,,ib ,union ,cal5d> ,no4 #ajj #aah? ,,congress #a/ ,session ,h4 ,r4 #cicg ,report ,no4 #aah-abh ,,9 ,,! ,,h\se ,,( ,,repres5tatives ,june #i1 #bjbc,mr4 ,smi? ( ,miss\ri introduc$ ! foll[+ bill2 :i* 0 ref]r$ to ! ,committee on ,ways & ,means ,june #cj1 #bjbc,report$ ) an am5dm5t1 committ$ to ! ,committee ( ! ,:ole ,h\se on ! ,/ate ( ! ,union1 & ord]$ to be printed,strike out all aft] ! enact+ clause & ins]t ! "p pr9t$ 9 italic,for text ( introduc$ bill1 see copy ( bill z introduc$ on ,june #i1 #bjbc ,a ,,bill ,to am5d ! ,int]nal ,rev5ue ,code ( #aihf to promote ! e/abli%m5t & gr[? ( small bus9esses4 #a4 ,%ort title2 table ( cont5ts1 etc 7a7 ,%ort title ,?is ,act may be cit$ z ! ,small ,bus9ess ,jobs ,act 4 7b7 ,am5dm5t ( #aihf ,code ,except z o!rwise expressly provid$1 :5ev] 9 ?is ,act an am5dm5t or repeal is express$ 9 t]ms ( an am5dm5t to1 or repeal (1 a section or o!r provision1 ! ref]5ce %all be consid]$ to be made to a section or o!r provision ( ! ,int]nal ,rev5ue ,code ( #aihf4 7c7 ,table ( cont5ts ,! table ( cont5ts = ?is ,act is z foll[s3 ,sec4 #a4 ,%ort title2 table ( cont5ts1 etc4,sec4 #b4 ,increase 9 ?re%old = requir+ in=mation report+ ) respect to c]ta9 payees4,sec4 #c4 ,re/oration ( report+ rule = ?ird p>ty network transactions4,sec4 #d4 ,modifications to exclusion = ga9 f qualifi$ small bus9ess /ock4,sec4 #e4 ,increase 9 limitations on exp5s+ ( depreciable bus9ess assets4,sec4 #f4 ,e/abli%m5t ( special rules = capital ga9s inve/$ 9 rural opportunity zones4,sec4 #g4 ,report+ on qualifi$ opportunity funds & qualifi$ rural opportunity funds4 #b4 ,increase 9 ?re%old = requir+ in=mation report+ ) respect to c]ta9 payees 7a7 ,9 g5]al ,sections #fjda7;a7 is am5d$ by /rik+ #fjj & ins]t+ #e1jjj4 7b7 ,inflation adju/m5t ,section #fjda is am5d$ by add+ at ! end ! foll[+ new subsection3 7h7 ,inflation adju/m5t ,9 ! case ( any cal5d> ye> aft] #bjbd1 ! doll> am\nt 9 subsection 7a7 %all be increas$ by an am\nt equal to-- 7#a7 su* doll> am\nt1 multipli$ by 7#b7 ! co/-(-liv+ adju/m5t det]m9$ "u section #a7;f77#c7 = su* cal5d> ye>1 det]m9$ by sub/itut+ cal5d> ye> #bjbc = cal5d> ye> #bjaf 9 subp>agraph 7,a77ii7 !re(4 ,if any increase "u ! prec$+ s5t5ce is n a multiple ( #ajj1 su* increase %all be r\nd$ to ! ne>e/ multiple ( #ajj4 4 7c7 ,application to report+ on remun]ation = s]vices & direct sales ,section #fjda;,a is am5d$-- 7#a7 9 subsection 7a77#b71 by /rik+ is #fjj or m & ins]t+ equals or exce$s ! doll> am\nt 9 effect = su* cal5d> ye> "u section #fjda7;a71 & 7#b7 9 subsection 7b77#a77;,b71 by /rik+ is #e1jjj or m & ins]t+ equals or exce$s ! doll> am\nt 9 effect = su* cal5d> ye> "u section #fjda7;a74 7d7 ,application to backup )hold+ ,section #cdjf7;b77#f7 is am5d$-- 7#a7 by /rik+ #fjj 9 subp>agraph 7,a7 & ins]t+ ! doll> am\nt 9 effect = su* cal5d> ye> "u section #fjda7;a71 & 7#b7 by /rik+ only :]e aggregate = cal5d> ye> is #fjj or m 9 ! head+ & ins]t+ only if 9 excess ( ?re%old4 7e7 ,con=m+ am5dm5ts 7#a7 ,! head+ ( section #fjda7;a7 is am5d$ by /rik+ ( #fjj or m & ins]t+ exce$+ ?re%old4 7#b7 ,section #fjda7;a7 is am5d$ by /rik+ taxable ye> & ins]t+ cal5d> ye>4 7f7 ,effective