,i  #aaf? ,,congress  #b;d ,session  ,h4
 ,r4 #haca  ,,9 ,,! ,,h\se ,,(          
,,repres5tatives  ,augu/ #bh1 #bjbj,mr4 
,riggleman introduc$ ! foll[+ bill2 :i* 
0 ref]r$ to ! ,committee on ,ways &     
,means1 & 9 addition to ! ,committee on 
,agriculture1 = a p]iod to be           
subsequ5tly det]m9$ by ! ,speak]1 9 ea* 
case = consid]ation ( su* provisions z  
fall )9 ! jurisdiction ( ! committee    
conc]n$  ,a ,,bill  ,to am5d ! ,int]nal 
,rev5ue ,code ( #aihf to e/abli% ,hemp  
,opportunity ,zones4  #a4 ,%ort title   
,?is ,act may be cit$ z ! ,hemp         
,opportunity ,zone ,act ( #bjbj4  #b4   
,hemp ,opportunity ,zones  7a7 ,9 g5]al 
,*apt] #a ( ! ,int]nal ,rev5ue ,code (  
#aihf is am5d$ by ins]t+ aft] sub*apt]  
,v ! foll[+ new sub*apt]3  ,w ,hemp     
,opportunity ,zones  #adjj,w-#a4        
,designation  7a7 ,hemp ,opportunity    
,zone def9$ ,= purposes ( ?is sub*apt]1 
! t]m hemp opportunity zone means a     
population c5sus tract t is a l[-income 
community t is designat$ z a hemp       

opportunity zone4  7b7 ,designation     
7#a7 ,9 g5]al ,= purposes ( subsection  
7a71 a population c5sus tract t is a    
l[-income community is designat$ z a    
hemp opportunity zone if-- 7,a7 n lat]  
?an ! end ( ! det]m9ation p]iod1 ! *ief 
executive (fice ( ! ,/ate 9 :i* ! tract 
is locat$-- 7i7 nom9ates ! tract =      
designation z a hemp opportunity zone1 &
  7ii7 notifies ! ,secret>y 9 writ+ (   
su* nom9ation1 &  7,b7 ! ,secret>y      
c]tifies su* nom9ation & designates su* 
tract z a hemp opportunity zone be=e !  
end ( ! consid]ation p]iod4  7#b7       
,factors = consid]ation ,9 nom9at+      
tracts 7& consid]+ su* nom9ations =     
c]tification7 pref]5ce %all be giv5 to  
areas :i*-- 7,a7 are fac+ ob/acles to   
economic developm5t due to a lack (     
res\rces1  7,b7 are ! focus ( mutually  
re9=c+ /ate1 local1 or private economic 
developm5t initiatives1  7,c7 are pois$ 
= economic gr[? t requires access to a  
l>g] hemp m>ket = comm]cial purposes1 & 
7,d7 repres5t ! areas ( a ,/ate :]e su* 

s]vice w\ld result 9 ! highe/ return on 
inve/m5t4  7#c7 ,ext5sion ( p]iods ,a   
*ief executive (fic] ( a ,/ate may      
reque/ t ! ,secret>y ext5d ei!r !       
det]m9ation or consid]ation p]iod1 or   
bo? 7det]m9$ )\t reg>d to ?is           
subp>agraph71 = an additional #cj days4 
7c7 ,o!r def9itions ,= purposes ( ?is   
subsection-- 7#a7 ,l[-income communities
 ,! t]m l[-income community has ! same  
mean+ z :5 us$ 9 section #de;,d7e74     
7#b7 ,def9ition ( p]iods  7,a7          
,consid]ation p]iod ,! t]m consid]ation 
p]iod means ! #cj-;day p]iod beg9n+ on !
 date on :i* ! ,secret>y receives notice
 "u subsection 7b77#a77;,a77ii71 z      
ext5d$ "u subsection 7b77#c74  7,b7     
,det]m9ation p]iod ,! t]m det]m9ation   
p]iod means ! #ij-;day p]iod beg9n+ on !
 date ( ! enactm5t ( ?is section1 z     
ext5d$ "u subsection 7b77#b74  7,c7     
,/ate ,= purposes ( ?is section1 ! t]m  
,/ate includes any possession ( ! ,unit$
 ,/ates4  7d7 ,numb] ( ,designations    
7#a7 ,9 g5]al ,except z provid$ by      

