,,ii  #aag? ,,congress  #b;d ,session   
,s4 #djfe  ,,9 ,,! ,,s5ate ,,( ,,!      
,,unit$ ,,/ates  ,april #g1 #bjbb,mr4   
,book] 7= himself1 ,mr4 ,scott ( ,s\?   
,c>ol9a1 ,mr4 ,w>n]1 ,mr4 ,"y1 & ,mr4   
,van ,holl57 introduc$ ! foll[+ bill2   
:i* 0 read twice & ref]r$ to !          
,committee on ,f9ance  ,a ,,bill  ,to   
am5d ! ,int]nal ,rev5ue ,code ( #aihf to
 modify ! rules relat+ to qualifi$      
opportunity zones1 & = o!r purposes4    
#a4 ,%ort title ,?is ,act may be cit$ z 
! ,opportunity ,zones ,transp>5cy1      
,ext5sion1 & ,improvem5t ,act4  #b4     
,f9d+s ,congress makes ! foll[+ f9d+s3  
7#a7 ,! #h1gfd population 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   

#bf4d p]c5t4  7#c7 ,fifty-f\r p]c5t ( ! 
c\ntry's pockets ( conc5trat$ p]si/5t   
pov]ty--mean+ c5sus tracts 9 :i* at lea/
 #dj p]c5t ( ! population has liv$ 9    
pov]ty s9ce at lea/ #aihj--;are qualifi$
 opportunity zones4  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 
,i ,modification ( population c5sus     
tracts designat$ z qualifi$ opportunity 
zones  #aja4 ,modification ( population 
c5sus tracts designat$ z qualifi$       
opportunity zones ,section #adjj,z-#a ( 
! ,int]nal ,rev5ue ,code ( #aihf is     
am5d$ by add+ at ! end ! foll[+ new     
subsection3  7g7 ,disqualification (    
c]ta9 population c5sus tracts  7#a7 ,9  
g5]al ,except z provid$ 9 p>agraph 7#e71

 any disqualifi$ c5sus tract %all n be  
treat$ z a qualifi$ opportunity zone =  
any p]iod aft] ! date t is #cj days aft]
 ! date on :i* ! ,secret>y publi%es !   
f9al li/ ( disqualifi$ c5sus tracts "u  
p>agraph 7#d77;,b74  7#b7 ,replacem5t   
zones  7,a7 ,9 g5]al ,! *ief executive  
(fic] ( a ,/ate may nom9ate additional  
population c5sus tracts to replace any  
population c5sus tract ! designation (  
:i* z a qualifi$ opportunity zone 0     
t]m9at$ by reason ( p>agraph 7#a74      
,except z o!rwise provid$ 9 ?is         
p>agraph1 ! rules ( subsections 7b71    
7c71 7d71 & 7f7 %all apply to any       
population c5sus tract nom9at$ "u ?is   
p>agraph4  7,b7 ,consultation ,no       
population c5sus tract nom9at$ "u       
subp>agraph 7,a7 may be designat$ z a   
qualifi$ opportunity zone unless ! *ief 
executive (fic] ( ! ,/ate c]tifies 9    
writ+ to ! ,secret>y t ! *ief executive 
(fic] has consult$ ) ! *ief executive   
(fic] 7or ! equival5t7 ( ea* local      
jurisdiction 9 :i* ! population c5sus   

tract is locat$4  7,c7 ,special rules ,=
 purposes ( ?is sub*apt]-- 7i7 any      
population c5sus tract :i* is a         
disqualifi$ c5sus tract 7z def9$ 9      
p>agraph 7#c7 )\t reg>d to subp>agraph  
7,a77i7 !re(7 may n be nom9at$ z a      
qualifi$ opportunity zone "u ?is        
p>agraph1  7ii7 ! det]m9ation p]iod )   
respect to a nom9ation "u subp>agraph   
7,a7 %all be ! #de-;day p]iod beg9n+ on 
! date on :i* ! ,secret>y publi%es !    
f9al li/ ( disqualifi$ c5sus tracts "u  
p>agraph 7#d77;,b71 z ext5d$ "u         
subsection 7b77#b71 &  7iii7 ! p]iod =  
:i* any su* designation is 9 effect %all
 be ! p]iod beg9n+ on ! date su*        
designation takes effect & end+ on ! la/
 day ( ! #aj? cal5d> ye> beg9n+ on or   
aft] ! designation date z a qualifi$    
opportunity zone = ! population c5sus   
tract :i* x is replac+ z su* a zone by  
reason ( ! t]m9ation "u p>agraph 7#a74  
7,d7 ,regulations & guidance ,!         
,secret>y %all prescribe su* regulations
 or o!r guidance z may be necess>y or   

