,,ii  #aaf? ,,congress  #a/ ,session    
,s4 #bghg  ,,9 ,,! ,,s5ate ,,( ,,!      
,,unit$ ,,/ates  ,novemb] #f1 #bjai,mr4 
,wyd5 introduc$ ! foll[+ bill2 :i* 0    
read twice & ref]r$ to ! ,committee on  
,f9ance  ,a ,,bill  ,to am5d ! ,int]nal 
,rev5ue ,code ( #aihf to require report+
 = qualifi$ opportunity funds1 to make  
modifications to opportunity zones1 & = 
o!r purposes4  #a4 ,%ort title ,?is ,act
 may be cit$ z ! ,opportunity ,zone     
,report+ & ,re=m ,act4  #b4 ,in=mation  
report+ on qualifi$ opportunity funds   
7a7 ,9 g5]al  7#a7 ,fil+ requirem5ts =  
funds & inve/ors ,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     
sections3  #fjci,k4 ,returns ) respect  
to qualifi$ opportunity funds  7a7 ,9   
g5]al ,e qualifi$ opportunity fund %all 
file an annual return 7at su* "t & 9 su*
 mann] z ! ,secret>y may prescribe7     
conta9+ ! in=mation describ$ 9          
subsection 7b74  7b7 ,in=mation f funds 

,! in=mation describ$ 9 ?is subsection  
is-- 7#a7 ! "n1 address1 & taxpay]      
id5tification numb] ( ! qualifi$        
opportunity fund & ! uni=m res\rce      
locator 7,,url7 = ! website = su* fund1 
7#b7 ! value ( all prop]ty held by !    
fund z ( ea* date describ$ 9 section    
#adjj,z-#b7;d77#a71  7#c7 ! value (--   
7,a7 qualifi$ opportunity zone /ock held
 by ! fund on ea* su* date1  7,b7       
qualifi$ opportunity zone p>tn]%ip      
int]e/s held by ! fund on ea* su* date1 
7,c7 qualifi$ opportunity zone bus9ess  
prop]ty held by ! fund on ea* su* date1 
7,d7 tangible prop]ty n describ$ 9      
subp>agraphs 7,a71 7,b71 or 7,c7 & held 
by ! fund on ea* su* date1 &  7,e7      
intangible prop]ty 7includ+ ca% & ca%   
equival5ts7 n describ$ 9 subp>agraphs   
7,a71 7,b71 or 7,c7 & held by ! fund on 
ea* su* date1  7#d7 ! "n1 address1 &    
taxpay] id5tification numb] (-- 7,a7 ea*
 corporation 9 :i* ! qualifi$           
opportunity fund owns /ock1 &  7,b7 ea* 
p>tn]%ip 9 :i* ! qualifi$ opportunity   

fund owns a capital or pr(its int]e/1   
7#e7 ) respect to ea* qualifi$          
opportunity zone bus9ess :i* is conduct$
 by ! qualifi$ opportunity fund1 by a   
corporation 9 :i* ! qualifi$ opportunity
 fund owns /ock1 or by a p>tn]%ip 9 :i* 
! qualifi$ opportunity fund owns a      
capital or pr(its int]e/--  7,a7 !      
id5tity ( ! entity conduct+ ! qualifi$  
opportunity zone bus9ess1 &  7,b7 ea*   
,nor? ,am]ican ,indu/ry ,classification 
,code t applies to su* trade or bus9ess1
  7#f7 ) respect to ea* qualifi$        
opportunity zone bus9ess :i* is conduct$
 by ! qualifi$ opportunity fund or by a 
corporation or p>tn]%ip controll$ by !  
qualifi$ opportunity fund--  7,a7 !     
value 7z ( ea* date describ$ 9 section  
#adjj,z-#b7;d77#a77 (-- 7i7 ! tangible  
prop]ty ( su* bus9ess1 &  7ii7 !        
intangible prop]ty 7includ+ ca% & ca%   
equival5ts7 ( su* bus9ess1 &  7,b7 !    
av]age mon?ly numb] ( full-"t equival5t 
employees ( su* bus9ess dur+ ! report+  
p]iod1  7#g7 ) respect to ea* qualifi$  