date ,! am5dm5ts made by ?is section %all apply ) respect to paym5ts made aft] ,decemb] #ca1 #bjbc4 #c4 ,re/oration ( report+ rule = ?ird p>ty network transactions 7a7 ,de m9imis exception = ?ird p>ty settlem5t organizations ,section #fjej,w7e7 is am5d$ to read z foll[s3 7e7 ,exception = de m9imis paym5ts by ?ird p>ty settlem5t organizations ,a ?ird p>ty settlem5t organization %all be requir$ to report any in=mation "u subsection 7a7 ) respect to ?ird p>ty network transactions ( any p>ticipat+ payee only if-- 7#a7 ! am\nt :i* w\ld o!rwise be report$ "u subsection 7a77#b7 ) respect to su* transactions exce$s #bj1jjj1 & 7#b7 ! aggregate numb] ( su* transactions exce$s #bjj4 4 7b7 ,effective date ,! am5dm5t made by ?is section %all apply to returns = cal5d> ye>s beg9n+ aft] ,decemb] #ca1 #bjba4 #d4 ,modifications to exclusion = ga9 f qualifi$ small bus9ess /ock 7a7 ,phas$ increase 9 exclusion = ga9 f qualifi$ small bus9ess /ock 7#a7 ,9 g5]al ,section #abjb7;a77#a7 is am5d$-- 7,a7 by /rik+ #ej p]c5t & ins]t+ ! applicable p]c5tage1 & 7,b7 by /rik+ held = m ?an #e ye>s & ins]t+ held = at lea/ #c ye>s4 7#b7 ,applicable p]c5tage ,section #abjb7;a7 is am5d$ by add+ at ! end ! foll[+ new p>agraph3 7#e7 ,applicable p]c5tage ,except z provid$ 9 p>agraphs 7#c7 & 7#d71 ! applicable p]c5tage "u p>agraph 7#a7 %all be det]m9$ "u ! foll[+ table3 ,ye>s /ock held3,applicable p]c5tage3#c ye>s#ejd ye>s#gee ye>s or m#ajj 4 7#c7 ,cont9u$ treatm5t z n item ( tax pref]5ce 7,a7 ,9 g5]al ,section #eg7;a77#g7 is am5d$ by /rik+ ,an am\nt & ins]t+ ,9 ! case ( /ock acquir$ on or be=e ! date ( ! enactm5t ( ! ,creat+ ,small ,bus9ess ,jobs ,act ( #bjaj1 an am\nt4 7,b7 ,con=m+ am5dm5t ,section #abjb7;a77#d7 is am5d$-- 7i7 by /rik+ 1 & at ! end ( subp>agraph 7,b7 & ins]t+ a p]iod1 & 7ii7 by /rik+ subp>agraph 7,c74 7#d7 ,o!r con=m+ am5dm5ts 7,a7 ,section #abjb7;a77#d7 is am5d$ by ins]t+ & be=e ! date ( ! enactm5t ( ! ,small ,bus9ess ,jobs ,act aft] ,act ( #bjaj4 7,b7 ,p>agraphs 7#c7 & 7#d7 ( section #abjb7;a7 are ea* am5d$ by ins]t+ held = m ?an #e ye>s & aft] ,9 ! case ( qualifi$ small bus9ess /ock4 7,c7 ,section #abjb7;a77#c77;,a7 ( su* ,code is am5d$ to read z foll[s3 7,a7 ! applicable p]c5tage "u p>agraph 7#a7 %all be #ge p]c5t1 & 1 7,d7 ,section #abjb7;a77#d77;,a7 is am5d$ to read z foll[s3 7,a7 ! applicable p]c5tage "u p>agraph 7#a7 %all be #ajj p]c5t1 & 4 7,e7 ,section #abjb7;b77#b7 is am5d$ by /rik+ m ?an #e ye>s & ins]t+ at lea/ #c ye>s4 7,f7 ,section #abjb7;g77#b77;,a7 is am5d$ by /rik+ m ?an #e ye>s & ins]t+ at lea/ #c ye>s4 7,g7 ,section #abjb7;j77#a77;,a7 is am5d$ by /rik+ m ?an #e ye>s & ins]t+ at lea/ #c ye>s4 7b7 ,tack+ hold+ p]iod ( conv]tible debt in/rum5ts 7#a7 ,9 g5]al ,section #abjb7;f7 is am5d$-- 7,a7 by r$esignat+ p>agraphs 7#a7 & 7#b7 z subp>agraphs 7,a7 & 7,b7 & mov+ su* subp>agraphs 7z s r$esignat$7 #b ems to ! "r1 7,b7 by /rik+ conv]sion ( o!r /ock4--,if any /ock & ins]t+ ! foll[+3 conv]sion4-- 7#a7 ,o!r /ock ,if any /ock 1 & 7,c7 by add+ at ! end ! foll[+ new p>agraph3 7#b7 ,conv]tible debt in/rum5ts 7,a7 ,9 g5]al ,if any /ock 9 a corporation is acquir$ by ! taxpay]1 )\t recognition ( ga91 solely ?r\gh ! conv]sion ( a qualifi$ conv]tible debt in/rum5t-- 7i7 ! /ock s acquir$ %all be treat$ z qualifi$ small bus9ess /ock 9 ! h&s ( ! taxpay]1 & 7ii7 ! /ock s acquir$ %all be treat$ z hav+ be5 held dur+ ! p]iod dur+ :i* ! qualifi$ conv]tible debt in/rum5t 0 held4 7,b7 ,qualifi$ conv]tible debt in/rum5t ,= purposes ( ?is p>agraph1 ! t]m qualifi$ conv]tible debt in/rum5t means any bond or o!r evid5ce ( indebt$ness-- 7i7 :i* is orig9ally issu$ by ! corporation to ! taxpay]1 7ii7 ! issu] ( :i*-- 7,i7 f issuance until conv]sion1 is a qualifi$ small bus9ess1 & 7,,ii7 dur+ sub/antially all ( ! taxpay]'s hold+ p]iod ( su* bond or evid5ce ( indebt$ness1 ! corporation meets ! active bus9ess requirem5ts ( subsection 7e71 & 7iii7 :i* is conv]tible into /ock 9 ! corporation4 4 7c7 ,ga9 exclusion all[$ ) respect to qualifi$ small bus9ess /ock 9 corporation 7#a7 ,9 g5]al ,section #abjb7;c7 is am5d$-- 7,a7 by /rik+ ,c corporation 9 p>agraph 7#a7 & ins]t+ corporation1 & 7,b7 by /rik+ & su* corporation is a ,c corporation 9 p>agraph 7#b77;,a74 7#b7 ,qualifi$ small bus9ess def9ition ,section #abjb7;d77#a7 is am5d$ by /rik+ :i* is a ,c corporation4 7#c7 ,cl>ification ( aggregation rules applicable to ,s corporations ,section #abjb7;d77#c7 is am5d$ by add+ at ! end ! foll[+ new subp>agraph3 7,c7 ,cl>ification ) respect to ,s corporations ,any det]m9ation ( ! memb]s ( a controll$ gr\p ( corporations "u ?is p>agraph %all include tak+ into acc\nt any /ock own]%ip 9 an ,s corporation4 4 7#d7 ,treatm5t ( passive losses ,section #dfi7;g77#a7 is am5d$ by add+ at ! end ! foll[+ new subp>agraph3 7,d7 ,c]ta9 dispositions ( small bus9ess /ock ,9 ! case a disposition any ga9 f :i* is exclud$ f gross income "u section #abjb1 subp>agraph 7,a7 %all n apply4 4 7#e7 ,special rules relat+ to ,s corporations ,section #abjb7;e7 is am5d$ by add+ at ! end ! foll[+ new p>agraph3 7#i7 ,appli$ at ,s corporation level ,9 ! case ( an ,s corporation1 ! requirem5ts ( ?is subsection %all be appli$ at ! corporate level4 4 7d7 ,effective dates 7#a7 ,9 g5]al ,except z o!rwise provid$ 9 ?is subsection1 ! am5dm5ts made by ?is section %all apply to /ock acquir$ aft] ! date ( ! enactm5t ( ?is ,act4 7#b7 ,cont9u$ treatm5t z n item ( tax pref]5ce ,! am5dm5ts made by subsection 7a77#c7 %all take effect z if includ$ 9 ! enactm5t ( section #bjaa ! ,creat+ ,small ,bus9ess ,jobs ,act ( #bjaj4 7#c7 ,tack+ hold+ p]iod ( conv]tible debt in/rum5ts ,! am5dm5ts made by subsection 7b7 %all apply to debt in/rum5ts orig9ally issu$ aft] ! date ( ! enactm5t ( ?is ,act4 #e4 ,increase 9 limitations on exp5s+ ( depreciable bus9ess assets 7a7 ,9 g5]al ,section #agi7;b7 is am5d$-- 7#a7 by /rik+ #a1jjj1jjj 9 p>agraph 7#a7 & ins]t+ #b1ejj1jjj1 & 7#b7 by /rik+ #b1ejj1jjj 9 p>agraph 7#b7 & ins]t+ #d1jjj1jjj4 7b7 ,inflation adju/m5t ,section #agi7;b77#f7 is am5d$-- 7#a7 by /rik+ #bjah & ins]t+ #bjbd 7#bjah 9 ! case ( ! doll> am\nt 9 p>agraph 7#e77;,a771 & 7#b7 by /rik+ #8cal5d> ye> #bjag & ins]t+ cal5d> ye> #bjbd 7cal5d> ye> #bjag 9 ! case ( ! doll> am\nt 9 p>agraph 7#e77;,a774 7c7 ,effective date ,! am5dm5ts made by ?is section %all apply