p>agraph 7#b71 ! numb] ( population     
c5sus tracts 9 a ,/ate t may be         
designat$ z hemp opportunity zones "u   
?is section may n exce$ #be p]c5t ( !   
numb] ( l[-income communities 9 ! ,/ate4
  7#b7 ,exception ,if ! numb] (         
l[-income communities 9 a ,/ate is less 
?an #ajj1 !n a total ( #be ( su* tracts 
may be designat$ z qualifi$ opportunity 
zones4  7e7 ,designation ( tracts       
contigu\s ) l[-,income communities  7#a7
 ,9 g5]al ,a population c5sus tract t is
 n a l[-income community may be         
designat$ z a hemp opportunity zone "u  
?is section if-- 7,a7 ! tract is        
contigu\s ) ! l[-income community t is  
designat$ z a hemp opportunity zone1 &  
7,b7 ! m$ian family income ( ! tract    
does n exce$ #abe p]c5t ( ! m$ian family
 income ( ! l[-income community ) :i* ! 
tract is contigu\s4  7#b7 ,limitation ,n
 m ?an #e p]c5t ( ! population c5sus    
tracts designat$ 9 a ,/ate z a hemp     
opportunity zone may be designat$ "u    
p>agraph 7#a74  7f7 ,p]iod = ,:i*       

,designation ,is 9 ,effect ,a           
designation z a hemp opportunity zone   
%all rema9 9 effect = ! p]iod beg9n+ on 
! date ( ! designation & end+ at ! close
 ( ! #aj? cal5d> ye> beg9n+ on or aft]  
su* date ( designation4  #adjj,w-#b4    
,def]ral = eligible taxpay] ( capital   
ga9s inve/$ 9 hemp opportunity zones    
7a7 ,9 g5]al  7#a7 ,exclusion ( ga9     
inve/$ 9 hemp opportunity zone prop]ty  
,9 ! case ( ga9 f ! sale to1 or ex*ange 
)1 an unrelat$ p]son ( any prop]ty held 
by ! taxpay]1 at ! election ( !         
taxpay]-- 7,a7 gross income = ! taxable 
ye> %all n include s mu* ( su* ga9 z    
does n exce$ ! aggregate co/ ( all      
qualifi$ hemp opportunity zone prop]ty  
acquir$ by ! taxpay] dur+ ! #ahj-;day   
p]iod beg9n+ on ! date ( su* sale or    
ex*ange1 &  7,b7 ! am\nt ( ga9 exclud$  
by subp>agraph 7,a7 %all be includ$ 9   
gross income z provid$ by p>agraph 7#b74
  7#b7 ,def]ral ( ga9 inve/$ 9 qualifi$ 
hemp opportunity zone prop]ty  7,a7 ,ye>
 ( inclusion ,except z provid$ by       

subp>agraph 7,c71 ga9 to :i* p>agraph   
7#a77;,b7 applies %all be includ$ 9     
income 9 ! taxable ye> 9 :i* ! qualifi$ 
hemp opportunity zone prop]ty relat$ to 
su* ga9 is sold or ex*ang$ 9 ! am\nt    
det]m9$ "u subp>agraph 7,b74  7,b7      
,am\nt includible ,! am\nt ( ga9 det]m9$
 "u ?is clause %all be-- 7i7 #ajj p]c5t 
( su* ga9 9 ! case ( ! sale or ex*ange (
 ! qualifi$ hemp opportunity zone       
prop]ty ) respect to :i* ga9 is def]r$  
"u p>agraph 7#a7 t is held = less ?an #e
 ye>s1  7ii7 #ij p]c5t ( su* ga9 9 !    
case ( ! sale or ex*ange ( ! qualifi$   
hemp opportunity zone prop]ty ) respect 
to :i* ga9 is def]r$ "u p>agraph 7#a7 t 
is held = at lea/ #e ye>s b less ?an #g 
ye>s1 &  7iii7 #he p]c5t ( su* ga9 9 !  
case ( ! sale or ex*ange ( ! qualifi$   
hemp opportunity zone prop]ty ) respect 
to :i* ga9 is def]r$ "u p>agraph 7#a7 t 
is held = at lea/ #g ye>s4  7#c7        
,exclusion ( ga9 on qualifi$ hemp       
opportunity zone prop]ty held = at lea/ 
#aj ye>s ,except z provid$ 9 p>agraph   