opportunity zone bus9ess prop]ty held by
 ! fund or by a corporation or p>tn]%ip 
controll$ by ! qualifi$ opportunity     
fund--  7,a7 ! qualifi$ opportunity zone
 ) respect to ! prop]ty1  7,b7 ! date ! 
prop]ty 0 acquir$1 &  7,c7 9 ! case (   
real prop]ty-- 7i7 ! squ>e footage ( su*
 prop]ty1  7ii7 ! numb] 7if any7 (      
resid5tial units on ! prop]ty1 &  7iii7 
! aggregate co/s incurr$ ) respect to   
su* prop]ty relat$ to--  7,i7 l&        
acquisition1  7,,ii7 new con/ruction1 & 
7,,iii7 rehabilitation1  7#h7 ) respect 
to ea* p]son :o has inve/m5ts 9 !       
qualifi$ opportunity fund dur+ ! report+
 p]iod--  7,a7 ! "n & taxpay]           
id5tification numb] ( su* p]son1  7,b7 !
 date or dates on :i* su* inve/m5ts 7   
made1 &  7,c7 ! total am\nt ( su*       
inve/m5ts1 &  7#i7 su* o!r in=mation z !
 ,secret>y may require4  7c7 ,def9itions
 ,= 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 "u su* sub*apt]4  

7#b7 ,control ,! t]m control has ! mean+
 giv5 su* t]m "u section #ied7;d77#c74  
7#c7 ,full-"t equival5t employees ,! t]m
 full-"t equival5t employees means1 )   
respect to any mon?1 ! sum (--  7,a7 !  
numb] ( full-"t employees 7z def9$ 9    
section #dihj;,h7c77#d77 = ! mon?1 plus 
7,b7 ! numb] ( employees det]m9$ 7"u    
rules simil> to ! rules ( section       
#dihj;,h7c77#b77;,e77 by divid+ !       
aggregate numb] ( h\rs ( s]vice (       
employees :o are n full-"t employees = !
 mon? by #abj4  #fjci,l4 ,in=mation on  
p]sons inve/+ 9 qualifi$ opportunity    
funds  7a7 ,9 g5]al ,e taxpay] :o makes 
an inve/m5t 9 a qualifi$ opportunity    
fund %all provide an annual /atem5t 7at 
su* "t & 9 su* mann] z ! ,secret>y may  
prescribe7 conta9+ ! in=mation describ$ 
9 subsection 7b74  7b7 ,in=mation f     
inve/ors ,! in=mation describ$ 9 ?is    
subsection is-- 7#a7 ! "n1 address1 &   
taxpay] id5tification numb] ( ! taxpay]1
  7#b7 ! "n & taxpay] id5tification     
numb] ( ! qualifi$ opportunity fund 9   

:i* ! inve/m5t 0 made1  7#c7 ! date su* 
inve/m5t 0 made 9 a qualifi$ opportunity
 fund & ! am\nt ( su* inve/m5t1 includ+ 
a sep>ate /atem5t ( ! am\nt ( any su*   
inve/m5ts :i* are ga9 = :i* an election 
0 made "u section #adjj,z-#b7;a77#a71   
7#d7 ! date ( ! disposition ( !         
inve/m5t1 &  7#e7 su* o!r in=mation z ! 
,secret>y may require4  7c7 ,def9itions 
,any t]m us$ 9 ?is section :i* is also  
us$ 9 sub*apt] ,z ( *apt] #a %all h !   
mean+ giv5 su* t]m "u su* sub*apt]4  4  
7#b7 ,p5alties ,"p ,,ii ( sub*apt] ,b ( 
*apt] #fh ( ! ,int]nal ,rev5ue ,code (  
#aihf is am5d$ by ins]t+ aft] section   
#fgbe ! foll[+ new section3  #fgbf4     
,failure to comply ) in=mation report+  
requirem5ts relat+ to qualifi$          
opportunity funds  7a7 ,9 g5]al ,if--   
7#a7 any p]son is requir$ to file a     
return "u section #fjci,k or a /atem5t  
"u section #fjci,l = any p]iod1 &  7#b7 
fails-- 7,a7 to file su* return or      
/atem5t on or be=e ! requir$ fil+ date1 
or  7,b7 fails to include all ( !       

