,i  #aaf? ,,congress  #b;d ,session  ,h4
 ,r4 #febi  ,,9 ,,! ,,h\se ,,(          
,,repres5tatives  ,april #ag1 #bjbj ,mr4
 ,curtis 7= himself & ,mr4 ,cuell>7     
introduc$ ! foll[+ bill2 :i* 0 ref]r$ to
 ! ,committee on ,ways & ,means  ,a     
,,bill  ,to am5d ! ,int]nal ,rev5ue     
,code ( #aihf to modify ! opportunity   
zone tax inc5tives4  #a4 ,%ort title    
,?is ,act may be cit$ z !               
,,covid-#ai-;,impact$ ,small ,bus9ess   
,opportunity ,zone ,act4  #b4           
,modification ( opportunity zone tax    
inc5tives  7a7 ,small bus9esses affect$ 
by ,,covid-#ai treat$ z qualifi$        
opportunity zone bus9esses ,section     
#adjj,z-#b7;d77#c7 ( ! ,int]nal ,rev5ue 
,code ( #aihf is am5d$ by add+ at ! end 
! foll[+ new subp>agraph3  7,c7 ,c]ta9  
small bus9esses affect$ by ,,covid-#ai  
treat$ z qualifi$ opportunity zone      
bus9esses  7i7 ,9 g5]al ,subp>agraph    
7,a77i7 %all n apply ) respect to any   
qualifi$ small bus9ess4  7ii7 ,qualifi$ 
small bus9ess ,= purposes ( ?is         

subp>agraph1 ! t]m qualifi$ small       
bus9ess means any small bus9ess if su*  
small bus9ess has exp]i5c$ any ( !      
foll[+ z a result ( ! spread (1 or ( !  
public's or any gov]nm5t's response to1 
,,covid-#ai--  7,i7 supply *a9          
disruptions1 includ+ *anges 9 quantity1 
lead "t1 delay1 or ! numb] ( %ipm5ts (  
compon5ts2 *anges 9 ! quality ( suppli$ 
compon5ts2 & disruption by reason (     
compromis$ paym5t networks or o!r       
te*nological reasons1  7,,ii7 /aff+     
*all5ges1  7,,iii7 decrease 9 sales or  
cu/om]s1 or  7,,iv7 p>tial or full      
susp5sion ( bus9ess4  7iii7 ,small      
bus9ess ,= purposes ( ?is subp>agraph1 !
 t]m small bus9ess means any trade or   
bus9ess if ! gross receipts 7z det]m9$  
"u ! rules ( section #ddh7;c77#c71 )\t  
reg>d to subp>agraph 7,a7 !re(7 ( su*   
trade or bus9ess 7:5 comb9$ ) all relat$
 trades or bus9esses7 = ! relevant      
taxable ye> d n exce$ #iii1iii4 ,=      
purposes ( ! prec$+ s5t5ce1 a trade or  
bus9ess %all be treat$ z relat$ if x is 

a trade or bus9ess ( ! same p]son or (  
any p]son treat$ z "o p]son "u section  
#ddh7;c77#b74 ,= purposes ( ?is clause1 
! t]m relevant taxable ye> means ! la/  
taxable ye> :i* ends be=e ! date on :i* 
! qualifi$ opportunity zone fund        
acquires ! qualifi$ opportunity fund    
prop]ty to :i* su* trade or bus9ess     
relates4  7iv7 ,application (           
subp>agraph ,clause 7i7 %all only apply 
) respect to qualifi$ opportunity fund  
prop]ty acquir$ by a qualifi$           
opportunity zone fund dur+ ! #a-ye>     
p]iod beg9n+ on ! date ( ! enactm5t (   
?is subp>agraph4  4  7b7 ,application ( 
capital ga9s rate = taxable ye> 9 :i*   
inve/m5t is acquir$ ,section            
#adjj,z-#b7;b7 ( su* ,code is am5d$ by  
add+ at ! end ! foll[+ new p>agraph3    
7#c7 ,application ( capital ga9s rates  
,! rate ( tax :i* applies to ga9 :i* is 
includ$ 9 income z provid$ 9 ?is        
subsection %all n exce$ ! rate          
applicable to su* ga9 9 ! taxable ye> 9 
:i* ! inve/m5t 0 acquir$4 ,prop]        

adju/m5ts %all be made 9 ! application (
 section #a7;h7 = ! taxable ye> 9 :i*   
su* ga9 is includ$ 9 gross income to    
take into acc\nt ! prec$+ s5t5ce4  4    
7c7 ,ext5sion ( def]ral ( ga9 inve/$ 9  
opportunity zones ,section              
#adjj,z-#b7;b77#a77;,b7 ( su* ,code is  
am5d$ to read z foll[s3  7,b7 ! date :i*
 is #g ye>s aft] ! date on :i* su*      
inve/m5t 0 acquir$4  4  7d7 ,exemption f
 tax = inve/m5ts held = at lea/ #aj ye>s
 )\t reg>d to :e!r inve/m5t consi/s (   
re9ve/$ ga9 ,section #adjj,z-#b7;c7 (   
su* ,code is am5d$ by /rik+ any inve/m5t
 & ins]t+ any inve/m5t 9 a qualifi$     
opportunity fund 7)\t reg>d to :e!r su* 
inve/m5t is describ$ 9 subsection 7a774 
7e7 ,effective dates  7#a7 ,9 g5]al     
,except z o!rwise provid$ 9 ?is         
subsection1 ! am5dm5ts made by ?is      
section %all apply to inve/m5ts 9       
qualifi$ opportunity funds made aft] !  
date ( ! enactm5t ( ?is ,act4  7#b7     
,small bus9esses affect$ by ,,covid-#ai 
treat$ z qualifi$ opportunity zone      

bus9esses ,! am5dm5t made by subsection 
7a7 %all apply to prop]ty acquir$ by    
qualifi$ opportunity zone funds aft] !  
date ( ! enactm5t ( ?is ,act4