,i  #aai? ,,congress  #b;d ,session  ,h4
 ,r4 #ghbj  ,,9 ,,! ,,h\se ,,(          
,,repres5tatives  ,m>* #e1 #bjbf,mrs4   
,*]filus-,mc,cormick introduc$ ! foll[+ 
bill2 :i* 0 ref]r$ to ! ,committee on   
,ways & ,means  ,a ,,bill  ,to am5d !   
,int]nal ,rev5ue ,code ( #aihf to modify
 ! rules = inve/m5ts 9 qualifi$         
opportunity funds1 & = o!r purposes4    
#a4 ,modification ( rules = inve/m5ts 9 
qualifi$ opportunity funds  7a7         
,ext5sion ( designation p]iod ( qualifi$
 opportunity zones ,section             
#adjj,z-#a7;f7 ( ! ,int]nal ,rev5ue     
,code ( #aihf is am5d$ by /rik+ #aj?    
cal5d> ye> & ins]t+ #bj? cal5d> ye>4    
7b7 ,ext5sion ( election p]iod ,section 
#adjj,z-#b7;a77#b77;,b7 is am5d$ by     
/rik+ ,decemb] #ca1 #bjbf & ins]t+      
,decemb] #ca1 #bjcf4  7c7 ,ye> (        
inclusion ,subp>agraph 7,b7 ( section   
#adjj,z-#b7;b77#a7 ( su* ,code is am5d$ 
to read z foll[s3  7,b7 7i7 ,decemb]    
#ca1 #bjbf1 9 ! case ( an am\nt inve/$  
be=e ! date ( ! enactm5t ( ?is clause1 &

  7ii7 ,decemb] #ca1 #bjcf1 9 ! case (  
an am\nt inve/$ aft] ! date ( ! enactm5t
 ( ?is clause & be=e ,janu>y #a1 #bjcg4 
4  7d7 ,rules applicable to inve/m5ts   
involv+ resid5tial r5tal projects  7#a7 
,increases 9 basis ,section             
#adjj,z-#b7;b77#b77;,b7 ( su* ,code is  
am5d$--  7,a7 9 clause 7ii71 by add+ at 
! end ! foll[+ new s5t5ce3 ,not)/&+ !   
prec$+ s5t5ce1 if ! taxpay] inve/s 9 a  
qualifi$ opportunity fund t holds any   
asset 9 qualifi$ opportunity zone       
prop]ty t is a resid5tial r5tal project1
 ! basis 9 ! taxpay]'s inve/m5t %all be 
increas$ 9 accordance ) ! prec$+ s5t5ce 
if1 & only if1 at lea/ #ej p]c5t ( !    
occupi$ resid5tial units 9 ! project are
 occupi$1 z ( ! date ga9 is recogniz$ by
 reason ( subsection 7a77#a77;,b71 by   
individuals ^: income1 adju/$ = family  
size1 is #ajj p]c5t or less ( ! area    
m$ian income41  7,b7 9 clause 7iii71 by 
add+ at ! end ! foll[+ new s5t5ce3 ,9 ! 
case su* inve/m5t s held is an inve/m5t 
9 a qualifi$ opportunity fund t holds   

any asset 9 qualifi$ opportunity zone   
prop]ty t is a resid5tial r5tal project1
 ! prec$+ s5t5ce %all be appli$ by      
sub/itut+ #ae p]c5t = #aj p]c5t41 &     
7,c7 9 clause 7iv71 by add+ at ! end !  
foll[+ new s5t5ce3 ,9 ! case su*        
inve/m5t s held is an inve/m5t 9 a      
qualifi$ opportunity fund t holds any   
asset 9 qualifi$ opportunity zone       
prop]ty t is a resid5tial r5tal project1
 ! prec$+ s5t5ce %all be appli$ by      
sub/itut+ #g p]c5t = #e p]c5t44  7#b7   
,treatm5t ( resid5tial r5tal projects z 
qualifi$ opportunity zone prop]ty       
,section #adjj,z-#b7;d7 ( su* ,code is  
am5d$ by add+ at ! end ! foll[+ new     
p>agraph3  7#d7 ,treatm5t ( resid5tial  
r5tal projects z qualifi$ opportunity   
zone prop]ty ,a resid5tial r5tal project
 %all be treat$ z qualifi$ opportunity  
zone prop]ty if1 & only if1 ! project   
meets ! foll[+ requirem5ts3 7,a7 ,!     
project meets ! def9ition ( qualifi$    
opportunity zone bus9ess prop]ty 9      
p>agraph 7#b77;,d74  7,b7 ,at lea/ #cj  

p]c5t ( ! occupi$ resid5tial units 9 !  
project are occupi$ by individuals ^:   
income1 adju/$ = family size1 is #ajj   
p]c5t or less ( ! area m$ian income dur+
 sub/antially all ( ! qualifi$          
opportunity fund's hold+ p]iod = su*    
prop]ty4  7,c7 ,r5t increases d n exce$ 
#c p]c5t annually = any ( ! resid5tial  
units 9 ! project4  7,d7 ,at lea/       
#fj-;day advance notice is provid$ )    
respect to any r5t increase = a         
resid5tial unit 9 ! project4  4  7e7    
,effective dates  7#a7 ,9 g5]al ,except 
z provid$ 9 p>agraph 7#b71 ! am5dm5ts   
made by ?is section %all take effect on 
! date ( ! enactm5t ( ?is ,act4  7#b7   
,ext5sion ( designation p]iod ( qualifi$
 opportunity zones ,! am5dm5t made by   
subsection 7a7 %all apply to            
designations 9 effect on ! date ( !     
enactm5t ( ?is ,act4