in=mation requir$ to be %[n on ! return 
or /atem5t or includes incorrect        
in=mation1  su* p]son %all pay a p5alty 
( #aj1jjj4  7b7 ,r$uction :]e correction
 9 specifi$ p]iod ,if any failure       
describ$ 9 subsection 7a77#b7 is        
correct$ on or be=e ! day #cj days aft] 
! requir$ fil+ date1 ! p5alty impos$ by 
subsection 7a7 %all be #bej 9 lieu ( !  
am\nt det]m9$ "u su* p>agraph4  7c7 ,de 
m9imis errors ,if-- 7#a7 !re are #a or m
 su* failures describ$ 9 subsection     
7a77#b77;,b7 relat+ to an incorrect     
doll> am\nt1 &  7#b7 no s+le am\nt 9    
error diff]s f ! correct am\nt by m ?an 
#be1  !n no correction %all be requir$1 
&1 = purposes ( ?is section1 su* return 
or /atem5t %all be treat$ z hav+ be5    
fil$ ) all correct requir$ in=mation4   
7d7 ,p5alty 9 cases ( int5tional        
disreg>d ,if #a or m failures describ$ 9
 subsection 7a77#b7 are due to          
int5tional disreg>d ( ! fil+ requirem5t 
7or ! correct in=mation report+         
requirem5t71 !n1 ) respect to ea* su*   

failure--  7#a7 subsections 7b7 & 7c7   
%all n apply1 &  7#b7 ! am\nt ( ! p5alty
 det]m9$ "u subsection 7a7 %all be twice
 ! am\nt :i* w\ld be det]m9$ )\t reg>d  
to ?is p>agraph4  7e7 ,inflation        
adju/m5t  7#a7 ,9 g5]al ,9 ! case ( any 
failure relat+ to a return or /atem5t   
requir$ to be fil$ 9 a cal5d> ye> beg9n+
 aft] #bjbj1 ea* ( ! doll> am\nts 9     
subsections 7a7 & 7b7 %all be increas$  
by an am\nt equal to su* doll> am\nt    
multipli$ by ! co/-(-liv+ adju/m5t      
det]m9$ "u section #a7;f77#c7 = ! cal5d>
 ye> det]m9$ by sub/itut+ cal5d> ye>    
#bjai = cal5d> ye> #bjaf 9 subp>agraph  
7,a77ii7 !re(4  7#b7 ,r\nd+ ,! am\nt (  
any increase "u p>agraph 7#a7 %all be   
r\nd$ to ! ne>e/ multiple ( #ajj 7#aj 9 
! case ( any increase 9 ! am\nt "u      
subsection 7b774  4  7#c7 ,cl]ical      
am5dm5ts  7,a7 ,! table ( sections =    
subp>t ,a ( "p ,,iii ( sub*apt] ,a (    
*apt] #fa ( su* ,code is am5d$ by ins]t+
 aft] ! item relat+ to section #fjci;,j 
! foll[+ new items3  ,sec4 #fjci,k4     