7#b71 9 ! case ( ! sale or ex*ange (    
qualifi$ hemp opportunity zone prop]ty1 
or an inve/m5t 9 a qualifi$ opportunity 
fund1 held = at lea/ #aj ye>s1 gross    
income = ! taxable ye> %all n include   
any ga9 f ! sale or ex*ange ( su*       
prop]ty or inve/m5t4  7#d7 ,"o election 
p] prop]ty ,no election may be made "u  
p>agraph 7#a7 ) respect to a sale or    
ex*ange if an election previ\sly made ) 
respect to su* sale or ex*ange is 9     
effect4  7b7 ,basis rules relat+ to     
qualifi$ hemp opportunity zone prop]ty  
7#a7 ,r$uc$ by ga9 def]r$ "u subsection 
7a77#a7 ,! basis ( a qualifi$ hemp      
opportunity zone prop]ty imm$iately aft]
 its acquisition "u subsection 7a7 %all 
be r$uc$ by ! am\nt ( ga9 def]r$ by     
reason ( subsection 7a77#a77;,a7 )      
respect to su* prop]ty4  7#b7 ,increase 
= ga9 recogniz$ "u subsection 7a77#b7 ,!
 basis ( qualifi$ hemp opportunity zone 
prop]ty %all be increas$ by ! am\nt (   
ga9 recogniz$ by reason ( subsection    
7a77#b7 ) respect to su* prop]ty4  7#c7 

,subsequ5t increase 9 basis = prop]ty   
held = at lea/ #e ye>s b less ?an #aj   
ye>s ,9 ! case ( qualifi$ hemp          
opportunity zone prop]ty held = at lea/ 
#e ye>s b less ?an #aj ye>s-- 7,a7      
,prop]ty held = #e ye>s ,= qualifi$ hemp
 opportunity zone prop]ty held = at lea/
 #e ye>s1 ! basis ( su* prop]ty %all be 
increas$ by an am\nt equal to #aj p]c5t 
( ! am\nt ( ga9 def]r$ by reason (      
subsection 7a77#a77;,a7 ) respect to su*
 prop]ty4  7,b7 ,prop]ty held = #g ye>s 
,= qualifi$ hemp opportunity zone       
prop]ty held = at lea/ #g ye>s1 ! basis 
( su* prop]ty %all be increas$ by an    
am\nt equal to #e p]c5t ( ! am\nt ( ga9 
def]r$ by reason ( subsection           
7a77#a77;,a7 ) respect to su* prop]ty4  
7c7 ,qualifi$ hemp opportunity zone     
prop]ty ,= purposes ( ?is section3 7#a7 
,9 g5]al ,! t]m qualifi$ hemp           
opportunity zone prop]ty means prop]ty  
:i* is-- 7,a7 qualifi$ hemp opportunity 
zone /ock1  7,b7 qualifi$ hemp          
opportunity zone p>tn]%ip int]e/1  7,c7 

qualifi$ hemp opportunity zone bus9ess  
prop]ty1 or  7,d7 an int]e/ 9 a qualifi$
 inve/m5t fund4  7#b7 ,qualifi$ hemp    
opportunity zone /ock  7,a7 ,9 g5]al    
,except z provid$ 9 subp>agraph 7,b71 ! 
t]m qualifi$ hemp opportunity zone /ock 
means any /ock 9 a dome/ic corporation  
if-- 7i7 su* /ock is acquir$ by !       
taxpay] aft] ,decemb] #ca1 #bjai1 at its
 orig9al issue 7directly or ?r\gh an    
und]writ]7 f ! corporation solely 9     
ex*ange = ca%1  7ii7 z ( ! "t su* /ock 0
 issu$1 su* corporation 0 a qualifi$    
hemp opportunity zone bus9ess 7or1 9 !  
case ( a new corporation1 su*           
corporation 0 be+ organiz$ = purposes ( 
be+ a qualifi$ hemp opportunity zone    
bus9ess71 &  7iii7 dur+ sub/antially all
 ( ! taxpay]'s hold+ p]iod = su* /ock1  
su* corporation qualifi$ z a qualifi$   
hemp opportunity zone bus9ess4  7,b7    
,r$emptions ,a rule simil> to ! rule (  
section #abjb7;c77#c7 %all apply =      
purposes ( ?is p>agraph4  7#c7 ,qualifi$
 hemp opportunity zone p>tn]%ip int]e/  

