,,ii  #aaf? ,,congress  #a/ ,session    
,s4 #biid  ,,9 ,,! ,,s5ate ,,( ,,!      
,,unit$ ,,/ates  ,decemb] #e1 #bjai,mr4 
,scott ( ,s\? ,c>ol9a 7= himself1 ,mr4  
,grassley1 ,mr4 ,"y1 ,mr4 ,g>dn]1 ,ms4  
,ern/1 ,mr4 ,cassidy1 ,mr4 ,rubio1 &    
,mrs4 ,capito7 introduc$ ! foll[+ bill2 
:i* 0 read twice & ref]r$ to !          
,committee on ,f9ance  ,a ,,bill  ,to   
am5d ! ,int]nal ,rev5ue ,code ( #aihf to
 require in=mation report+ ) respect to 
! qualifi$ opportunity zone tax         
inc5tives enact$ by ! #bjag tax re=m    
legislation1 to require public reports  
relat$ to su* tax inc5tives1 & = o!r    
purposes4  #a4 ,%ort title ,?is ,act may
 be cit$ z ! ,improv+ & ,re9/at+ !      
,monitor+1 ,prev5tion1 ,acc\ntability1  
,c]tification1 & ,transp>5cy ,provisions
 ( ,opportunity ,zones or ! ,,impact    
,act4  #b4 ,f9d+s ,congress makes !     
foll[+ f9d+s3 7#a7 ,! #h1gfd c5sus      
tracts designat$ z qualifi$ opportunity 
zones "u section #adjj,z-#a ( ! ,int]nal
 ,rev5ue ,code ( #aihf span across all  

#ej ,/ates1 ! ,di/rict ( ,columbia1 & #e
 ,t]ritories & ov]:elm+ly repres5t      
communities t h be5 economically left   
beh9d z ! ,am]ican economy has surg$    
=w>d4  7#b7 ,! av]age pov]ty rate (     
qualifi$ opportunity zone resid5ts is   
#bh4i p]c5t4  7#c7 ,sev5ty-"o p]c5t (   
qualifi$ opportunity zones meet !       
,treasury ,dep>tm5t's def9ition (       
8sev]ely di/ress$04  7#d7 ,m adults 9   
qualifi$ opportunity zones lack a high  
s*ool diploma ?an h a f\r-ye> college   
degree4  7#e7 ,! ,inve/+ 9 ,opportunity 
,act1 :i* orig9ally propos$ opportunity 
zones1 orig9ally incorporat$ report+    
requirem5ts to evaluate ! impact !      
inc5tive w h on designat$ communities & 
x is critical t ,congress act to re9/ate
 report+ requirem5ts z soon z possible4 
#c4 ,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 fund1    
7#b7 :e!r ! qualifi$ opportunity fund is
 organiz$ z a corporation or a p>tn]%ip1
  7#c7 ! value ( ! total assets held by 
! fund z ( ea* date describ$ 9 section  
#adjj,z-#b7;d77#a71  7#d7 ! value ( all 
qualifi$ opportunity zone prop]ty held  
by ! fund on ea* su* date1  7#e7 )      
respect to ea* inve/m5t held by ! fund 9
 qualifi$ opportunity zone /ock or a    
qualifi$ opportunity zone p>tn]%ip      
int]e/--  7,a7 ! "n1 address1 & taxpay] 
id5tification numb] ( ! corporation 9   
:i* su* /ock is held or ! p>tn]%ip 9 :i*
 su* int]e/ is held1 z ! case may be1   