appropriate to c>ry out ! purposes ( ?is
 p>agraph4  7#c7 ,disqualifi$ c5sus     
tract ,= purposes ( ?is subsection--    
7,a7 ,9 g5]al ,! t]m disqualifi$ c5sus  
tract means any population c5sus tract  
:i*-- 7i7 0 designat$ z a qualifi$      
opportunity zone be=e ! date ( !        
enactm5t ( ?is subsection1 &  7ii7 is   
describ$ 9 subp>agraph 7,b7 or 7,c74    
7,b7 ,high m$ian family income tracts   
7i7 ,9 g5]al ,except z provid$ 9 clauses
 7ii7 & 7iii71 a population c5sus tract 
is describ$ 9 ?is subp>agraph if ! m$ian
 family income = su* tract exce$s #acj  
p]c5t ( ! national m$ian family income4 
7ii7 ,exception ,clause 7i7 %all n apply
 if ! pov]ty rate ( su* population c5sus
 tract 7exclud+ /ud5ts enroll$ 9 an     
in/itution ( high] education 7z def9$ 9 
section #aja ( ! ,high] ,education ,act 
( #aife77 is equal to or great] ?an #cj 
p]c5t4  7iii7 ,reque/ to reta9          
designation = c]ta9 population c5sus    
tracts ,clause 7i7 %all n apply if !    
,secret>y1 ^u a reque/ ( ! *ief         

executive (fic] ( ! ,/ate made n lat]   
?an #fj days aft] ! date ! ,secret>y    
publi%es ! li/ describ$ 9 p>agraph      
7#d77;,a71 det]m9es t-- 7,i7 !          
designation ( su* population c5sus tract
 0 consi/5t ) ! purposes ( ?is sub*apt]1
 or  7,,ii7 ! m$ian family income = !   
population c5sus tract does n exce$ #acj
 p]c5t ( ! national m$ian family income4
  7,c7 ,election to include additional  
population c5sus tracts  7i7 ,9 g5]al ,a
 population c5sus tract is describ$ 9   
?is subp>agraph if ! ,secret>y1 ^u !    
reque/ ( ! *ief executive (fic] ( !     
,/ate submitt$ n lat] ?an #fj days aft] 
! date ! ,secret>y publi%es ! li/       
describ$ 9 p>agraph 7#d77;,a71 det]m9es 
t ! cont9u$ designation ( su* population
 c5sus tract z a qualifi$ opportunity   
zone is n consi/5t ) ! purposes ( ?is   
sub*apt]4  7ii7 ,regulations & guidance 
,n lat] ?an #ab mon?s aft] ! date ( !   
enactm5t ( ?is subsection1 ! ,secret>y  
%all issue regulations or guidance )    
respect to ! crit]ia to be us$ = mak+ a 

det]m9ation by ! ,secret>y "u clause    
7i74  7#d7 ,id5tification & publication 
( disqualifi$ c5sus tracts  7,a7        
,initial id5tification ,z soon z        
practical1 b n lat] ?an #ab mon?s aft] !
 date ( ! enactm5t ( ?is subsection1 !  
,secret>y %all make public-- 7i7 a li/ (
 population c5sus tracts describ$ 9     
p>agraph 7#c77;,b7 7det]m9$ )\t reg>d to
 clause 7iii7 !re(71 &  7ii7 a li/ (    
population c5sus tracts :i* are         
l[-income communities & 7 n designat$ z 
a qualifi$ opportunity zone be=e ! date 
( enactm5t ( ?is subsection4  7,b7 ,f9al
 li/ ( disqualifi$ c5sus tracts ,n lat] 
?an #aje days aft] ! date ! ,secret>y   
publi%es ! li/ describ$ 9 subp>agraph   
7,a71 ! ,secret>y %all make public a    
f9al li/ ( disqualifi$ c5sus tracts4    
7#e7 ,rules = qualifi$ preexi/+         
inve/m5ts  7,a7 ,9 g5]al ,= purposes (  
?is sub*apt]1 section #adjj,z-#b %all be
 appli$ )\t reg>d to p>agraph 7#a7 )    
respect to any qualifi$ preexi/+ trade  
or bus9ess4  7,b7 ,qualifi$ preexi/+    

