,i  #aafth ,,congress  #b;d ,session    
,h4 ,r4 #febi  ,,in ,,the ,,house ,,of  
,,representatives  ,april #ag1 #bjbj    
,mr4 ,curtis 7for himself and ,mr4      
,cuellar7 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
 modify the opportunity zone tax        
incentives4  #a4 ,short title ,this ,act
 may be cited as the                    
,,covid-#ai-;,impacted ,small ,business 
,opportunity ,zone ,act4  #b4           
,modification of opportunity zone tax   
incentives  7a7 ,small businesses       
affected by ,,covid-#ai treated as      
qualified opportunity zone businesses   
,section #adjj,z-#b7;d77#c7 of the      
,internal ,revenue ,code of #aihf is    
amended by adding at the end the        
following new subparagraph3  7,c7       
,certain small businesses affected by   
,,covid-#ai treated as qualified        
opportunity zone businesses  7i7 ,in    
general ,subparagraph 7,a77i7 shall not 

apply with respect to any qualified     
small business4  7ii7 ,qualified small  
business ,for purposes of this          
subparagraph1 the term qualified small  
business means any small business if    
such small business has experienced any 
of the following as a result of the     
spread of1 or of the public's or any    
government's response to1 ,,covid-#ai-- 
7,i7 supply chain disruptions1 including
 changes in quantity1 lead time1 delay1 
or the number of shipments of           
components2 changes in the quality of   
supplied components2 and disruption by  
reason of compromised payment networks  
or other technological reasons1  7,,ii7 
staffing challenges1  7,,iii7 decrease  
in sales or customers1 or  7,,iv7       
partial or full suspension of business4 
7iii7 ,small business ,for purposes of  
this subparagraph1 the term small       
business means any trade or business if 
the gross receipts 7as determined under 
the rules of section #ddh7;c77#c71      
without regard to subparagraph 7,a7     

thereof7 of such trade or business 7when
 combined with all related trades or    
businesses7 for the relevant taxable    
year do not exceed #iii1iii4 ,for       
purposes of the preceding sentence1 a   
trade or business shall be treated as   
related if it is a trade or business of 
the same person or of any person treated
 as one person under section            
#ddh7;c77#b74 ,for purposes of this     
clause1 the term relevant taxable year  
means the last taxable year which ends  
before the date on which the qualified  
opportunity zone fund acquires the      
qualified opportunity fund property to  
which such trade or business relates4   
7iv7 ,application of subparagraph       
,clause 7i7 shall only apply with       
respect to qualified opportunity fund   
property acquired by a qualified        
opportunity zone fund during the #a-year
 period beginning on the date of the    
enactment of this subparagraph4  4  7b7 
,application of capital gains rate for  
taxable year in which investment is     

acquired ,section #adjj,z-#b7;b7 of such
 ,code is amended by adding at the end  
the following new paragraph3  7#c7      
,application of capital gains rates ,the
 rate of tax which applies to gain which
 is included in income as provided in   
this subsection shall not exceed the    
rate applicable to such gain in the     
taxable year in which the investment was
 acquired4 ,proper adjustments shall be 
made in the application of section      
#a7;h7 for the taxable year in which    
such gain is included in gross income to
 take into account the preceding        
sentence4  4  7c7 ,extension of deferral
 of gain invested in opportunity zones  
,section #adjj,z-#b7;b77#a77;,b7 of such
 ,code is amended to read as follows3   
7,b7 the date which is #g years after   
the date on which such investment was   
acquired4  4  7d7 ,exemption from tax   
for investments held for at least #aj   
years without regard to whether         
investment consists of reinvested gain  
,section #adjj,z-#b7;c7 of such ,code is

 amended by striking any investment and 
inserting any investment in a qualified 
opportunity fund 7without regard to     
whether such investment is described in 
subsection 7a774  7e7 ,effective dates  
7#a7 ,in general ,except as otherwise   
provided in this subsection1 the        
amendments made by this section shall   
apply to investments in qualified       
opportunity funds made after the date of
 the enactment of this ,act4  7#b7      
,small businesses affected by           
,,covid-#ai treated as qualified        
opportunity zone businesses ,the        
amendment made by subsection 7a7 shall  
apply to property acquired by qualified 
opportunity zone funds after the date of
 the enactment of this ,act4