,! t]m qualifi$ hemp opportunity zone   
p>tn]%ip int]e/ means any capital or    
pr(its int]e/ 9 a dome/ic p>tn]%ip if-- 
7,a7 su* int]e/ is acquir$ by ! taxpay] 
aft] ,decemb] #ca1 #bjai1 f ! p>tn]%ip  
solely 9 ex*ange = ca%1  7,b7 z ( ! "t  
su* int]e/ 0 acquir$1 su* p>tn]%ip 0 a  
qualifi$ hemp opportunity zone bus9ess  
7or1 9 ! case ( a new p>tn]%ip1 su*     
p>tn]%ip 0 be+ organiz$ = purposes ( be+
 a qualifi$ hemp opportunity zone       
bus9ess71 &  7,c7 dur+ sub/antially all 
( ! taxpay]'s hold+ p]iod = su* int]e/1 
su* p>tn]%ip qualifi$ z a qualifi$ hemp 
opportunity zone bus9ess4  7#d7         
,qualifi$ hemp opportunity zone bus9ess 
prop]ty  7,a7 ,9 g5]al ,! t]m qualifi$  
hemp opportunity zone bus9ess prop]ty   
means tangible prop]ty us$ 9 a trade or 
bus9ess ( ! taxpay] if-- 7i7 su* prop]ty
 is us$ prim>ily 9 ! trade or bus9ess ( 
produc+ hemp--  7ii7 su* prop]ty 0      
acquir$ by ! taxpay] by pur*ase 7z def9$
 9 section #agi7;d77#b77 aft] ,decemb]  
#ca1 #bjai1  7iii7 ! orig9al use ( su*  

prop]ty 9 ! qualifi$ hemp opportunity   
zone comm5ces ) ! taxpay] or ! taxpay]  
sub/antially improves ! prop]ty1 &  7iv7
 dur+ sub/antially all ( ! taxpay]'s    
hold+ p]iod = su* prop]ty1 sub/antially 
all ( ! use ( su* prop]ty 0 9 a qualifi$
 hemp opportunity zone4  7,b7           
,sub/antial improvem5t ,= purposes (    
subp>agraph 7,a77iii71 prop]ty %all be  
treat$ z sub/antially improv$ by !      
taxpay] only if1 dur+ any #cj-mon? p]iod
 beg9n+ aft] ! date ( acquisition ( su* 
prop]ty1 additions to basis ) respect to
 su* prop]ty 9 ! h&s ( ! taxpay] exce$  
an am\nt equal to ! adju/$ basis ( su*  
prop]ty at ! beg9n+ ( su* #cj-mon? p]iod
 9 ! h&s ( ! taxpay]4  7,c7 ,treatm5t ( 
relat$ p>ties ,= purposes ( subp>agraph 
7,a77ii71 ! rules ( subp>agraph 7,a7 (  
section #agi7;d77#b7 %all be appli$ us+ 
! relation%ip describ$ 9 subsection     
7e77#b7 9 lieu ( ! relation%ip describ$ 
9 su* subp>agraph4  7#e7 ,qualifi$ hemp 
opportunity fund ,! t]m qualifi$ hemp   
opportunity fund means any inve/m5t     