trade or bus9ess ,= purposes ( ?is      
p>agraph-- 7i7 ,9 g5]al ,! t]m qualifi$ 
preexi/+ trade or bus9ess means any     
trade or bus9ess ( a qualifi$           
opportunity zone fund or qualifi$       
opportunity zone bus9ess :i* meets !    
requirem5ts ( clauses 7ii7 & 7iii7 (    
section #adjj,z-#b7;d77#c77;,a7 & :i*-- 
7,i7 be=e ! date ( ! enactm5t ( ?is     
subsection1 fil$ a regi/ration /atem5t  
"u ! ,securities ,act ( #aicc 7#ae      
,u4,s4,c4 #gg;a et seq47 or prep>$ any  
comp>able (f]+ memor&um or simil>       
disclosure docum5t provid$ 9 reliance on
 section #bcj4ejf ( title #ag1 ,code (  
,f$]al ,regulations 7or successor       
regulations71 promulgat$ "u !           
,securities ,act ( #aicc1 t discloses ! 
int5t ( su* trade or bus9ess to inve/ 9 
! disqualifi$ c5sus tract1  7,,ii7 be=e 
! fir/ date on :i* ! disqualifi$ c5sus  
tract appe>s on any li/ publi%$ "u      
p>agraph 7#d71 has made1 or has ent]$   
into to b9d+ agreem5ts to make1         
inve/m5ts 9 ! disqualifi$ c5sus tract   

:i*-- 7aa7 aggregate m ?an #bej1jjj1 &  
7bb7 h be5 designat$ 9 writ+ = ! use 91 
or ! developm5t (1 su* trade or bus9ess1
 or  7,,iii7 is det]m9$ by ! ,secret>y  
to h reli$ on ! designation ( !         
disqualifi$ c5sus tract z a qualifi$    
opportunity zone & to h suff]$ a loss z 
a result ( ! application ( p>agraph     
7#a74  7ii7 ,trade or bus9ess ,! t]m    
trade or bus9ess includes any activity  
int5d$ to qualify z a trade or bus9ess  
)9 ! mean+ ( section #afb4  7,c7        
,regulations & guidance ,! ,secret>y    
%all prescribe su* regulations or       
guidance z may be necess>y or           
appropriate to c>ry out ! purposes ( ?is
 p>agraph1 includ+ guidance to prev5t   
speculative inve/m5t solely = ! purpose 
( fall+ )9 ! def9ition ( a qualifi$     
preexi/+ trade or bus9ess4  7#f7        
,det]m9ation ( population c5sus tract   
data ,= purposes ( apply+ ?is           
subsection1 9 det]m9+ :e!r a population 
c5sus tract meets any qualification )   
respect to pov]ty rate or any aspect (  

m$ian income1 su* det]m9ation %all be   
made us+ ! mo/ rec5t c5sus data t has   
be5 publi%$ by ! ,bureau ( ! ,c5sus z ( 
! date ( enactm5t ( ?is subsection4  4  
#ajb4 ,c]ta9 =m] indu/rial tracts       
p]mitt$ to be designat$ z opportunity   
zones ,section #adjj,z-#a ( ! ,int]nal  
,rev5ue ,code ( #aihf1 z am5d$ by       
section #aja1 is am5d$ by add+ at ! end 
! foll[+ new subsection3  7h7 ,special  
rule = =m] indu/rial tracts contigu\s to
 designat$ opportunity zones  7#a7 ,9   
g5]al ,= purposes ( ?is *apt]1 ! t]m    
qualifi$ opportunity zone means an      
population c5sus tract :i* is describ$ 9
 p>agraph 7#b7 & designat$ z a qualifi$ 
opportunity zone "u ?is subsection4     
7#b7 ,population c5sus tract describ$ ,a
 population c5sus tract is describ$ 9   
?is subp>agraph if-- 7,a7 ! tract-- 7i7 
has a population ( z]o1  7ii7 0         
previ\sly us$ = indu/rial purposes & is 
a br[nfield indu/rial site1 &  7iii7 is 
contigu\s1 includ+ by wat]1 to a        
population c5sus tract on at lea/ #a    

side t has be5 designat$ z a qualifi$   
opportunity zone "u ?is section1 or     
7,b7 ! tract 0 m]g$1 z a result ( !     
#bjbj dec5nial c5sus1 into a c5sus tract
 describ$ 9 subp>agraph 7,a77iii7 & met 
all requirem5ts describ$ 9 subp>agraph  
7,a74  7#c7 ,designation ,= purposes (  
p>agraph 7#a71 a population c5sus tract 
t is describ$ 9 p>agraph 7#b7 is        
designat$ z a qualifi$ opportunity zone 
if-- 7,a7 n lat] ?an #cj days aft] !    
date ( ! enactm5t ( ?is subsection1 !   
*ief executive (fic] ( ! ,/ate 9 :i* !  
tract is locat$-- 7i7 nom9ates ! tract =
 designation z a qualifi$ opportunity   
zone1 &  7ii7 notifies ! ,secret>y 9    
writ+ ( su* nom9ation1 &  7,b7 n lat]   
?an #cj days aft] receiv+ ! notification
 "u subp>agraph 7,a77ii71 ! ,secret>y   
c]tifies su* nom9ation & designates su* 
tract z a qualifi$ opportunity zone4    
7#d7 ,det]m9ation ( c5sus tract         
in=mation ,= purposes ( ?is subsection1 
! b\nd>ies & population ( a c5sus tract 
%all be det]m9$ bas$ on ,unit$ ,/ates   