to prop]ty plac$ 9 s]vice 9 taxable ye>s beg9n+ aft] ,decemb] #ca1 #bjbc4 #f4 ,e/abli%m5t ( special rules = capital ga9s inve/$ 9 rural opportunity zones 7a7 ,9 g5]al ,sub*apt] ,z ( *apt] #a is am5d$ by add+ at ! end ! foll[+ new section3 #adjj,z-#c4 ,special rules = capital ga9s inve/$ 9 rural opportunity zones 7a7 ,9 g5]al 7#a7 ,treatm5t ( ga9s ,9 ! case ( capital 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 am\nt inve/$ by ! taxpay] 9 a qualifi$ rural opportunity fund 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 subsection 7b71 & 7,c7 subsection 7c7 %all apply4 7#b7 ,election ,no election may be made "u p>agraph 7#a7-- 7,a7 ) respect to a sale or ex*ange if an election previ\sly made ) respect to su* sale or ex*ange is 9 effect1 or 7,b7 ) respect to any sale or ex*ange aft] ,decemb] #ca1 #bjcb4 7b7 ,def]ral ( ga9 inve/$ 9 qualifi$ rural opportunity zone prop]ty 7#a7 ,ye> ( inclusion ,ga9 to :i* subsection 7a77#a77;,b7 applies %all be includ$ 9 income 9 ! taxable ye> :i* includes ! e>li] (-- 7,a7 ! date on :i* su* inve/m5t is sold or ex*ang$1 or 7,b7 ,decemb] #ca1 #bjcb4 7#b7 ,am\nt includible 7,a7 ,9 g5]al ,! am\nt ( ga9 includ$ 9 gross income "u subsection 7a77#a77;,a7 %all be ! excess (-- 7i7 ! less] ( ! am\nt ( ga9 exclud$ "u p>agraph 7#a7 or ! fair m>ket value ( ! inve/m5t z det]m9$ z ( ! date describ$ 9 p>agraph 7#a71 ov] 7ii7 ! taxpay]'s basis 9 ! inve/m5t4 7,b7 ,det]m9ation ( basis qualifi$ rural opportunity zone prop]ty 7i7 ,9 g5]al ,except z o!rwise provid$ 9 ?is clause or subsection 7c71 ! taxpay]'s basis 9 ! inve/m5t %all be z]o4 7ii7 ,increase = ga9 recogniz$ "u subsection 7a77#a77;b7 ,! basis 9 ! inve/m5t %all be increas$ by ! am\nt ( ga9 recogniz$ by reason ( subsection 7a77#a77;,b7 ) respect to su* prop]ty4 7iii7 ,inve/m5ts held = #e ye>s ,9 ! case ( any inve/m5t held = at lea/ #e ye>s1 ! basis ( su* inve/m5t %all be increas$ by an am\nt equal to #aj p]c5t ( ! am\nt ( ga9 def]r$ by reason ( subsection 7a77#a77;,a74 7iv7 ,inve/m5ts held = #g ye>s ,9 ! case ( any inve/m5t held by ! taxpay] = at lea/ #g ye>s1 9 addition to any adju/m5t made "u clause 7iii71 ! 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;,a74 7c7 ,special rule = inve/m5ts held = at lea/ #aj ye>s ,9 ! case ( any inve/m5t held by ! taxpay] = at lea/ #aj ye>s & ) respect to :i* ! taxpay] makes an election "u ?is subsection1 ! basis ( su* prop]ty %all be equal to ! fair m>ket value ( su* inve/m5t on ! date t ! inve/m5t is sold or ex*ang$4 7d7 ,qualifi$ rural opportunity fund ,= purposes ( ?is section-- 7#a7 ,9 g5]al ,! t]m qualifi$ rural opportunity fund means any inve/m5t vehicle :i* is organiz$ z a corporation or a p>tn]%ip = ! purpose ( inve/+ 9 qualifi$ rural opportunity zone prop]ty 7o!r ?an ano!r qualifi$ rural opportunity fund7 t holds at lea/ #ij p]c5t ( its assets 9 qualifi$ rural opportunity zone prop]ty1 det]m9$ by ! av]age ( ! p]c5tage ( qualifi$ rural opportunity zone prop]ty held 9 ! fund z measur$-- 7,a7 on ! la/ day ( ! fir/ #f-mon? p]iod ( ! taxable ye> ( ! fund1 & 7,b7 on ! la/ day ( ! taxable ye> ( ! fund4 7#b7 ,qualifi$ rural opportunity zone prop]ty 