,i  #aai? ,,congress  #a/ ,session  ,h4 
,r4 #cfhg  ,,9 ,,! ,,h\se ,,(           
,,repres5tatives  ,june #c1 #bjbe,mr4   
,kelly ( ,p5nsylvania introduc$ ! foll[+
 bill2 :i* 0 ref]r$ to ! ,committee on  
,ways & ,means  ,a ,,bill  ,to am5d !   
,int]nal ,rev5ue ,code ( #aihf to r5ew &
 enhance opportunity zones1 & = o!r     
purposes4  #a4 ,r5ewal & enhancem5t (   
opportunity zones  7a7  ,modification ( 
l[-,income community def9ition  ,section
 #adjj,z-#a7;c77#a7 ( ! ,int]nal ,rev5ue
 ,code ( #aihf is am5d$--  7#a7 by /rik+
 communities4--,! t]m & ins]t+ ! foll[+3
  communities4--  7,a7  ,9 g5]al  ,! t]m
  1 &  7#b7 by add+ at ! end ! foll[+3  
7,b7  ,modifications  ,= purposes (     
subp>agraph 7,a71 section #de;,d7e77#a7 
%all be appli$ 9 subp>agraph 7,b7 !re(1 
by sub/itut+ #gj p]c5t = #hj p]c5t ea*  
place x appe>s4  7,c7  ,c]ta9 c5sus     
tracts disall[$  ,! t]m l[-income       
community %all n include any population 
c5sus tract if--  7i7 9 ! case ( a tract
 n locat$ )9 a metropolitan area1 !     

m$ian family income = su* tract is at   
lea/ #abe p]c5t ( /atewide m$ian family 
income1 or  7ii7 9 ! case ( a tract     
locat$ )9 a metropolitan area1 ! m$ian  
family income = su* tract is at lea/    
#abe p]c5t ( ! metropolitan area m$ian  
family income4  4  7b7 ,new r\nd (      
qualifi$ opportunity zone designations  
7#a7 ,9 g5]al ,section #adjj,z-#a ( su* 
,code is am5d$ by add+ at ! end ! foll[+
 new subsection3  7g7 ,new r\nd (       
qualifi$ opportunity zone designations  
7#a7 ,9 g5]al ,9 addition to            
designations "u subsection 7b71 & "u    
rules simil> to ! rules ( su*           
subsection1 ! ,secret>y %all designate  
tracts nom9at$ by ! *ief executive      
(fic]s ( ,/ates = purposes ( ?is        
section4  7#b7 ,numb] ( designations2   
proportion ( rural areas designat$  7,a7
 ,9 g5]al ,( ! l[-income communities )9 
a ,/ate1 ! ,secret>y may designate "u   
?is subsection n m ?an #be p]c5t z      
qualifi$ opportunity zones1 ( :i* at    
lea/ ! less] ( ! foll[+ %all be qualifi$

 opportunity zones :i* are compris$     
entirely ( a rural area3 7i7 ,!         
applicable p]c5tage ( ! total numb] (   
qualifi$ opportunity zone designations  
:i* may be made )9 ! ,/ate "u ?is       
subsection4  7ii7 ,all l[-income        
communities )9 ! ,/ate :i* are compris$ 
entirely ( a rural area4  7,b7          
,applicable p]c5tage ,= purposes ( ?is  
p>agraph1 ! applicable p]c5tage %all be1
 = any cal5d> ye> dur+ :i* a designation
 is made1 ! great] (--  7i7 #cc p]c5t1  
or  7ii7 ! p]c5tage ( ! ,unit$ ,/ates   
population liv+ )9 a rural area = !     
prec$+ cal5d> ye>4  7#c7 ,rural area    
,:e!r a l[-income community is compris$ 
entirely ( a rural area %all be det]m9$ 
by ! ,secret>y 9 consultation ) !       
,secret>y ( ,agriculture4 ,= purposes ( 
?is subsection1 ! t]m rural area has !  
mean+ giv5 su* t]m by section           
#cdc7;a77#ac77;,a7 ( ! ,consolidat$ ,f>m
 & ,rural ,developm5t ,act4  7#d7 ,p]iod
 = :i* designation is 9 effect ,a       
designation z a qualifi$ opportunity    