,c5sus ,bureau data = ! #bjaj dec5nial  
c5sus4  7#e7 ,numb] ( designations      
,population c5sus tracts designat$ z a  
qualifi$ opportunity zone "u ?is        
subsection %all n be tak5 into acc\nt = 
purposes ( subsection 7d74  7#f7        
,def9itions ,= purposes ( ?is           
subsection-- 7,a7 ,br[nfield indu/rial  
site ,! t]m br[nfield indu/rial site    
means a population c5sus tract t        
includes real prop]ty ! expansion1      
r$evelopm5t1 or reuse ( :i* may be      
complicat$ by ! pres5ce or pot5tial     
pres5ce ( a haz>d\s sub/ance or         
pollutant or contam9ant1 includ+ real   
prop]ty cov]$ by a prospective pur*as]  
agreem5t or simil> agreem5t ent]$ into  
by ! ,environm5tal ,protection ,ag5cy or
 ! appropriate ,/ate au?ority4  7,b7    
,haz>d\s sub/ance ,! t]m haz>d\s        
sub/ance means-- 7i7 a haz>d\s sub/ance 
z def9$ 9 section #aja7ad7 ( !          
,compreh5sive ,environm5tal ,response1  
,comp5sation1 & ,liability ,act ( #aihj 
7#db ,u4,s4,c4 #ifja7ad771 or  7ii7     

petroleum or a petroleum product4  7,c7 
,pollutant or contam9ant ,! t]m         
pollutant or contam9ant has ! mean+ giv5
 su* t]m 9 section #aja7cc7 ( su* ,act4 
4  ,,ii ,in=mation report+ requirem5ts  
#bja4 ,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 qualifi$ opportunity   
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 ! qualifi$    
opportunity fund z ( ea* date describ$ 9
 section #adjj,z-#b7;d77#a71  7#d7 !    
value ( all qualifi$ opportunity zone   
prop]ty held by ! qualifi$ opportunity  
fund on ea* su* date1  7#e7 ) respect to
 ea* inve/m5t held by ! qualifi$        
opportunity 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 !    
population c5sus tracts 9 :i* ! qualifi$
 opportunity zone bus9ess 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 ( tangible 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 ( tangible      
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 !      
approximate av]age mon?ly numb] (       
full-"t equival5t employees ( su*       
corporation or p>tn]%ip = ! ye> 7)9     
num]ical ranges id5tifi$ by ! ,secret>y7
 or su* o!r indication ( ! employm5t    
impact ( su* corporation or p>tn]%ip z  
det]m9$ appropriate by ! ,secret>y1     
7#f7 ) respect to ! items ( qualifi$    
opportunity zone bus9ess prop]ty held by
 ! qualifi$ opportunity 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 !     
population c5sus tract 9 :i* ! prop]ty  
is locat$1  7,c7 :e!r ! prop]ty is own$ 
or leas$1  7,d7 ! aggregate value ( !   
items ( qualifi$ opportunity zone       

prop]ty held by ! qualifi$ opportunity  
fund 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 ! approximate av]age    
mon?ly numb] ( full-"t equival5t        
employees = ! ye> ( ! trades or         
bus9esses ( ! qualifi$ opportunity fund 
9 :i* qualifi$ opportunity zone bus9ess 
prop]ty is held 7)9 num]ical ranges     
id5tifi$ by ! ,secret>y7 or su* o!r     
indication ( ! employm5t impact ( su*   
trades or bus9esses z det]m9$           
appropriate by ! ,secret>y1  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$1 &  7#i7 su* o!r  
in=mation z ! ,secret>y may require4    
7c7 ,/atem5t requir$ ,to be furni%$ to  
inve/ors ,e p]son requir$ to make a     