vehicle organiz$ z a corporation or a   
p>tn]%ip = ! purpose ( inve/+ 9 qualifi$
 hemp opportunity zone prop]ty 7o!r ?an 
ano!r qualifi$ hemp opportunity fund7 t 
holds at lea/ #ij p]c5t ( its assets 9  
qualifi$ hemp opportunity zone prop]ty1 
det]m9$-- 7,a7 on ! la/ day ( ! fir/    
#f-mon? p]iod ( ! taxable ye> ( ! fund1 
&  7,b7 on ! la/ day ( ! taxable ye> ( !
 fund4  7#f7 ,qualifi$ hemp opportunity 
zone bus9ess  7,a7 ,9 g5]al ,! t]m      
qualifi$ hemp opportunity zone bus9ess  
means a trade or bus9ess-- 7i7 9 :i*    
sub/antially all ( ! tangible prop]ty   
own$ or leas$ by ! taxpay] is qualifi$  
hemp opportunity zone bus9ess prop]ty1  
7ii7 :i* satisfies ! requirem5ts (      
p>agraphs 7#b71 7#d71 & 7#h7 ( section  
#acig;,c7b71 &  7iii7 :i* is n describ$ 
9 section #add7;c77#f77;,b74  7,b7      
,special rule ,= purposes ( subp>agraph 
7,a71 tangible prop]ty t ceases to be a 
qualifi$ hemp opportunity zone bus9ess  
prop]ty %all cont9ue to be treat$ z a   
qualifi$ hemp opportunity zone bus9ess  

prop]ty = ! less] (-- 7i7 #e ye>s aft] !
 date on :i* su* tangible prop]ty ceases
 to be s qualifi$1 or  7ii7 ! date on   
:i* su* tangible prop]ty is no long]    
held by ! qualifi$ hemp opportunity zone
 bus9ess4  7d7 ,applicable rules  7#a7  
,9 g5]al ,= purposes ( ?is section &    
except z o!rwise provid$ 9 ?is section1 
rules simil> to ! rules applicable to   
def]r$ l k9d ex*anges "u section #ajca  
%all apply except t re9ve/m5t 9 qualifi$
 hemp opportunity zone prop]ty ne$ n    
require an int]m$i>y p>ty4  7#b7 ,relat$
 p]sons ,= purposes ( ?is subsection1   
p]sons are relat$ to ea* o!r if su*     
p]sons are describ$ 9 section #bfg7;b7  
or #gjg7;b77#a71 det]m9$ by sub/itut+   
#bj p]c5t = #ej p]c5t ea* place x occurs
 9 su* sections4  7#c7 ,dec$5ts ,9 !    
case ( a dec$5t1 am\nts recogniz$ "u ?is
 section %all1 if n prop]ly includible 9
 ! gross income ( ! dec$5t1 be          
includible 9 gross income z provid$ by  
section #fia4  7#d7 ,regulations ,!     
,secret>y %all prescribe su* regulations

 z may be necess>y or appropriate to    
c>ry out ! purposes ( ?is section1      
includ+-- 7,a7 rules provid+ =          
proportionate inclusion 9 income &      
increases 9 basis = purposes (          
subsections 7a7 & 7b7 9 cases 9 :i* a   
sale or ex*ange ( any qualifi$ hemp     
opportunity zone prop]ty ) respect to   
:i* ga9 is def]r$ "u subsection         
7a77#a77;,a7 is less ?an all ( su*      
prop]ty1  7,b7 rules requir+ taxpay]s to
 provide su* in=mation z ! ,secret>y    
det]m9es to be necess>y or appropriate =
 ! id5tification ( bo? ! assets sold    
7includ+ basis & sale price7 & ! assets 
acquir$ & inve/m5ts made1 &  7,c7 rules 
to prev5t abuse4  #adjj,w-#c4 ,imm$iate 
exp5s+ ( qualifi$ hemp opportunity zone 
bus9ess prop]ty  7a7 ,9 g5]al ,a taxpay]
 engag$ 9 ! trade or bus9ess ( hemp     
production may elect to treat ! co/ (   
any qualifi$ hemp opportunity zone      
bus9ess prop]ty 7z def9$ 9 section      
#adjj,w-#b7 z an exp5se :i* is n        
*>geable to capital acc\nt4 ,any co/ s  