7,a7 ,9 g5]al ,! t]m qualifi$ rural opportunity zone prop]ty means prop]ty :i* is-- 7i7 qualifi$ rural opportunity zone /ock1 7ii7 qualifi$ rural opportunity zone p>tn]%ip int]e/1 or 7iii7 qualifi$ rural opportunity zone bus9ess prop]ty4 7,b7 ,qualifi$ rural opportunity zone /ock 7i7 ,9 g5]al ,except z provid$ 9 clause 7ii71 ! t]m qualifi$ rural opportunity zone /ock means any /ock 9 a dome/ic corporation if-- 7,i7 su* /ock is acquir$ by ! qualifi$ rural opportunity fund aft] ,decemb] #ca1 #bjbc1 at its orig9al issue 7directly or ?r\gh an und]writ]7 f ! corporation solely 9 ex*ange = ca%1 7,,ii7 z ( ! "t su* /ock 0 issu$1 su* corporation 0 a qualifi$ rural opportunity zone bus9ess 7or1 9 ! case ( a new corporation1 su* corporation 0 be+ organiz$ = purposes ( be+ a qualifi$ rural opportunity zone bus9ess71 & 7,,iii7 dur+ sub/antially all ( ! qualifi$ rural opportunity fund's hold+ p]iod = su* /ock1 su* corporation qualifi$ z a qualifi$ rural opportunity zone bus9ess4 7ii7 ,r$emptions ,a rule simil> to ! rule ( section #abjb7;c77#c7 %all apply = purposes ( ?is p>agraph4 7,c7 ,qualifi$ rural opportunity zone p>tn]%ip int]e/ ,! t]m qualifi$ rural opportunity zone p>tn]%ip int]e/ means any capital or pr(its int]e/ 9 a dome/ic p>tn]%ip if-- 7i7 su* int]e/ is acquir$ by ! qualifi$ rural opportunity fund aft] ,decemb] #ca1 #bjbc1 f ! p>tn]%ip solely 9 ex*ange = ca%1 7ii7 z ( ! "t su* int]e/ 0 acquir$1 su* p>tn]%ip 0 a qualifi$ rural opportunity zone bus9ess 7or1 9 ! case ( a new p>tn]%ip1 su* p>tn]%ip 0 be+ organiz$ = purposes ( be+ a qualifi$ rural opportunity zone bus9ess71 & 7iii7 dur+ sub/antially all ( ! qualifi$ rural opportunity fund's hold+ p]iod = su* int]e/1 su* p>tn]%ip qualifi$ z a qualifi$ rural opportunity zone bus9ess4 7,d7 ,qualifi$ rural opportunity zone bus9ess prop]ty 7i7 ,9 g5]al ,! t]m qualifi$ rural opportunity zone bus9ess prop]ty means tangible prop]ty us$ 9 a trade or bus9ess ( ! qualifi$ rural opportunity fund if-- 7,i7 su* prop]ty 0 acquir$ by ! qualifi$ rural opportunity fund by pur*ase 7z def9$ 9 section #agi7;d77#b77 aft] ,decemb] #ca1 #bjbc1 7,,ii7 ! orig9al use ( su* prop]ty 9 ! qualifi$ rural opportunity zone comm5ces ) ! qualifi$ rural opportunity fund or ! qualifi$ rural opportunity fund sub/antially improves ! prop]ty1 & 7,,iii7 dur+ sub/antially all ( ! qualifi$ rural opportunity fund's hold+ p]iod = su* prop]ty1 sub/antially all ( ! use ( su* prop]ty 0 9 a qualifi$ rural opportunity zone4 7ii7 ,sub/antial improvem5t ,= purposes ( subp>agraph 7,a77ii71 prop]ty %all be treat$ z sub/antially improv$ by ! qualifi$ rural opportunity fund 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 ( ! qualifi$ rural opportunity fund exce$ an am\nt equal to ! adju/$ basis ( su* prop]ty at ! beg9n+ ( su* #cj-mon? p]iod 9 ! h&s ( ! qualifi$ rural opportunity fund4 7iii7 ,relat$ p>ty ,= purposes ( subp>agraph 7,a77i71 ! relat$ p]son rule ( section #agi7;d77#b7 %all be appli$ pursuant to subsection 7e77#b7 9 lieu ( ! application ( su* rule 9 section #agi7;d77#b77;,a74 7#c7 ,qualifi$ rural opportunity zone bus9ess 7,a7 ,9 g5]al ,! t]m qualifi$ rural opportunity