return "u subsection 7a7 %all furni% to 
ea* p]son ^: "n is requir$ to be set =? 
9 su* return by reason ( subsection     
7b77#i7 a writt5 /atem5t %[+-- 7#a7 !   
"n1 address & phone numb] ( ! in=mation 
contact ( ! p]son requir$ to make su*   
return1 &  7#b7 ! in=mation requir$ to  
be %[n on su* return by reason (        
subsection 7b77#i7 ) respect to su*     
p]son4  7d7 ,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 ( any inve/m5t 9 a qualifi$ 
opportunity fund 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  #fjci,m4          
,in=mation requir$ f c]ta9 qualifi$     
opportunity zone bus9esses  7a7 ,9 g5]al
 ,e applicable qualifi$ opportunity zone
 bus9ess %all furni% to ! qualifi$      
opportunity fund describ$ 9 subsection  
7b7 a writt5 /atem5t 9 su* mann] & sett+
 =? su* in=mation z ! ,secret>y may by  
regulations prescribe = purposes (      
enabl+ su* qualifi$ opportunity fund to 
meet ! requirem5ts ( section            
#fjci7;b77#e74  7b7 ,applicable qualifi$
 opportunity zone bus9ess ,= purposes ( 
subsection 7a71 ! t]m applicable        
qualifi$ opportunity zone bus9ess means 
any qualifi$ opportunity zone bus9ess 7z
 def9$ 9 section #adjj,z-#b7;d77#c77--  
7#a7 :i* is a trade or bus9ess ( a      
qualifi$ opportunity fund1  7#b7 9 :i* a
 qualifi$ opportunity fund holds        

qualifi$ opportunity zone /ock1 or  7#c7
 9 :i* a qualifi$ opportunity fund holds
 a qualifi$ opportunity zone p>tn]%ip   
int]e/4  7c7 ,o!r t]ms ,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 
7,a7 ,9 g5]al ,"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 qualifi$ opportunity 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 9 ! "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 qualifi$ opportunity funds ,9 !   
case ( any failure describ$ 9 p>agraph  
7#a7 ) respect to a fund ! 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      
,p5alty 9 cases ( int5tional disreg>d   
,if a failure describ$ 9 p>agraph 7#a7  
is due to int5tional disreg>d1 !n-- 7,a7
 p>agraph 7#a7 %all be appli$ by        
sub/itut+ #b1ejj = #ejj1  7,b7 p>agraph 
7#b77;,a7 %all be appli$ by sub/itut+   
#ej1jjj = #aj1jjj1 &  7,c7 p>agraph     
7#b77;,b7 %all be appli$ by sub/itut+   
#bej1jjj = #ej1jjj4  7#d7 ,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] #bjbc1 
ea* ( ! doll> am\nts 9 p>agraphs 7#a71  
7#b71 & 7#c7 %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> #bjbb = 

cal5d> ye> #bjaf 9 subp>agraph 7,a77ii7 
!re(4  7,b7 ,r\nd+  7i7 ,9 g5]al ,if !  
#ejj doll> am\nt 9 p>agraphs 7#a7 &     
7#c77;,a7 or ! #b1ejj am\nt 9 p>agraph  
7#c77;,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 or 7#c7 7o!r ?an  
any am\nt to :i* clause 7i7 or 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] #bjbc1 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> #bjbb = 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,b7 ,in=mation requir$ to be
 s5t to o!r taxpay]s ,section           
#fgbd7;d77#b7 ( su* ,code is am5d$-- 7i7
 by /rik+ or at ! end ( subp>agraph     
7,,ii71  7ii7 by /rik+ ! p]iod at ! end 
( ! fir/ subp>agraph 7,,jj7 7relat+ to  
section #fbbf7 & ins]t+ a comma1  7iii7 

by r$esignat+ ! second subp>agraph      
7,,jj7 7relat+ to section #fjej,y7 z    
subp>agraph 7,,kk71  7iv7 by /rik+ !    
p]iod at ! end ( subp>agraph 7,,kk7 7z  
r$esignat$ by clause 7iii77 & ins]t+ a  
comma1 &  7v7 by ins]t+ aft] subp>agraph
 7,,kk7 7z s r$esignat$7 ! foll[+ new   
subp>agraphs3  7,,ll7 section #fjci,k7c7
 7relat+ to disposition ( qualifi$      
opportunity fund inve/m5ts71 or  7,,mm7 
section #fjci,m 7relat+ to in=mation    
requir$ f c]ta9 qualifi$ opportunity    
zone bus9esses74  4  7#c7 ,electronic   
fil+ ,section #fjaa7;e7 ( su* ,code is  
am5d$ by add+ at ! end ! foll[+ new     
p>agraph3  7#h7 ,qualifi$ opportunity   
funds ,not)/&+ p>agraphs 7#a7 & 7#b71   
any return fil$ by a qualifi$           
opportunity fund %all be fil$ on        
magnetic m$ia or o!r ma*9e-readable =m4 
4  7#d7 ,cl]ical am5dm5ts  7,a7 ,! table
 ( sections = subp>t ,a ( "p ,,iii (    
sub*apt] ,a ( *apt] #fa ( su* ,code is  
am5d$ 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 ,sec4       
#fjci,m4 ,in=mation requir$ f c]ta9     
qualifi$ opportunity zone bus9esses4  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#e7 ,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 include1 to ! ext5t  
available1 ! foll[+ in=mation3 7,a7 ,!  
numb] ( qualifi$ opportunity funds4     
7,b7 ,! aggregate doll> am\nt ( assets  
held 9 qualifi$ opportunity funds4  7,c7
 ,! aggregate doll> 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 ( population c5sus tracts     
designat$ z qualifi$ opportunity zones t
 h receiv$ qualifi$ opportunity fund    
inve/m5ts4  7,e7 ,= ea* population c5sus
 tract designat$ z a qualifi$           
opportunity zone1 ! approximate av]age  
mon?ly numb] ( full-"t equival5t        
employees ( ! qualifi$ opportunity zone 
bus9esses 9 su* qualifi$ opportunity    
zone = ! prec$+ #ab-mon? p]iod 7)9      
num]ical ranges id5tifi$ by ! ,secret>y7
 or su* o!r indication ( ! employm5t    