treat$ %all be all[$ z a d$uction = !   
taxable ye> 9 :i* ! qualifi$ hemp       
opportunity zone bus9ess prop]ty is     
plac$ 9 s]vice4  7b7 ,exception = c]ta9 
prop]ty ,= purposes ( ?is section1 ! t]m
 qualifi$ hemp opportunity zone bus9ess 
prop]ty %all n include any prop]ty to   
:i* section #afh7;g7 applies4  7c7      
,election ,an election "u ?is section   
%all be made "u rules simil> to ! rules 
( section #agi7;c74  7d7 ,coord9ation ) 
section #agi ,= purposes ( section #agi1
 qualifi$ hemp opportunity zone bus9ess 
prop]ty %all n be treat$ z section #agi 
prop]ty4  7e7 ,application ( o!r rules  
,rules simil> to ! rules ( p>agraphs    
7#c71 7#d71 7#e71 7#g71 7#i71 & 7#aj7 ( 
section #agi7;d7 %all apply = purposes (
 ?is section4  7f7 ,taxpay] report+ ,?is
 section %all n apply ) respect to any  
taxpay] = any taxable ye> unless su*    
taxpay] provides ! ,secret>y ) su*      
in=mation z ! ,secret>y may require to  
all[ ! ,secret>y to evaluate !          
effectiv5ess ( ! program e/abli%$ "u ?is

 "p4  4  7b7 ,basis adju/m5ts ,section  
#ajaf7;a7 ( su* ,code is am5d$ by /rik+ 
& at ! end ( p>agraph 7#cg71 by /rik+ ! 
p]iod at ! end ( p>agraph 7#ch7 & ins]t+
 1 &1 & by ins]t+ aft] p>agraph 7#ch7 ! 
foll[+ new p>agraph3  7#ci7 to ! ext5t  
provid$ 9 section #adjj,w-#b7;b74  4    
7c7 ,cl]ical am5dm5t ,! table (         
sub*apt]s = *apt] #a ( su* ,code is     
am5d$ by ins]t+ aft] ! item relat+ to   
sub*apt] ,v ! foll[+ new item3          
,sub*apt] ,w4 ,hemp opportunity zones  4
  7d7 ,effective date ,! am5dm5ts made  
by ?is section %all apply to taxable    
ye>s beg9n+ aft] ! date ( ! enactm5t (  
?is ,act4  #c4 ,increas$ qualifi$       
bus9ess income d$uction = hemp produc]s 
7a7 ,9 g5]al ,section #aii;,a7b7 ( !    
,int]nal ,rev5ue ,code ( #aihf is am5d$ 
by add+ at ! end ! foll[+ new p>agraph3 
7#h7 ,special rule ) respect to qualifi$
 bus9ess income f hemp production  7,a7 
,9 g5]al ,9 ! case ( any qualifi$ trade 
or bus9ess :i* is engag$ 9 hemp         
production & ! gross receipts = ! prec$+

 taxable ye> ( :i* d n exce$            
#be1jjj1jjj1 ! am\nt det]m9$ "u p>agraph
 7#b7 ) respect to su* trade or bus9ess 
%all be increas$ by an am\nt equal to   
#ae p]c5t ( s mu* ( ! qualifi$ bus9ess  
income ) respect to su* trade or bus9ess
 z is prop]ly allocable to hemp         
production4  7,b7 ,common control ,any  
trades or bus9ess :i* are "u common     
control & treat$ z a s+le employ] "u    
section #eb %all be treat$ z a s+le     
trade or bus9ess = purposes ( apply+ !  
#be1jjj1jjj gross receipts te/ "u       
subp>agraph 7,a74  4  7b7 ,effective    
date ,! am5dm5t made by ?is section %all
 apply to taxable ye>s beg9n+ ! date ( !
 enactm5t ( ?is ,act4  #d4 ,hemp f>m]   
/>t-up tax cr$it  7a7 ,9 g5]al ,subp>t  
,d ( "p ,,iv ( sub*apt] ,a ( *apt] #a ( 
! ,int]nal ,rev5ue ,code ( #aihf is     
am5d$ by add+ at ! end ! foll[+ new     
section3  #de,u4 ,hemp f>m] />t-up cr$it
  7a7 ,9 g5]al ,= purposes ( section    
#ch1 9 ! case ( an eligible hemp f>m]1 !
 hemp f>m] />t-up cr$it det]m9$ "u ?is  

