119-hr3687

[Congressional Bills 119th Congress]
[From the U.S. Government Publishing Office]
[H.R. 3687 Introduced in House

    (IH) ]

<DOC>

119th CONGRESS
 1st Session
 H. R. 3687

 To amend the Internal Revenue Code of 1986 to renew and enhance 
 opportunity zones, and for other purposes.

_______________________________________________________________________

 IN THE HOUSE OF REPRESENTATIVES

 June 3, 2025

 Mr. Kelly of Pennsylvania introduced the following bill; which was 
 referred to the Committee on Ways and Means

_______________________________________________________________________

 A BILL

 To amend the Internal Revenue Code of 1986 to renew and enhance 
 opportunity zones, and for other purposes.

 Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. RENEWAL AND ENHANCEMENT OF OPPORTUNITY ZONES.

    (a) Modification of Low-Income Community 

=== Definition. ===
-

Section 1400Z-1
            (c) (1) of the Internal Revenue Code of 1986 is amended--

    (1) by striking ``communities.--The term'' and inserting 
 the following: ``communities.--
 ``
        (A) In general.--The term'', and

    (2) by adding at the end the following:
 ``
        (B) Modifications.--For purposes of subparagraph
        (A) , 

section 45D

    (e)

    (1) shall be applied in subparagraph
        (B) thereof, by substituting `70 percent' for `80 
 percent' each place it appears.
 ``
            (C) Certain census tracts disallowed.--The term 
 `low-income community' shall not include any population 
 census tract if--
 ``
            (i) in the case of a tract not located 
 within a metropolitan area, the median family 
 income for such tract is at least 125 percent 
 of statewide median family income, or
 ``
            (ii) in the case of a tract located 
 within a metropolitan area, the median family 
 income for such tract is at least 125 percent 
 of the metropolitan area median family 
 income.''.

    (b) New Round of Qualified Opportunity Zone Designations.--

    (1) In general.--

Section 1400Z-1 of such Code is amended by 
 adding at the end the following new subsection:
 ``

    (g) New Round of Qualified Opportunity Zone Designations.--
 ``

    (1) In general.--In addition to designations under 
 subsection

    (b) , and under rules similar to the rules of such 
 subsection, the Secretary shall designate tracts nominated by 
 the chief executive officers of States for purposes of this 
 section.
 ``

    (2) Number of designations; proportion of rural areas 
 designated.--
 ``
        (A) In general.--Of the low-income communities 
 within a State, the Secretary may designate under this 
 subsection not more than 25 percent as qualified 
 opportunity zones, of which at least the lesser of the 
 following shall be qualified opportunity zones which 
 are comprised entirely of a rural area:
 ``
            (i) The applicable percentage of the 
 total number of qualified opportunity zone 
 designations which may be made within the State 
 under this subsection.
 ``
            (ii) All low-income communities within 
 the State which are comprised entirely of a 
 rural area.
 ``
        (B) Applicable percentage.--For purposes of this 
 paragraph, the applicable percentage shall be, for any 
 calendar year during which a designation is made, the 
 greater of--
 ``
            (i) 33 percent, or
 ``
            (ii) the percentage of the United States 
 population living within a rural area for the 
 preceding calendar year.
 ``

    (3) Rural area.--Whether a low-income community is 
 comprised entirely of a rural area shall be determined by the 
 Secretary in consultation with the Secretary of Agriculture. 
 For purposes of this subsection, the term `rural area' has the 
 meaning given such term by 

section 343

    (a)

    (13)
        (A) of the 
 Consolidated Farm and Rural Development Act.
 ``

    (4) Period for which designation is in effect.--A 
 designation as a qualified opportunity zone under this 
 subsection shall remain in effect for the period beginning on 
 January 1, 2027, and ending on December 31, 2033.
 ``

    (5) Contiguous tracts not eligible.--Subsection

    (e) shall 
 not apply to designations made under this subsection.''.

    (2) Election with respect to new round of zones.--

Section 1400Z-2

    (a)

    (2)
        (B) of such Code is amended by striking ``December 
 31, 2026'' and inserting ``December 31, 2033''.

    (3) Year of inclusion.--

Section 1400Z-2

    (b)

    (1)
        (B) of such 
 Code is amended to read as follows:
 ``
        (B)
            (i) December 31, 2026, in the case of an 
 amount invested before January 1, 2027, and
 ``
            (ii) December 31, 2033, in the case of an amount 
 invested after December 31, 2026, and before January 1, 
 2034.''.