zone "u ?is subsection %all rema9 9     
effect = ! p]iod beg9n+ on ,janu>y #a1  
#bjbg1 & end+ on ,decemb] #ca1 #bjcc4   
7#e7 ,contigu\s tracts n eligible       
,subsection 7e7 %all n apply to         
designations made "u ?is subsection4  4 
7#b7 ,election ) respect to new r\nd (  
zones ,section #adjj,z-#b7;a77#b77;,b7 (
 su* ,code is am5d$ by /rik+ ,decemb]   
#ca1 #bjbf & ins]t+ ,decemb] #ca1 #bjcc4
  7#c7 ,ye> ( inclusion ,section        
#adjj,z-#b7;b77#a77;,b7 ( su* ,code is  
am5d$ to read z foll[s3  7,b7 7i7       
,decemb] #ca1 #bjbf1 9 ! case ( an am\nt
 inve/$ be=e ,janu>y #a1 #bjbg1 &  7ii7 
,decemb] #ca1 #bjcc1 9 ! case ( an am\nt
 inve/$ aft] ,decemb] #ca1 #bjbf1 & be=e
 ,janu>y #a1 #bjcd4  4  7#d7 ,w9d+ d[n  
initial zone designations ,section      
#adjj,z-#a7;f7 ( su* ,code is am5d$--   
7,a7 by /rik+ & end+ & all t foll[s &   
ins]t+ ! foll[+3 & end+ on ,decemb] #ca1
 #bjbf41 &  7,b7 by /rik+ ,a designation
 & ins]t+ ,except z provid$ 9 subsection
 7g77#d71 a designation4  7c7           

,modification ( opportunity zone        
inve/m5t inc5tives  7#a7 ,consolidat$   
basis increases2 rural zone basis       
increase ,section                       
#adjj,z-#b7;b77#b77;,b7 ( su* ,code is  
am5d$ by add+ at ! end ! foll[+ new     
clauses3  7v7 ,consolidat$ basis        
increase = inve/m5ts aft] #bjbf ,9 !    
case ( inve/m5ts made aft] ,decemb] #ca1
 #bjbf--  7,i7 clauses 7iii7 & 7iv7 %all
 n apply1 &  7,,ii7 = any su* inve/m5t  
held by ! taxpay] = at lea/ #e ye>s1 !  
basis ( su* adju/m5t %all be increas$ by
 an am\nt equal to #aj p]c5t ( ! am\nt (
 ga9 def]r$ by reason ( subsection      
7a77#a77;,a74  7vi7 ,special rule =     
rural opportunity funds ,clause 7v7 %all
 be appli$ by sub/itut+ #cj p]c5t = #aj 
p]c5t 9 ! case ( an inve/m5t 9 a        
qualifi$ rural opportunity fund4  7vii7 
,qualifi$ rural opportunity fund ,=     
purposes ( clause 7vi71 a qualifi$ rural
 opportunity fund means a qualifi$      
opportunity fund t holds at lea/ #ij    
p]c5t ( its assets 9 qualifi$           

opportunity zone prop]ty :i*--  7,i7 is 
qualifi$ opportunity zone bus9ess       
prop]ty sub/antially all ( ! use ( :i*1 
dur+ sub/antially all ( ! fund's hold+  
p]iod = su* prop]ty1 0 9 a qualifi$     
opportunity zone compris$ entirely ( a  
rural area1 or  7,,ii7 is qualifi$      
opportunity zone /ock1 or a qualifi$    
opportunity zone p>tn]%ip int]e/1 9 a   
qualifi$ opportunity zone bus9ess 9 :i* 
sub/antially all ( ! tangible prop]ty   
own$ or leas$ is qualifi$ opportunity   
zone bus9ess prop]ty describ$ 9         
subsection 7d77#c77;,a77i7 &            
sub/antially all ! use ( :i* is 9 a     
qualifi$ opportunity zone compris$      
entirely ( a rural area4  ,= purposes ( 
! prec$+ s5t5ce1 prop]ty held 9 ! fund  
%all be measur$ "u rules simil> to !    
rules ( subsection 7d77#a74  4  7#b7    
,limit$ treatm5t ( ord9>y income        
,section #adjj,z-#b7;a7 ( su* ,code is  
am5d$ by add+ at ! end ! foll[+ new     
p>agraph3  7#c7 ,special rule = ord9>y  
income ,9 ! case ( any ord9>y income ( !