7,b7 ea* ,nor? ,am]ican ,indu/ry        
,classification ,code t applies to !    
trades or bus9esses conduct$ by su*     
corporation or p>tn]%ip1  7,c7 ! c5sus  
tracts 9 :i* ! qualifi$ opportunity zone
 prop]ty ( su* corporation or p>tn]%ip  
is locat$1  7,d7 ! am\nt ( ! inve/m5t 9 
su* /ock or p>tn]%ip int]e/ z ( ea* date
 describ$ 9 section #adjj,z-#b7;d77#a71 
7,e7 ! value ( prop]ty held by su*      
corporation or p>tn]%ip on ea* su* date 
:i* is own$ by su* corporation or       
p>tn]%ip1  7,f7 ! value ( prop]ty held  
by su* corporation or p>tn]%ip on ea*   
su* date :i* is leas$ by su* corporation
 or p>tn]%ip1  7,g7 ! approximate numb] 
( resid5tial units 7if any7 = any real  
prop]ty held by su* corporation or      
p>tn]%ip1 &  7,h7 :e!r ! approximate    
av]age mon?ly numb] ( full-"t equival5t 
employees ( su* corporation or p>tn]%ip 
= ! ye> is--  7i7 equal to or less ?an  
#be1  7ii7 great] ?an #be & equal to or 
less ?an #ej1  7iii7 great] ?an #ej &   
equal to or less ?an #ge1  7iv7 great]  

?an #ge & equal to or less ?an #ajj1    
7v7 great] ?an #ajj & equal to or less  
?an #ejj1  7vi7 great] ?an #ejj or equal
 to or less ?an #a1jjj1 or  7vii7 great]
 ?an #a1jjj1  7#f7 ) respect to ea* item
 ( qualifi$ opportunity zone bus9ess    
prop]ty held by ! fund--  7,a7 ! ,nor?  
,am]ican ,indu/ry ,classification ,code 
t applies to ! trades or bus9esses 9 :i*
 su* prop]ty is held1  7,b7 ! c5sus     
tract 9 :i* ! prop]ty is locat$1  7,c7  
:e!r ! prop]ty is own$ or leas$1  7,d7 !
 value ( ! prop]ty z ( ea* date describ$
 9 section #adjj,z-#b7;d77#a71 &  7,e7 9
 ! case ( real prop]ty1 numb] (         
resid5tial units 7if any71  7#g7 :e!r ! 
av]age mon?ly numb] ( full-"t equival5t 
employees ( ! qualifi$ opportunity fund 
= ! ye> is--  7,a7 equal to or less ?an 
#be1  7,b7 great] ?an #be & equal to or 
less ?an #ej1  7,c7 great] ?an #ej &    
equal to or less ?an #ge1  7,d7 great]  
?an #ge & equal to or less ?an #ajj1    
7,e7 great] ?an #ajj & equal to or less 
?an #ejj1  7,f7 great] ?an #ejj or equal

 to or less ?an #a1jjj1 or  7,g7 great] 
?an #a1jjj1  7#h7 ) respect to ea* p]son
 :o dispos$ ( an inve/m5t 9 ! qualifi$  
opportunity fund dur+ ! ye>--  7,a7 ! "n
 & taxpay] id5tification numb] ( su*    
p]son1  7,b7 ! date or dates on :i* !   
inve/m5t dispos$ 0 acquir$1 &  7,c7 !   
date or dates on :i* any su* inve/m5t 0 
dispos$ & ! am\nt ( ! inve/m5t dispos$1 
&  7#i7 su* o!r in=mation z ! ,secret>y 
may require4  7c7 ,def9itions ,=        
purposes ( ?is section--  7#a7 ,9 g5]al 
,any t]m us$ 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 ,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 7b7 ) respect to ea* su*   
inve/m5t4  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 a description (  
su* inve/m5t1  7#d7 ! date su* inve/m5t 
0 made1  7#e7 ! am\nt ( %ort-t]m &      
long-t]m capital ga9s = :i* an election 
0 made "u section #adjj,z-#b7;a77#a7 =  
su* inve/m5t1  7#f7 9 ! case ( any      
disposition ( su* inve/m5t dur+ !       
taxable ye>-- 7,a7 a description ( !    
inve/m5t dispos$1  7,b7 ! date ( !      
disposition1 &  7,c7 ! am\nt ( any      
previ\sly def]r$ %ort-t]m & long-t]m    