section = any taxable ye> is an am\nt   
equal to-- 7#a7 #aj p]c5t ( ! ca% r5t   
paid by ! taxpay] = l& 9 connection ) ! 
trade or bus9ess ( produc+ hemp1 or     
7#b7 #ae p]c5t ( ! crop %>e r5t s paid  
by ! taxpay]4  7b7 ,def9itions & special
 rules ,= purposes ( ?is section-- 7#a7 
,eligible hemp f>m] ,! t]m eligible hemp
 f>m] means any p]son :o-- 7,a7 engag$ 9
 ! trade or bus9ess ( hemp f>m+1 &  7,b7
 has gross receipts = ! prec$+ taxable  
ye> ( n m ?an #be1jjj1jjj4  7#b7 ,ca%   
r5t ,! t]m ca% r5t means any r5t paid = 
! use ( l& 9 ca% or z a crop %>e t is   
gu>ante$ z to ! doll> am\nt ( !         
commodity paid 9 r5t4  7#c7 ,crop %>e   
r5t ,! t]m crop %>e r5t means any r5t   
paid = ! use ( l& z a crop %>e & t is n 
describ$ 9 p>agraph 7#b74  7#d7 ,ye>s ( 
election ,! taxpay] may elect !         
application ( ?is section only = #c     
taxable ye>s ( ! fir/ #e taxable ye>s = 
:i* ord9>y & necess>y exp5ses paid or   
incurr$ 9 c>ry+ on su* trade or bus9ess 
are all[able z a d$uction by ! taxpay]  

"u section #afb4  7#e7 ,controll$ gr\ps 
& common control ,all p]sons treat$ z a 
s+le employ] "u subsections 7a7 & 7b7 ( 
section #eb %all be treat$ z #a p]son4  
4  7b7 ,"p ( g5]al bus9ess cr$it        
,section #ch7;b7 ( su* ,code is am5d$ by
 /rik+ plus at ! end ( p>agraph 7#cb71  
by /rik+ ! p]iod at ! end ( p>agraph    
7#cc7 & ins]t+ 1 plus1 & by add+ at !   
end ! foll[+ new p>agraph3  7#cd7 ! hemp
 f>m] />t-up cr$it det]m9$ "u section   
#de,u7a74  4  7c7 ,cl]ical am5dm5t ,!   
table ( sections = subp>t ,d ( "p ,,iv (
 sub*apt] ,a ( *apt] #a is am5d$ by add+
 at ! end ! foll[+ new item3  ,sec4     
#de,u4 ,hemp f>m] />t-up cr$it4  4  7d7 
,effective date ,! am5dm5ts made by ?is 
section %all apply to taxable ye>s      
beg9n+ aft] ,decemb] #ca1 #bjbj4  #e4   
,small hemp f>m] inve/m5t cr$it  7a7 ,9 
g5]al ,subp>t ,e ( "p ,,iv ( sub*apt] ,a
 ( *apt] #a ( ! ,int]nal ,rev5ue ,code (
 #aihf is am5d$ by ins]t+ aft] section  
#dh;,c ! foll[+ new section3  #dh;,d4   
,small hemp f>m] cr$it  7a7 ,9 g5]al ,= 

purposes ( section #df1 9 ! case ( an   
eligible hemp f>m]1 ! small hemp f>m]   
cr$it = any taxable ye> is an am\nt     
equal to #cj p]c5t ( ! basis ( hemp f>m+
 prop]ty plac$ 9 s]vice dur+ ! taxable  
ye>4  7b7 ,eligible hemp f>m] ,=        
purposes ( ?is section1 ! t]m eligible  
hemp f>m] means any p]son :o-- 7#a7     
engag$ 9 ! trade or bus9ess ( hemp f>m+1
 &  7#b7 has gross receipts = ! prec$+  
taxable ye> ( n m ?an #bej1jjj4  7c7    
,hemp f>m+ prop]ty ,= purposes ( ?is    
section1 ! t]m hemp f>m+ prop]ty means  
any prop]ty 7( a "* subject to !        
all[ance = depreciation7 :i* plac$ 9    
s]vice by ! taxpay] = use 9 ! trade or  
bus9ess ( hemp f>m+4  7d7 ,controll$    
gr\ps & common control ,all p]sons      
treat$ z a s+le employ] "u subsections  
7a7 & 7b7 ( section #eb %all be treat$ z
 #a p]son = purposes ( subsection       
7b77#b74  4  7b7 ,"p ( inve/m5t cr$it   
,section #df ( su* ,code is am5d$ by    
/rik+ & at ! end ( p>agraph 7#e71 by    
/rik+ ! p]iod at ! end ( p>agraph 7#f7 &