,returns ) respect to qualifi$          
opportunity funds4 ,sec4 #fjci,l4       
,in=mation on p]sons inve/+ 9 qualifi$  
opportunity funds4  4  7,b7 ,! table (  
sections = "p ,,ii ( sub*apt] ,b ( *apt]
 #fh ( su* ,code is am5d$ by ins]t+ aft]
 ! item relat+ to section #fgbe ! foll[+
 new item3  ,sec4 #fgbf4 ,failure to    
comply ) in=mation report+ requirem5ts  
relat+ to qualifi$ opportunity funds4  4
  7b7 ,in=mation returns ( qualifi$     
opportunity funds made public  7#a7     
,requirem5t to disclose ,sub*apt] ,b (  
*apt] #fa ( ! ,int]nal ,rev5ue ,code (  
#aihf is am5d$ by ins]t+ aft] section   
#fajd ! foll[+ new section3  #fajd;,a4  
,publicity ( in=mation requir$ f        
qualifi$ opportunity funds  7a7 ,9 g5]al
 ,ea* qualifi$ opportunity fund %all    
make publicly available on ! website    
specifi$ 9 section #fjci,k7b77#a7 a copy
 ( ea* in=mation return fil$ "u section 
#fjci,k7a7 at all times dur+ ! #c-ye>   
p]iod beg9n+ on ! la/ day prescrib$ =   
fil+ ! return 7det]m9$ ) reg>d to any   

ext5sion ( "t = fil+74  7b7 ,exceptions 
f disclosure requirem5t ,! in=mation    
made public "u subsection 7a7 %all n    
include-- 7#a7 any taxpay] id5tification
 numb] includ$ on ! return1  7#b7 !     
in=mation describ$ 9 p>agraph 7#h7 (    
section #fjci,k7b71 &  7#c7 su* o!r     
in=mation z id5tifi$ by ! ,secret>y to !
 ext5t ! exclusion ( su* in=mation is   
consi/5t ) ! purposes ( ?is section4    
7c7 ,qualifi$ opportunity fund ,=       
purposes ( ?is section1 ! t]m qualifi$  
opportunity fund means a fund describ$ 9
 section #adjj,z-#b7;d74  4  7#b7       
,p5alty  7,a7 ,9 g5]al ,section #ffhe ( 
su* ,code is am5d$--  7i7 by ins]t+ or !
 requirem5ts ( section #fajd;,a aft]    
section #fajd1 &  7ii7 by /rik+ = c]ta9 
tax-exempt organizations 9 ! head+ !re(4
  7,b7 ,con=m+ am5dm5t ,! item relat+ to
 section #ffhe 9 ! table ( sections = "p
 ,i ( sub*apt] ,b ( *apt] #fh ( su*     
,code is am5d$ by /rik+ = c]ta9         
tax-exempt organizations4  7#c7 ,cl]ical
 am5dm5t ,! table ( sections = sub*apt] 

,b ( *apt] #fa ( su* ,code is am5d$ by  
ins]t+ aft] ! item relat+ to section    
#fajd ! foll[+ new item3  ,sec4         
#fajd;,a4 ,publicity ( in=mation requir$
 f qualifi$ opportunity funds4  4  7c7  
,effective date ,! am5dm5ts made by ?is 
section %all apply to taxable ye>s      
beg9n+ aft] ! date ( ! enactm5t ( ?is   
,act4  #c4 ,modification ( tracts       
qualifi$ to be designat$ z qualifi$     
opportunity zones  7a7 ,disqualification
 ( c]ta9 c5sus tracts  7#a7 ,c5sus      
tracts ) high m$ian family income       
,p>agraph 7#a7 ( section #adjj,z-#a7;c7 
is am5d$ 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$ on ! mo/ rec5t data     
publi%$ by ! ,bureau ( ! ,c5sus on !    

date ( ! enactm5t ( ! ,opportunity ,zone
 ,report+ & ,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 ( !
 ,int]nal ,rev5ue ,code ( #aihf1 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 ,report+ & ,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 ,report+
 & ,re=m ,act4  4  #d4 ,ma9t5ance (     
geographic b\nd>ies ( qualifi$          
opportunity zones ,section              
#adjj,z-#a7;e7 ( ! ,int]nal ,rev5ue     
,code ( #aihf1 z r$esignat$ by section  
#c7;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$44  
#e4 ,modification ( prohibition on c]ta9
 types ( trades or bus9ess z qualifi$   
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  #f4 ,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$-- 7,a7 9 
clause 7i71 by ins]t+ 7o!r ?an          
self-/orage prop]ty1 /adium prop]ty1 or 
disqualifi$ 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 ,/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    
7vi7 ,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  #g4 ,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 
#h4 ,,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