capital ga9 includ$ 9 income z a result 
( su* disposition1 &  7#g7 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      
,in=mation returns by funds  7#a7 ,9    
g5]al ,9 ! case ( any p]son requir$ to  
file a return "u section #fjci,k fails  
to file a complete & correct return "u  
su* section ! "t & 9 ! mann] prescrib$  
!re=1 su* p]son %all pay a p5alty ( #ejj
 = ea* day dur+ :i* su* failure         
cont9ues4  7#b7 ,limitation  7,a7 ,9    
g5]al ,! maximum p5alty "u ?is          
subsection on failures ) respect to any 
#a return %all n exce$ #aj1jjj4  7,b7   
,l>ge funds ,9 ! case ( any p]son !     

gross assets ( :i* 7det]m9$ on ! la/ day
 ( ! taxable ye>7 are 9 excess (        
#aj1jjj1jjj1 subp>agraph 7,a7 %all be   
appli$ by sub/itut+ #ej1jjj = #aj1jjj4  
7#c7 ,inflation adju/m5t  7,a7 ,9 g5]al 
,9 ! case ( any failure relat+ to a     
return requir$ to be fil$ 9 a cal5d> ye>
 beg9n+ aft] #bjbj1 ea* ( ! doll> am\nts
 9 p>agraphs 7#a7 & 7#b7 %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+ 
7i7 ,9 g5]al ,if ! doll> am\nt 9        
p>agraph 7#a71 aft] be+ increas$ "u     
subp>agraph 7,a71 is n a multiple ( #aj1
 su* doll> am\nt %all be r\nd$ to ! next
 l[e/ multiple ( #aj4  7ii7 ,asset      
?re%old ,if ! #aj1jjj1jjj doll> am\nt 9 
p>agraph 7#b77;,b71 aft] be+ increas$ "u
 subp>agraph 7,a71 is n a multiple (    
#aj1jjj1 su* doll> am\nt %all be r\nd$  
to ! next l[e/ multiple ( #aj1jjj4      

7iii7 ,o!r doll> am\nts ,if any doll>   
am\nt 9 p>agraph 7#b7 7o!r ?an ! am\nt  
to :i* clause 7ii7 applies71 aft] be+   
increas$ "u subp>agraph 7,a71 is n a    
multiple ( #a1jjj1 su* doll> am\nt %all 
be r\nd$ to ! next l[e/ multiple (      
#a1jjj4  7b7 ,/atem5ts by inve/ors  7#a7
 ,9 g5]al ,if-- 7,a7 any p]son is       
requir$ to file a /atem5t "u section    
#fjci,l = any p]iod1 &  7,b7 fails-- 7i7
 to file su* /atem5t on or be=e !       
requir$ fil+ date1 or  7ii7 fails to    
include all ( ! in=mation requir$ to be 
%[n on ! /atem5t or includes incorrect  
in=mation1  su* p]son %all pay a p5alty 
( #e1jjj4  7#b7 ,r$uction :]e correction
 9 specifi$ p]iod ,if any failure       
describ$ 9 p>agraph 7#a77;,b7 is        
correct$ on or be=e ! day #fj days aft] 
! requir$ fil+ date1 ! p5alty impos$ by 
p>agraph 7#a7 %all be #ejj 9 lieu ( !   
am\nt det]m9$ "u su* p>agraph4  7#c7 ,de
 m9imis errors ,if-- 7,a7 !re are "o or 
m su* failures describ$ 9 p>agraph      
7#a77;,b77ii7 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 
#ajj1  !n no correction %all be requir$1
 &1 = purposes ( ?is section1 su*       
/atem5t %all be treat$ z hav+ be5 fil$ )
 all correct requir$ in=mation4  7#d7   
,p5alty 9 cases ( int5tional disreg>d   
,if "o or m failures describ$ 9 p>agraph
 7#a77;,b7 are due to int5tional        
disreg>d ( ! fil+ requirem5t 7or !      
correct in=mation report+ requirem5t71  
!n1 ) respect to ea* su* failure--  7,a7
 p>agraphs 7#b7 & 7#c7 %all n apply1 &  
7,b7 ! am\nt ( ! p5alty det]m9$ "u      
p>agraph 7#a7 %all be #be1jjj4  7#e7    
,inflation adju/m5t  7,a7 ,9 g5]al ,9 ! 
case ( any failure relat+ to a /atem5t  
requir$ to be fil$ 9 a cal5d> ye> beg9n+
 aft] #bjbj1 ea* ( ! doll> am\nts 9     
p>agraphs 7#a71 7#b71 & 7#d7 %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 subp>agraph  
7,a7 %all be r\nd$ to ! ne>e/ multiple (
 #ajj 7#aj 9 ! case ( any increase 9 !  
am\nt "u p>agraph 7#b774  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  7#d7 ,effective  
date ,! am5dm5ts made by ?is subsection 
%all apply to taxable ye>s beg9n+ aft] !
 date ( ! enactm5t ( ?is ,act4  7b7     
,report+ ( data on opportunity zone tax 