impact ( su* qualifi$ opportunity fund  
bus9esses z det]m9$ appropriate by !    
,secret>y4  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*  
population c5sus tract1 ! aggregate     
approximate numb] ( resid5tial units    
result+ f inve/m5ts made by qualifi$    
opportunity funds 9 real prop]ty4  7,h7 
,! aggregate doll> am\nt ( inve/m5ts    
made by qualifi$ opportunity funds 9 ea*
 population 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 population 
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 ,=     
population c5sus tracts designat$ z a   
qualifi$ opportunity zone1 a comp>ison  
7bas$ on aggregate in=mation7 ( !       
factors li/$ 9 clause 7iii7 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 ,= population c5sus tracts       
designat$ z a qualifi$ opportunity zone1
 a comp>ison 7bas$ on aggregate         
in=mation7 ( ! factors li/$ 9 clause    
7iii7 = ! mo/ rec5t #e-ye> p]iod = :i*  
data is available betwe5 su* population 
c5sus tracts & a simil> population c5sus
 tracts t 7 n designat$ z a qualifi$    
opportunity zone4  7ii7 ,control gr\ps  
,= purposes ( clause 7i71 ! ,secret>y   
may comb9e population c5sus tracts into 
su* gr\ps z ! ,secret>y det]m9es        

appropriate = purposes ( mak+           
comp>isons4  7iii7 ,factors li/$ ,!     
factors li/$ 9 ?is p>agraph are !       
foll[+3 7,i7 ,! unemploym5t rate4       
7,,ii7 ,! numb] ( p]sons work+ 9 !      
population c5sus tract1 includ+ !       
p]c5tage ( su* p]sons :o 7 n resid5ts 9 
! population c5sus tract 9 ! prec$+ ye>4
  7,,iii7 ,individual1 family1 &        
h\sehold pov]ty rates4  7,,iv7 ,m$ian   
family income ( resid5ts ( ! population 
c5sus tract4  7,v7 ,demographic         
in=mation on resid5ts ( ! population    
c5sus tract1 includ+ age1 income1       
education1 race1 & employm5t4  7,,vi7 ,!
 av]age p]c5tage ( income ( resid5ts ( !
 population c5sus tract sp5t on r5t     
annually4  7,,vii7 ,! numb] ( resid5ces 
9 ! population c5sus tract4  7,,viii7 ,!
 rate ( home own]%ip 9 ! population     
c5sus tract4  7,,ix7 ,! av]age value (  
resid5tial prop]ty 9 ! population c5sus 
tract4  7,x7 ,! numb] ( af=dable h\s+   
units 9 ! population c5sus tract4       
7,,xi7 ,! numb] & p]c5tage ( resid5ts 9 

! population c5sus tract t 7 n employ$ =
 ! prec$+ ye>4  7,,xii7 ,! numb] ( new  
bus9ess />ts 9 ! population c5sus tract4
  7,,xiii7 ,! di/ribution ( employees 9 
! population c5sus tract by ,nor?       
,am]ican ,indu/ry ,classification ,code4
  7#d7 ,protection ( id5tifiable return 
in=mation ,9 mak+ reports requir$ "u ?is
 subsection1 ! ,secret>y-- 7,a7 %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=mation1 &  
7,b7 if necess>y to protect taxpay]     
return in=mation1 may comb9e in=mation  
requir$ ) respect to individual         
population c5sus tracts into l>g]       
geographic areas4  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     
,,iii ,modification ( rules = inve/m5ts 
9 qualifi$ opportunity funds  #cja4     

