
prop]ty1 &  7,b7 by add+ at ! end !     
foll[+ new clauses3  7iv7 ,self-/orage  
prop]ty ,! t]m self-/orage prop]ty means
 prop]ty design$ & us$ = ! purpose (    

r5t+ or leas+ individual /orage space to
 occupants :o are to h access to su*    
space = ! purpose ( /or+ & remov+       
p]sonal prop]ty4  7v7 ,p>k+ prop]ty ,!  
t]m p>k+ prop]ty means any prop]ty #ij  
p]c5t or m ( ! squ>e footage ( :i* is   
us$ = p>k+ or = ! +ress or egress (     
vehicles4  7vi7 ,/adium ,! t]m /adium   
prop]ty means any facility 7or          
appurt5ant real prop]ty7 :i*1 dur+ at   
lea/ #e days dur+ any cal5d> ye>1 is us$
 z a /adium or ar5a = pr(essional sports
 exhibitions1 games1 or tra9+4  7vii7   
,disqualifi$ resid5tial r5tal prop]ty ,!
 t]m disqualifi$ resid5tial r5tal       
prop]ty means any resid5tial r5tal      
prop]ty unless #ej p]c5t or m ( !       
resid5tial units ( su* prop]ty are bo?  
r5t-re/rict$ 7)9 ! mean+ ( section      
#db7;g77#b77 & occupi$ by individuals ^:
 income is #ej p]c5t or less ( area     
m$ian income4  4  7#b7 ,effective date  
,! am5dm5ts made by ?is subsection %all 
take effect z if includ$ 9 section      
#achbc ( ,public ,law #aae-ig4  7d7     

,treatm5t ( leas$ prop]ty  7#a7 ,9 g5]al
 ,section #adjj,z-#b7;d77#b77;,d77i77,i7
 ( ! ,int]nal ,rev5ue ,code ( #aihf is  
am5d$ by ins]t+ or "u a lease 7o!r ?an a
 lease f a relat$ p]son7 ent]$ into aft]
 ,decemb] #ca1 #bjag1 aft] ,decemb] #ca1
 #bjag14  7#b7 ,effective date ,!       
am5dm5t made by ?is subsection %all take
 effect z if includ$ 9 section #achbc ( 
,public ,law #aae-ig4  7e7 ,correction  
relat+ to orig9al use ( qualifi$        
opportunity zone bus9ess prop]ty  7#a7  
,9 g5]al ,section                       
#adjj,z-#b7;d77#b77;,d77i77,,ii7 ( !    
,int]nal ,rev5ue ,code ( #aihf is am5d$ 
by /rik+ 9 ! qualifi$ opportunity zone4 
7#b7 ,effective date ,! am5dm5t made by 
?is subsection %all take effect z if    
includ$ 9 section #achbc ( ,public ,law 
#aae-ig4  7f7 ,modification (           
det]m9ation ( sub/antial improvem5t (   
qualifi$ opportunity zone bus9ess       
prop]ty  7#a7 ,9 g5]al ,section         
#adjj,z-#b7;d77#b77;,d77ii7 ( ! ,int]nal
 ,rev5ue ,code ( #aihf is am5d$ by      

ins]t+ 7includ+ l&7 aft] adju/$ basis ( 
su* prop]ty4  7#b7 ,effective date ,!   
am5dm5t made by ?is subsection %all take
 effect z if includ$ 9 section #achbc ( 
,public ,law #aae-ig4  #f4 ,public li/ (
 qualifi$ opportunity funds ,! ,secret>y
 ( ! ,treasury 7or ! ,secret>y's        
delegate7 %all ma9ta9 & make publicly   
available on ! int]net & at ! (fices ( !
 ,int]nal ,rev5ue ,s]vice--  7#a7 a li/ 
( inve/m5t vehicles t are c]tifi$ z     
qualifi$ opportunity funds 7z def9$ 9   
section #adjj,z-#b7;d77#a7 ( ! ,int]nal 
,rev5ue ,code ( #aihf7 pursuant to !    
rules e/abli%$ "u section               
#adjj,z-#b7;e77#d77;,a7 ( su* ,code1 &  
7#b7 ! "n1 address1 & ! uni=m res\rce   
locator 7,,url7 = ! website = su* fund4 
#g4 ,,gao ,report  7a7 ,9 g5]al ,n lat] 
?an ea* applicable date1 ! ,comptroll]  
,g5]al ( ! ,unit$ ,/ates %all submit to 
,congress a report on ! effectiv5ess ( !
 provisions ( sub*apt] ,z ( *apt] #a ( !
 ,int]nal ,rev5ue ,code ( #aihf 9 a*iev+
 ! policies ( su* provisions4  7b7      

,matt]s includ$ ,! reports submitt$ "u  
subsection 7a7 %all include an analysis 
(-- 7#a7 ! di/ribution ( inve/m5ts (    
qualifi$ opportunity funds among        
qualifi$ opportunity zones1  7#b7 !     
di/ribution ( su* inve/m5ts across      
diff]5t indu/ries or inve/m5t purposes1 
7#c7 ! impact ( ! designation ( an area 
z a qualifi$ opportunity zone on--  7,a7
 economic indicators1 includ+ employm5t1
 new bus9ess />t-ups1 & pov]ty r$uction1
  7,b7 h\s+ co/s1 &  7,c7 income        
di/ribution among resid5ts ( su* zones1 
7#d7 ! economic b5efits provid$ by su*  
designations comp>$ to economic co/s1 & 
7#e7 to ! ext5t practicable1 ! impact ( 
! provisions ( su* sub*apt] ,z on       
l[-income communities t h n be5         
designat$ z qualifi$ opportunity zones4 
7c7 ,def9itions  7#a7 ,applicable date  
,! t]m applicable date means-- 7,a7 !   
date t is #e ye>s aft] ! date ( !       
enactm5t ( ?is ,act1 &  7,b7 ! date t is
 #aj ye>s aft] ! date ( ! enactm5t ( ?is
 ,act4  7#b7 ,o!r t]ms ,any t]m us$ 9   

?is section :i* is also us$ 9 sub*apt]  
,z ( *apt] #a ( ! ,int]nal ,rev5ue ,code
 ( #aihf %all h ! mean+ giv5 su* t]m "u 
su* sub*apt]4