inc5tives  7#a7 ,9 g5]al ,z soon z      
practical aft] ! date ( ! enactm5t ( ?is
 ,act1 & annually !reaft]1 ! ,secret>y (
 ! ,treasury1 or ! ,secret>y's delegate 
7ref]r$ to 9 ?is section z ! ,secret>y71
 9 consultation ) ! ,director ( !       
,bureau ( ! ,c5sus & su* o!r ag5cies z !
 ,secret>y det]m9es appropriate1 %all   
make publicly available a report on     
qualifi$ opportunity funds4  7#b7       
,in=mation includ$ ,! report requir$ "u 
p>agraph 7#a7 %all include ! foll[+     
in=mation3 7,a7 ,! numb] ( qualifi$     
opportunity funds4  7,b7 ,! aggregate   
am\nt ( assets held 9 qualifi$          
opportunity funds4  7,c7 ,! aggregate   
am\nt ( inve/m5ts made by qualifi$      
opportunity funds 9 qualifi$ opportunity
 fund prop]ty across ea* indu/ry class  
"u ! ,nor? ,am]ican ,indu/ry            
,classification ,code4  7,d7 ,! p]c5tage
 ( c5sus tracts designat$ z qualifi$    
opportunity zones t h receiv$ qualifi$  
opportunity fund inve/m5ts4  7,e7 ,= ea*
 c5sus tract designat$ z a qualifi$     

opportunity zone1 :e!r ! av]age mon?ly  
numb] ( full-"t equival5t employees (   
qualifi$ opportunity zone bus9esses = ! 
prec$+ #ab-mon? p]iod is--  7i7 equal to
 or less ?an #be2  7ii7 great] ?an #be &
 equal to or less ?an #ej2  7iii7 great]
 ?an #ej & equal to or less ?an #ge2    
7iv7 great] ?an #ge & equal to or less  
?an #ajj2  7v7 great] ?an #ajj & equal  
to or less ?an #ejj2  7vi7 great] ?an   
#ejj or equal to or less ?an #a1jjj2 or 
7vii7 great] ?an #a1jjj4  7,f7 ,!       
p]c5tage ( ! total am\nt ( inve/m5ts    
made by qualifi$ opportunity funds 9--  
7i7 qualifi$ opportunity zone prop]ty   
:i* is real prop]ty2 &  7ii7 o!r        
qualifi$ opportunity zone prop]ty4  7,g7
 ,= ea* c5sus tract1 ! aggregate        
approximate numb] ( resid5tial units =  
inve/m5ts made by qualifi$ opportunity  
funds 9 real prop]ty4  7,h7 ,! aggregate
 am\nt ( inve/m5ts made by qualifi$     
opportunity funds 9 ea* c5sus tract4    
7#c7 ,additional in=mation  7,a7 ,9     
g5]al ,beg9n+ ) ! report submitt$ "u    