 taxpay] = ! taxable ye>--  7,a7 !      
taxpay] may elect ! application (       
p>agraph 7#a7 ) respect to s mu* (      
ord9>y income z does n exce$ #aj1jjj    
7r$uc$ by ! am\nt ( any income ) respect
 to :i* an election pursuant to ?is     
p>agraph has previ\sly be5 made71 &     
7,b7 subsection 7b77#b77;,b7 %all n     
apply to ! inve/m5t ) respect to su*    
election4  4  7#c7 ,special rule =      
improvem5t ( exi/+ /ructures 9 rural    
areas1 includ+ = data c5t]s ,section    
#adjj,z-#b7;d77#b77;,d77ii7 ( su* ,code 
is am5d$ by ins]t+ 7#ej p]c5t ( su*     
adju/$ basis 9 ! case ( prop]ty 9 a     
qualifi$ opportunity zone compris$      
entirely ( a rural area7 aft] ! adju/$  
basis ( su* prop]ty4  7d7 ,in=mation    
report+ on qualifi$ opportunity funds & 
qualifi$ rural opportunity funds  7#a7  
,fil+ requirem5ts = funds & inve/ors    
,subp>t ,a ( "p ,,iii ( sub*apt] ,a (   
*apt] #fa ( su* ,code 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 7z def9$
 9 section #adjj,z-#b7;b77#b77;,b77vii77
 %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-#b7;b77#b77;,b77vii7 = section  

#adjj,z-#b7;d77#a7 ea* place x appe>s1 &
  7#c7 by treat+ any ref]5ce 7aft] !    
application ( p>agraph 7#a77 to qualifi$
 rural opportunity zone /ock1 a qualifi$
 rural opportunity zone p>tn]%ip int]e/1
 a qualifi$ rural opportunity zone      
bus9ess1 or qualifi$ opportunity zone   
bus9ess prop]ty z /ock1 an int]e/1 a    
bus9ess1 or prop]ty1 respectively1      
describ$ 9 7,i7 or 7,,ii71 z ! case may 
be1 ( section                           
#adjj,z-#b7;b77#b77;,b77vii74  #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 bus9esses ,e applicable     
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$--    
7#a7 by sub/itut+ qualifi$ rural        
opportunity = qualifi$ opportunity ea*  
place x appe>s1 &  7#b7 by treat+ any   
ref]5ce 7aft] ! application ( p>agraph  
7#a77 to qualifi$ rural opportunity zone

 /ock1 a qualifi$ rural opportunity zone
 p>tn]%ip int]e/1 or a qualifi$ rural   
opportunity zone bus9ess z /ock1 an     
int]e/1 or a bus9ess1 respectively1     
describ$ 9 7,i7 or 7,,ii71 z ! case may 
be1 ( section                           
#adjj,z-#b7;b77#b77;,b77vii74  4  7#b7  
,p5alties  7,a7 ,9 g5]al ,"p ,,ii (     
sub*apt] ,b ( *apt] #fh ( su* ,code 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] #bjbe1 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> #bjbd = 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 ( su*   
,code is am5d$-- 7i7 by /rik+ or at !   
end ( subp>agraph 7,,kk71  7ii7 by /rik+
 ! p]iod at ! end ( ! subp>agraph 7,,ll7
 & ins]t+ a comma1 &  7iii7 by ins]t+   

aft] subp>agraph 7,,ll7 ! foll[+ new    
subp>agraphs3  7,,mm7 section #fjci,k7c7
 7relat+ to disposition ( qualifi$      
opportunity fund inve/m5ts71 or  7,,nn7 
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 (   
su* ,code 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$ia or o!r ma*9e-readable =m4 
4  7#d7 ,cl]ical am5dm5ts  7,a7 ,! table
 ( sections = subp>t ,a ( "p ,,iii (    
sub*apt] ,a ( *apt] #fa ( su* ,code is  
am5d$ by ins]t+ aft] ! item relat+ to   
section #fjci;,j ! foll[+ new items3    
,sec4 #fjci,k4 ,returns ) respect to    
qualifi$ opportunity funds & qualifi$   
rural opportunity funds4 ,sec4 #fjci,l4 

,in=mation requir$ f qualifi$           
opportunity zone bus9esses & qualifi$   
rural 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 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  7e7     
,secret>y 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 clause 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+ a ref]5ce to ?is ,act =      
,public ,law #aae-ig1 &  7,c7 by treat+ 
any ref]5ce 7aft] ! application (       
subp>agraph 7,a77 to qualifi$ rural     
opportunity zone /ock1 qualifi$ rural   
opportunity zone p>tn]%ip int]e/1       
qualifi$ rural opportunity zone bus9ess1
 or qualifi$ opportunity zone bus9ess   
prop]ty z /ock1 int]e/1 bus9ess1 or     
prop]ty1 respectively1 describ$ 9       
subclause 7,i7 or 7,,ii71 z ! case may  
be1 ( section                           
#adjj,z-#b7;b77#b77;,b77vii7 ( !        
,int]nal ,rev5ue ,code ( #aihf4