    (4) Winding down initial zone designations.--

Section 1400Z-
 1

    (f) of such Code is amended--
        (A) by striking ``and ending'' and all that follows 
 and inserting the following: ``and ending on December 
 31, 2026.'', and
        (B) by striking ``A designation'' and inserting 
 ``Except as provided in subsection

    (g)

    (4) , a 
 designation''.
            (c) Modification of Opportunity Zone Investment Incentives.--

    (1) Consolidated basis increases; rural zone basis 
 increase.--

Section 1400Z-2

    (b)

    (2)
        (B) of such Code is amended by 
 adding at the end the following new clauses:
 ``
            (v) Consolidated basis increase for 
 investments after 2026.--In the case of 
 investments made after December 31, 2026--
 ``
            (I) clauses
            (iii) and
            (iv) shall 
 not apply, and
 ``
            (II) for any such investment held 
 by the taxpayer for at least 5 years, 
 the basis of such adjustment shall be 
 increased by an amount equal to 10 
 percent of the amount of gain deferred 
 by reason of subsection

    (a)

    (1)
        (A) .
 ``
            (vi) Special rule for rural opportunity 
 funds.--Clause
            (v) shall be applied by 
 substituting `30 percent' for `10 percent' in 
 the case of an investment in a qualified rural 
 opportunity fund.
 ``
            (vii) Qualified rural opportunity fund.--
 For purposes of clause
            (vi) , a `qualified rural 
 opportunity fund' means a qualified opportunity 
 fund that holds at least 90 percent of its 
 assets in qualified opportunity zone property 
 which--
 ``
            (I) is qualified opportunity zone 
 business property substantially all of 
 the use of which, during substantially 
 all of the fund's holding period for 
 such property, was in a qualified 
 opportunity zone comprised entirely of 
 a rural area, or
 ``
            (II) is qualified opportunity 
 zone stock, or a qualified opportunity 
 zone partnership interest, in a 
 qualified opportunity zone business in 
 which substantially all of the tangible 
 property owned or leased is qualified 
 opportunity zone business property 
 described in subsection
            (d) (3)
        (A)
            (i) and substantially all the use of which 
 is in a qualified opportunity zone 
 comprised entirely of a rural area.
 For purposes of the preceding sentence, 
 property held in the fund shall be measured 
 under rules similar to the rules of subsection
            (d) (1) .''.

    (2) Limited treatment of ordinary income.--

Section 1400Z-
 2

    (a) of such Code is amended by adding at the end the following 
 new paragraph:
 ``

    (3) Special rule for ordinary income.--In the case of any 
 ordinary income of the taxpayer for the taxable year--
 ``
        (A) the taxpayer may elect the application of 
 paragraph

    (1) with respect to so much of ordinary 
 income as does not exceed $10,000 (reduced by the 
 amount of any income with respect to which an election 
 pursuant to this paragraph has previously been made), 
 and
 ``
        (B) subsection

    (b)

    (2)
        (B) shall not apply to the 
 investment with respect to such election.''.

    (3) Special rule for improvement of existing structures in 
 rural areas, including for data centers.--

Section 1400Z-
 2
            (d) (2)
            (D) 
            (ii) of such Code is amended by inserting ``(50 
 percent of such adjusted basis in the case of property in a 
 qualified opportunity zone comprised entirely of a rural 
 area)'' after ``the adjusted basis of such property''.
            (d) Information Reporting on Qualified Opportunity Funds and 
Qualified Rural Opportunity Funds.--

    (1) Filing requirements for funds and investors.--Subpart A 
 of part III of subchapter A of chapter 61 of such Code is 
 amended by inserting after 

section 6039J the following new 
 sections:

``

SEC. 6039K. RETURNS WITH RESPECT TO QUALIFIED OPPORTUNITY FUNDS AND 
 QUALIFIED RURAL OPPORTUNITY FUNDS.

 ``

    (a) In General.--Every qualified opportunity fund shall file an 
annual return (at such time and in such manner as the Secretary may 
prescribe) containing the information described in subsection

    (b) .
 ``

    (b) Information From Qualified Opportunity Funds.--The 
information described in this subsection is--
 ``

    (1) the name, address, and taxpayer identification number 
 of the qualified opportunity fund,
 ``

    (2) whether the qualified opportunity fund is organized 
 as a corporation or a partnership,
 ``

    (3) the value of the total assets held by the qualified 
 opportunity fund as of each date described in 

section 1400Z-
 2
            (d) (1) ,
 ``

    (4) the value of all qualified opportunity zone property 
 held by the qualified opportunity fund on each such date,
 ``