p>agraph 7#a7 = ! #f? ye> aft] ! date ( 
! enactm5t ( ?is ,act1 ! ,secret>y %all 
include 9 su* report ! impacts &        
outcomes ( a designation ( a c5sus tract
 z a qualifi$ opportunity zone z measur$
 by economic indicators1 su* z job      
creation1 pov]ty r$uction1 new bus9ess  
/>ts1 & o!r metrics z det]m9$ by !      
,secret>y4  7,b7 ,semi-dec5nial         
in=mation  7i7 ,9 g5]al ,9 ! case ( any 
report submitt$ "u p>agraph 7#a7 9 ! #f?
 ye> or ! #aa? ye> aft] ! date ( !      
enactm5t ( ?is ,act1 ! ,secret>y %all   
include ! foll[+ in=mation3  7,i7 ,= ea*
 c5sus tract designat$ z a qualifi$     
opportunity zone1 a comp>ison 7bas$ on  
aggregate in=mation7 ( ! factors li/$ 9 
clause 7ii7 betwe5 ! #e-ye> p]iod end+  
on ! date ( ! enactm5t ( ,public ,law   
#aae-ig & ! mo/ rec5t #e-ye> p]iod = :i*
 data is available4  7,,ii7 ,= ea* c5sus
 tract designat$ z a qualifi$           
opportunity zone1 a comp>ison 7bas$ on  
aggregate in=mation7 ( ! factors li/$ 9 
clause 7ii7 = ! mo/ rec5t #e-ye> p]iod =

 :i* data is available betwe5 su* c5sus 
tract & any c5sus tract t 0 a l[-income 
community eligible to be designat$ z a  
qualifi$ opportunity zone b 0 n s       
designat$4  7ii7 ,factors li/$ ,!       
factors li/$ 9 ?is p>agraph are !       
foll[+3 7,i7 ,! unemploym5t rate4       
7,,ii7 ,! numb] ( p]sons work+ 9 ! c5sus
 tract1 includ+ ! p]c5tage ( su* p]sons 
:o 7 n resid5ts 9 ! c5sus tract 9 !     
prec$+ ye>4  7,,iii7 ,individual1       
family1 & h\sehold pov]ty rates4  7,,iv7
 ,m$ian family income ( resid5ts ( !    
c5sus tract4  7,v7 ,demographic         
in=mation on resid5ts ( ! c5sus tract1  
includ+ age1 income1 education1 race1 & 
employm5t4  7,,vi7 ,! av]age p]c5tage ( 
income ( resid5ts ( ! c5sus tract sp5t  
on r5t annually4  7,,vii7 ,! numb] (    
resid5ces 9 ! c5sus tract4  7,,viii7 ,! 
av]age value ( resid5tial prop]ty 9 !   
c5sus tract4  7,,ix7 ,! numb] ( af=dable
 h\s+ units 9 ! c5sus tract4  7,x7 ,!   
numb] & p]c5tage ( resid5ts 9 ! c5sus   
tract t 7 n employ$ = ! prec$+ ye>4     

7,,xi7 ,! numb] ( new bus9ess />ts 9 !  
c5sus tract4  7,,xii7 ,! di/ribution (  
employees 9 ! c5sus tract by ,nor?      
,am]ican ,indu/ry ,classification ,code4
  7#d7 ,protection ( id5tifiable return 
in=mation ,9 mak+ reports requir$ "u ?is
 subsection1 ! ,secret>y %all e/abli%   
appropriate proc$ures to ensure t any   
am\nts report$ d n disclose taxpay]     
return in=mation t c be associat$ ) any 
p>ticul> taxpay] or competitive or      
propriet>y in=mation4  7#e7 ,def9itions 
,any t]m us$ 9 ?is subsection :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