,ext5sion ( def]ral p]iod  7a7 ,9 g5]al 
,subp>agraph 7,b7 ( section             
#adjj,z-#b7;b77#a7 ( ! ,int]nal ,rev5ue 
,code ( #aihf is am5d$ by /rik+ ,decemb]
 #ca1 #bjbf & ins]t+ ,decemb] #ca1      
#bjbh4  7b7 ,modification ( basis rule  
,clause 7iv7 ( section                  
#adjj,z-#b7;b77#b77;,b7 ( su* ,code is  
am5d$ by /rik+ #g ea* place x appe>s 9 !
 text & 9 ! head+ & ins]t+ #f4  7c7     
,effective date ,! am5dm5ts made by ?is 
section %all apply to am\nts inve/$ aft]
 ,decemb] #bb1 #bjag4  #cjb4            
,modification ( def9ition ( qualifi$    
opportunity fund  7a7 ,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-- 7,a7 any       
qualifi$ fe$] fund1 or  7,b7 any o!r    
inve/m5t vehicle if-- 7i7 su* inve/m5t  
vehicle is organiz$ z a corporation or a
 p>tn]%ip = ! purpose ( inve/+ 9        
qualifi$ opportunity zone prop]ty 7o!r  
?an ano!r qualifi$ opportunity fund71 & 

7ii7 su* inve/m5t vehicle 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$-- 7,i7 on ! la/ day ( ! fir/   
#f-mon? p]iod ( ! taxable ye> ( ! fund1 
&  7,,ii7 on ! la/ day ( ! taxable ye> (
 ! fund4  4  7b7 ,qualifi$ fe$] fund    
,section #adjj,z-#b7;d7 ( su* ,code is  
am5d$ by add+ at ! end ! foll[+ new     
p>agraph3  7#d7 ,qualifi$ fe$] fund ,!  
t]m qualifi$ fe$] fund means any        
inve/m5t vehicle t inve/s 9 a qualifi$  
opportunity fund if-- 7,a7 su* inve/m5t 
vehicle is organiz$ z a dome/ic p>tn]%ip
 = ! purpose ( inve/+ 9 "o m            
corporations or p>tn]%ips describ$ 9    
p>agraph 7#a77;,b71  7,b7 all inve/m5ts 
made 9 ! inve/m5t vehicle are made 9    
ca%1 &  7,c7 n less ?an #ie p]c5t ( !   
assets ( :i* are equity inve/m5ts 9     
corporations or p>tn]%ips describ$ 9    
p>agraph 7#a77;,b74  4  7c7 ,effective  
date ,! am5dm5ts made by ?is section    

%all take effect on ! date ( ! enactm5t 
( ?is ,act4  ,,iv ,/ate & community     
dynamism fund  #dja4 ,/ate & community  
dynamism fund  7a7 ,e/abli%m5t ,!re is  
e/abli%$ a ,/ate & ,community ,dynamism 
,fund to support public & private       
inve/m5t1 includ+ capital = qualifi$    
opportunity zones designat$ "u section  
#adjj,z-#a7;a7 ( ! ,int]nal ,rev5ue     
,code ( #aihf1 & exi/+ small bus9ess &  
community economic developm5t programs &
 inc5tives1 to und]s]v$ bus9esses &     
communities4  7b7 ,allocation  7#a7 ,9  
g5]al ,funds appropriat$ to ! ,/ate &   
,community ,dynamism ,fund %all be      
allocat$ to ,/ates4  7#b7 ,=mula  7,a7  
,9 g5]al ,! ,secret>y ( ! ,treasury %all
 det]m9e ! allocation by allocat+ ,f$]al
 funds among ! ,/ates bas$ on !         
proportion ( prime work+ age adults 9   
ea* ,/ate be>s to ! total ( prime work+ 
age adults = all ! ,/ates4  7,b7 ,m9imum
 allocation ,! ,secret>y %all adju/ !   
allocations "u subp>agraph 7,a7 = ea*   
,/ate to ! ext5t necess>y to ensure t no