zone bus9ess means a trade or bus9ess-- 7i7 9 :i* sub/antially all ( ! tangible prop]ty own$ or leas$ by ! taxpay] is qualifi$ rural opportunity zone bus9ess prop]ty 7det]m9$ by sub/itut+ qualifi$ rural opportunity zone bus9ess = qualifi$ rural opportunity fund ea* place x appe>s 9 p>agraph 7#b77;,d771 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$ rural opportunity zone bus9ess prop]ty %all cont9ue to be treat$ z a qualifi$ rural opportunity zone bus9ess prop]ty = ! less] (-- 7i7 #e ye>s aft] ! date on :i* su* tangible prop]ty ceases to be s qualifi$1 or 7ii7 ! date on :i* su* tangible prop]ty is no long] held by ! qualifi$ rural opportunity zone bus9ess4 7#d7 ,qualifi$ rural opportunity zone 7,a7 ,9 g5]al ,! t]m qualifi$ rural opportunity zone means any population c5sus tract :i*-- 7i7 is locat$ 9 a rural c\nty1 & 7ii7 is 9 p]si/5t pov]ty 7z det]m9$ by ! ,bureau ( ! ,c5sus us+ ! same me?odology & data z us$ = purposes ( ! ,may #bjbc report ( su* ,bureau entitl$ ,p]si/5t ,pov]ty 9 ,c\nties & ,c5sus ,tracts74 7,b7 ,rural c\nty ,! t]m rural c\nty means any c\nty if m ?an #ej p]c5t ( ! c5sus blocks :i* comprise su* c\nty are rural blocks 7z det]m9$ by ! ,bureau ( ! ,c5sus z ( ! date ( ! enactm5t ( ?is ,act74 ,a rule simil> to section #adc7k77#b77;,d7 %all apply = purposes ( ! prec$+ s5t5ce4 7e7 ,applicable rules 7#a7 ,treatm5t ( inve/m5ts ) mix$ funds ,9 ! case ( any inve/m5t 9 a qualifi$ rural opportunity fund only a portion ( :i* consi/s ( inve/m5ts ( ga9 to :i* an election "u subsection 7a7 is 9 effect-- 7,a7 su* inve/m5t %all be treat$ z #b sep>ate inve/m5ts1 consi/+ (-- 7i7 "o inve/m5t t only includes am\nts to :i* ! election "u subsection 7a7 applies1 & 7ii7 a sep>ate inve/m5t consi/+ ( o!r am\nts1 & 7,b7 subsections 7a71 7b71 & 7c7 %all only apply to ! inve/m5t describ$ 9 subp>agraph 7,a77i74 7#b7 ,relat$ p]sons ,= purposes ( ?is section1 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 = ! c]tification ( qualifi$ rural opportunity funds = ! purposes ( ?is section1 7,b7 rules to ensure a qualifi$ rural opportunity fund has a reasonable p]iod ( "t to re9ve/ ! return ( capital f inve/m5ts 9 qualifi$ rural opportunity zone /ock & qualifi$ rural opportunity zone p>tn]%ip int]e/s1 & to re9ve/ proce$s receiv$ f ! sale or disposition ( qualifi$ rural opportunity zone prop]ty1 & 7,c7 rules to prev5t abuse4 7f7 ,failure ( qualifi$ rural opportunity fund to ma9ta9 inve/m5t /&>d 7#a7 ,9 g5]al ,if a qualifi$ rural opportunity fund fails to meet ! #ij-p]c5t requirem5t ( subsection 7d77#a71 ! qualifi$ rural opportunity fund %all pay a p5alty = ea* mon? x fails to meet ! requirem5t 9 an am\nt equal to ! product (-- 7,a7 ! excess (-- 7i7 ! am\nt equal to #ij p]c5t ( its aggregate assets1 ov] 7ii7 ! aggregate am\nt ( qualifi$ rural opportunity zone prop]ty held by ! fund1 multipli$ by 7,b7 ! und]paym5t rate e/abli%$ "u section #ffba7;a77#b7 = su* mon?4 7#b7 ,special rule = p>tn]%ips ,9 ! case t ! qualifi$ rural opportunity fund is a p>tn]%ip1 ! p5alty impos$ by p>agraph 7#a7 %all be tak5 into acc\nt proportionately z "p ( ! di/ributive %>e ( ea* p>tn] ( ! p>tn]%ip4 7#c7 ,reasonable cause exception ,no p5alty %all be impos$ "u ?is subsection ) respect to any failure if x is %[n t su* failure is due to reasonable cause4 4 7b7 ,cl]ical am5dm5t ,! table ( sections = sub*apt] ,z ( *apt] #a is am5d$ by add+ at ! end ! foll[+ new item3 ,sec4 #adjj,z-#c4 ,special rules = capital ga9s inve/$ 9 rural opportunity zones4 4 7c7 ,effective date ,! am5dm5ts made by ?is section %all apply to am\nts inve/$ aft] ! date ( ! enactm5t ( ?is section4 #g4 ,report+ on qualifi$ opportunity funds & qualifi$ rural opportunity funds 7a7 ,9 g5]al 7#a7 ,fil+ requirem5ts = funds & inve/ors ,subp>t ,a ( "p ,,iii ( sub*apt] ,a ( *apt] #fa is am5d$ by ins]t+ aft] section #fjci;,j ! foll[+ new sections3 #fjci,k4 ,returns ) respect to qualifi$ opportunity funds & qualifi$ rural 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 ,sy/em 7,,naics7 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 ,sy/em 7,,naics7 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#h7 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#h7 ) respect to ! p]son ^: "n is requir$ to be s set =?4 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 7e7 ,application to qualifi$ rural opportunity funds ,e qualifi$ rural opportunity fund %all file ! annual return requir$ "u subsection 7a71 & ! /atem5ts requir$ "u subsection 7c71 appli$-- 7#a7 by sub/itut+ qualifi$ rural opportunity = qualifi$ opportunity ea* place x appe>s1 & 7#b7 by sub/itut+ section #adjj,z-#c7;d77#a7 = section #adjj,z-#b7;d77#a7 ea* place x appe>s4 #fjci,l4 ,in=mation requir$ f qualifi$ opportunity zone bus9esses & qualifi$ rural 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 #fjci,k7b77#e74 7b7 ,applicable qualifi$ opportunity zone bus9ess ,= purposes ( subsection 7a71 ! t]m applicable qualifi$ opportunity zone bus9ess means any qualifi$ opportunity zone bus9ess-- 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 7d7 ,application to qualifi$ rural opportunity funds ,e qualifi$ rural opportunity zone bus9ess 7z def9$ 9 subsection 7b7 det]m9$ aft] application ( ! sub/itutions describ$ 9 ?is s5t5ce7 %all furni% ! writt5 /atem5t requir$ "u subsection 7a71 appli$ by sub/itut+ qualifi$ rural opportunity = qualifi$ opportunity ea* place x appe>s4 4 7#b7 ,p5alties 7,a7 ,9 g5]al ,"p ,,ii ( sub*apt] ,b ( *apt] #fh is am5d$ by ins]t+ aft] section #fgbe ! foll[+ new section3 #fgbf4 ,failure to comply ) in=mation report+ requirem5ts relat+ to qualifi$ opportunity funds & qualifi$ rural opportunity funds 7a7 ,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 7b7 ,limitation 7#a7 ,9 g5]al ,! maximum p5alty "u ?is section on failures ) respect to any #a return %all n exce$ #aj1jjj4 7#b7 ,l>ge qualifi$ opportunity funds ,9 ! case ( any failure describ$ 9 subsection 7a7 ) respect to a fund ! gross assets ( :i* 7det]m9$ on ! la/ day ( ! taxable ye>7 are 9 excess ( #aj1jjj1jjj1 p>agraph 7#a7 %all be appli$ by sub/itut+ #ej1jjj = #aj1jjj4 7c7 ,p5alty 9 cases ( int5tional disreg>d ,if a failure describ$ 9 subsection 7a7 is due to int5tional disreg>d1 !n-- 7#a7 subsection 7a7 %all be appli$ by sub/itut+ #b1ejj = #ejj1 7#b7 subsection 