Bill > HR3687

This bill renews and enhances opportunity zones, which are economically distressed communities where new investments may qualify for preferential tax treatment. The bill makes several key modifications to the existing opportunity zone program, including: creating a new round of opportunity zone designations with a requirement that at least 33% of new zones be in rural areas, extending the investment timeline from 2026 to 2033, providing additional tax basis increases for investments (especially in rural zones), and allowing a limited treatment of ordinary income for zone investments. The bill also introduces extensive new reporting requirements for qualified opportunity funds, mandating annual returns that detail investments, asset values, employment impacts, and other economic metrics. Additionally, the bill requires the Treasury Secretary to publish annual public reports analyzing the economic impacts of opportunity zones, including detailed assessments of changes in employment, poverty rates, income levels, and other socioeconomic indicators in designated zones. The reporting provisions aim to increase transparency and help policymakers understand the effectiveness of the opportunity zone incentive program.

Budget and Finance

https://www.congress.gov/bill/119th-congress/house-bill/3687/all-info