 ,/ate receives less ?an #j4i p]c5t ( ! 
,f$]al funds4  7#c7 ,requirem5t ,to     
receive an allocation "u p>agraph 7#b71 
a ,/ate %all c]tify t ! ,/ate w use     
funds to-- 7,a7 build capacity 9        
high-pov]ty1 und]bank$1 rural1 & o!rwise
 und]s]v$ communities2  7,b7 advance    
inve/m5t 9 m9ority-1 wom51 & vet]an-own$
 bus9esses2  7,c7 address work=ce       
developm5t 9 /rategic sectors ( !       
,/ate's economy2 &  7,d7 align          
priorities to support af=dably pric$    
h\s+4  7#d7 ,suballocation ,a ,/ate may 
sp5d funds allocat$ "u ?is subsection   
directly or suballocate ! funds to o!r  
entities1 includ+ units ( g5]al local   
gov]nm5t & nonpr(its4  7#e7 ,eligible   
uses ,funds allocat$ "u ?is subsection  
%all be us$ = any eligible use 9 a      
l[-income community1 z def9$ 9 section  
#de;,d7e7 ( ! ,int]nal ,rev5ue ,code (  
#aihf1 includ+ =-- 7,a7 op]at+ support &
 community capacity build+1 ) priority  
to giv5 to op]at+ support & community   
capacity build+ 9 qualifi$ opportunity  

zones1 includ+-- 7i7 p]sonnel to support
 activities1 includ+ coord9ation1       
education1 & inve/m5t2  7ii7            
community-level capacity build+1 tra9+1 
& /rategic plann+2  7iii7 outrea*1      
te*nical assi/ance1 & pr(essional       
s]vices to und]s]v$ bus9esses & und]s]v$
 opportunity zone fund manag]s2  7,b7   
high-impact projects1 includ+-- 7i7     
pr$evelopm5t co/s associat$ ) individual
 ,qualifi$ ,opportunity ,zone projects2 
&  7ii7 risk mitigation = qualifi$      
opportunity zone funds2 &  7,c7         
adm9i/rative co/s1 n to exce$ #c p]c5t (
 ! funds allocat$4  7#f7 ,eligible      
projects ,funds us$ = high-impact       
project activities1 z describ$ 9        
p>agraph 7#e77;,b71 %all only be us$ =--
 7,a7 bus9ess ) less ?an #bjj employees2
  7,b7 projects t provide community     
goods or s]vices1 includ+ heal? c>e1    
social s]vices1 heal?y food access1     
education1 broadb&1 & culture2 or  7,c7 
af=dable h\s+ ) at lea/ #ej p]c5t ( !   
units t are af=dable to families mak+   

less ?an #hj p]c5t ( area m$ian family  
income4  7#g7 ,prioritization ,a ,/ate t
 receives funds "u ?is section mu/      
prioritize activities t-- 7,a7 promote  
inve/m5t 9 projects t sub/antially      
support m9orities1 z def9$ 9 section    
#abjd7;c7 ( ! ,f9ancial ,in/itutions    
,re=m1 ,recov]y1 & ,en=cem5t ,act (     
#aihi 7#ab ,u4,s4,c4 #ahaa note71 or o!r
 t>get$ populations1 z def9$ 9 section  
#ajc ( ! ,riegle ,community ,developm5t 
& ,regulatory ,improvem5t ,act ( #aiid  
7#ab ,u4,s4,c4 #dgjb72 &  7,b7 h        
demon/rat$ mean+ful engagem5t )         
community /akehold]s4  7c7 ,au?orization
 ( appropriations ,!re is au?oriz$ to be
 appropriat$ #a1jjj1jjj1jjj to c>ry out 
?is section4  7d7 ,,gao audit ,!        
,comptroll] ,g5]al ( ! ,unit$ ,/ates    
%all p]=m an annual audit ( ! ,fund &   
submit to ! appropriate committees (    
,congress a report conta9+ ! results ( !
 audit4  7e7 ,annual report ,n lat] ?an 
,m>* #ca ( ea* ye>1 ea* ,/ate receiv+   
funds "u ?is title %all submit to !     

,secret>y a report on ! p]=mance ( !    
,/ate & p>ticipat+ entities 9 ! ,/ate t 
includes-- 7#a7 an acc\nt+ ( !          
exp5diture ( funds receiv$ by ! ,/ate1  
includ+ on adm9i/rative or indirect     
co/s2  7#b7 in=mation on ! numb] &      
*>act]i/ics ( p>ticipants s]v$ "u ?is   
title2 &  7#c7 a summ>y describ+ !      
tra9+1 capacity-build+1 & te*nical      
assi/ance (f]$ by ! ,/ate & p>ticipat+  
entities4  7f7 ,def9itions ,9 ?is       
section3 7#a7 ,prime work+ age adults n 
employ$ ,! t]m prime work+ age adults n 
employ$ means1 ) respect to a ,/ate1 !  
%>e ( ! adult population ag$ #be to #ed 
t 0 n employ$ = ! mo/ rec5t ye> = :i*   
data is available4  7#b7 ,/ate ,! t]m   
,/ate includes ! ,di/rict ( ,columbia1  
any t]ritory or possession ( ! ,unit$   
,/ates1 & any ,indian ,tribe4