7b77#a7 %all be appli$ by sub/itut+ #ej1jjj = #aj1jjj1 & 7#c7 subsection 7b77#b7 %all be appli$ by sub/itut+ #bej1jjj = #ej1jjj4 7d7 ,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 subsections 7a71 7b71 & 7c7 %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+ 7,a7 ,9 g5]al ,if ! #ejj doll> am\nt 9 subsection 7a7 & 7c77#a7 or ! #b1ejj am\nt 9 subsection 7c77#a71 aft] be+ increas$ "u p>agraph 7#a71 is n a multiple ( #aj1 su* doll> am\nt %all be r\nd$ to ! next l[e/ multiple ( #aj4 7,b7 ,asset ?re%old ,if ! #aj1jjj1jjj doll> am\nt 9 subsection 7b77#b71 aft] be+ increas$ "u p>agraph 7#a71 is n a multiple ( #aj1jjj1 su* doll> am\nt %all be r\nd$ to ! next l[e/ multiple ( #aj1jjj4 7,c7 ,o!r doll> am\nts ,if any doll> am\nt 9 subsection 7b7 or 7c7 7o!r ?an any am\nt to :i* subp>agraph 7,a7 or 7,b7 applies71 aft] be+ increas$ "u p>agraph 7#a71 is n a multiple ( #a1jjj1 su* doll> am\nt %all be r\nd$ to ! next l[e/ multiple ( #a1jjj4 4 7,b7 ,in=mation requir$ to be s5t to o!r taxpay]s ,section #fgbd7;d77#b7 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,l 7relat+ to in=mation requir$ f c]ta9 qualifi$ opportunity zone bus9esses & qualifi$ rural opportunity zone bus9esses74 4 7#c7 ,electronic fil+ ,section #fjaa7;e7 is am5d$ by add+ at ! end ! foll[+ new p>agraph3 7#h7 ,qualifi$ opportunity funds & qualifi$ rural opportunity funds ,not)/&+ p>agraphs 7#a7 & 7#b71 any return fil$ by a qualifi$ opportunity fund or qualifi$ rural opportunity fund %all be fil$ on magnetic m$ia or o!r ma*9e-readable =m4 4 7#d7 ,cl]ical am5dm5ts 7,a7 ,! table ( sections = subp>t ,a ( "p ,,iii ( sub*apt] ,a ( *apt] #fa is am5d$ by ins]t+ aft] ! item relat+ to section #fjci;,j ! foll[+ new items3 ,sec4 #fjci,k4 ,returns ) respect to qualifi$ opportunity funds & qualifi$ rural opportunity funds4 ,sec4 #fjci,l4 ,in=mation requir$ f c]ta9 qualifi$ opportunity zone bus9esses & qualifi$ rural opportunity zone bus9esses4 4 7,b7 ,! table ( sections = "p ,,ii ( sub*apt] ,b ( *apt] #fh 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 funds & qualifi$ rural 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 & rural 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]ty1 /at$ sep>ately = ea* ,nor? ,am]ican ,indu/ry ,classification ,sy/em 7,,naics7 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$+ ye>4 7,,xii7 ,! numb] ( new bus9ess />ts 9 ! population c5sus tract4 7,,xiii7 ,! di/ribution ( employees 9 ! population c5sus tract by ,nor? ,am]ican ,indu/ry ,classification ,sy/em 7,,naics7 code4 7#d7 ,protection ( id5tifiable return in=mation ,9 mak+ reports requir$ "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 7#f7 ,reports on qualifi$ rural opportunity funds ,! ,secret>y %all make publicly available1 ) respect to qualifi$ rural opportunity funds1 sep>ate reports z requir$ "u ?is subsection1 appli$-- 7,a7 by sub/itut+ qualifi$ rural opportunity = qualifi$ opportunity ea* place x appe>s1 & 7,b7 by sub/itut+ ! ,small ,bus9ess ,jobs ,act = ,public ,law #aae-ig4 ,june #cj1 #bjbc,report$ ) an am5dm5t1 committ$ to ! ,committee ( ! ,:ole ,h\se on ! ,/ate ( ! ,union1 & ord]$ to be pr9t$