 ins]t+ 1 &1 & by add+ at ! end ! foll[+
 new p>agraph3  7#g7 ! small hemp f>m]  
cr$it4  4  7c7 #ej-,p]c5t basis r$uction
 ,section #ej7;c77#c7 ( su* ,code is    
am5d$ by ins]t+ or small hemp f>m] cr$it
 aft] en]gy cr$it4  7d7 ,cl]ical am5dm5t
 ,! table ( sections = subp>t ,e ( "p   
,,iv ( sub*apt] ,a ( *apt] #a ( su*     
,code is am5d$ by ins]t+ aft] ! item    
relat+ to section #dh;,c ! foll[+ new   
item3  ,sec4 #dh;,d4 ,small hemp f>m]   
cr$it4  4  7e7 ,effective date ,!       
am5dm5ts made by ?is section %all apply 
to prop]ty plac$ 9 s]vice 9 taxable ye>s
 beg9n+ aft] ,decemb] #ca1 #bjbj4  #f4  
,m>ketability /udy & report  7a7 ,9     
g5]al ,! ,secret>y ( ! ,treasury1 9     
consultation ) ! ,secret>y (            
,agriculture1 %all /udy ! issues        
describ$ 9 subsection 7b7 ) respect to !
 production ( hemp &1 n lat] ?an #a ye> 
aft] ! date ( ! enactm5t ( ?is ,act1    
submit to ,congress a report ( ! f9d+s (
 su* /udy4  7b7 ,issues ,! issues       
describ$ 9 ?is subsection1 ) respect to 

! production ( hemp1 are z foll[s3 7#a7 
,! pot5tial opportunities = hemp se$ to 
be us$ z an animal fe$ & any ob/acles to
 approval = su* use4  7#b7 ,! pot5tial  
opportunities = hemp to be us$ to create
 p]sonal protective equipm5t = heal?c>e 
work]s & fir/ respond]s4  7#c7 ,!       
feasibility & f9ancial impact ( hemp    
produc] compliance ) applicable         
,dep>tm5t ( ,agriculture sampl+         
timetables4  7#d7 ,! feasibility ( hemp 
produc] compliance ) ,dep>tm5t (        
,agriculture report+ requirem5ts4  7#e7 
,! feasibility ( hemp produc] compliance
 ) a legal maximum #j4c p]c5t           
tetrahydrocnabinol limitation1 includ+  
compliance & losses due to              
non-compliance1 & a comp>ison to !      
feasibility ( a legal maximum #a4j p]c5t
 tetrahydrocnabinol limitation4  7#f7 ,!
 maximum tetrahydrocannab9ol level = !  
crop to h no psy*otropic effect or      
intoxicat+ pot5tial4  7#g7 ,! ability = 
,unit$ ,/ates hemp produc]s to compete  
globally ) o!r c\ntries t h a maximum   

#a4j p]c5t tetrahydrocannab9ol          
limitation4  7#h7 ,id5tify+ m>ket       
*all5ges & opportunities = a craft &    
small hemp produc]s to rema9 competitive
 9 ! ,unit$ ,/ates & global hemp        
m>ketplace4  7#i7 ,! nutritional value &
 b5efits ( foods1 dr9ks1 & supplem5ts   
produc$ f hemp-bas$ products1 & !       
pot5tial b5efits ( includ+ hemp-bas$    
food1 dr9k1 supplem5ts1 & prote9 to     
c]ta9 public s*ool meal programs4  7#aj7
 ,:i* items procur$ by ! ,f$]al         
,gov]nm5t1 or items us$ by contractors  
or subcontractors ( ! ,f$]al ,gov]nm5t  
at any ti]1 c be sub/itut$ by a         
hemp-bas$ product4  7#aa7 ,id5tify      
pot5tial opportunities = hemp to be us$ 
z a r5ewable en]gy s\rce4