    (5) with respect to each investment held by the qualified 
 opportunity fund in qualified opportunity zone stock or a 
 qualified opportunity zone partnership interest--
 ``
        (A) the name, address, and taxpayer 
 identification number of the corporation in which such 
 stock is held or the partnership in which such interest 
 is held, as the case may be,
 ``
        (B) each North American Industry Classification 
 System

    (NAICS) code that applies to the trades or 
 businesses conducted by such corporation or 
 partnership,
 ``
            (C) the population census tracts in which the 
 qualified opportunity zone business property of such 
 corporation or partnership is located,
 ``
            (D) the amount of the investment in such stock or 
 partnership interest as of each date described in 
 

section 1400Z-2
            (d) (1) ,
 ``
        (E) the value of tangible property held by such 
 corporation or partnership on each such date which is 
 owned by such corporation or partnership,
 ``
        (F) the value of tangible property held by such 
 corporation or partnership on each such date which is 
 leased by such corporation or partnership,
 ``
        (G) the approximate number of residential units 
 (if any) for any real property held by such corporation 
 or partnership, and
 ``
        (H) the approximate average monthly number of 
 full-time equivalent employees of such corporation or 
 partnership for the year (within numerical ranges 
 identified by the Secretary) or such other indication 
 of the employment impact of such corporation or 
 partnership as determined appropriate by the Secretary,
 ``

    (6) with respect to the items of qualified opportunity 
 zone business property held by the qualified opportunity fund--
 ``
        (A) the North American Industry Classification 
 System

    (NAICS) code that applies to the trades or 
 businesses in which such property is held,
 ``
        (B) the population census tract in which the 
 property is located,
 ``
            (C) whether the property is owned or leased,
 ``
            (D) the aggregate value of the items of qualified 
 opportunity zone property held by the qualified 
 opportunity fund as of each date described in 

section 1400Z-2
            (d) (1) , and
 ``
        (E) in the case of real property, number of 
 residential units (if any),
 ``

    (7) the approximate average monthly number of full-time 
 equivalent employees for the year of the trades or businesses 
 of the qualified opportunity fund in which qualified 
 opportunity zone business property is held (within numerical 
 ranges identified by the Secretary) or such other indication of 
 the employment impact of such trades or businesses as 
 determined appropriate by the Secretary,
 ``

    (8) with respect to each person who disposed of an 
 investment in the qualified opportunity fund during the year--
 ``
        (A) the name and taxpayer identification number 
 of such person,
 ``
        (B) the date or dates on which the investment 
 disposed was acquired, and
 ``
            (C) the date or dates on which any such 
 investment was disposed and the amount of the 
 investment disposed, and
 ``

    (9) such other information as the Secretary may require.
 ``
            (c) Statement Required To Be Furnished to Investors.--Every 
person required to make a return under subsection

    (a) shall furnish to 
each person whose name is required to be set forth in such return by 
reason of subsection

    (b)

    (8) a written statement showing--
 ``

    (1) the name, address and phone number of the information 
 contact of the person required to make such return, and
 ``

    (2) the information required to be shown on such return 
 by reason of subsection

    (b)

    (8) with respect to the person whose 
 name is required to be so set forth.
 ``
            (d) === Definitions. ===
-For purposes of this section--
 ``

    (1) In general.--Any term used in this section which is 
 also used in subchapter Z of chapter 1 shall have the meaning 
 given such term under such subchapter.
 ``

    (2) Full-time equivalent employees.--The term `full-time 
 equivalent employees' means, with respect to any month, the sum 
 of--
 ``
        (A) the number of full-time employees (as defined 
 in 

section 4980H
            (c) (4) ) for the month, plus
 ``
        (B) the number of employees determined (under 
 rules similar to the rules of 

section 4980H
            (c) (2)
        (E) ) 
 by dividing the aggregate number of hours of service of 
 employees who are not full-time employees for the month 
 by 120.
 ``

    (e) Application to Qualified Rural Opportunity Funds.--Every 
qualified rural opportunity fund (as defined in 

section 1400Z-
2

    (b)

    (2)
        (B)
            (vii) ) shall file the annual return required under subsection

    (a) , and the statements required under subsection
            (c) , applied--
 ``

    (1) by substituting `qualified rural opportunity' for 
 `qualified opportunity' each place it appears,
 ``

    (2) by substituting `

section 1400Z-2

    (b)

    (2)
        (B)
            (vii) ' for 
 `

section 1400Z-2
            (d) (1) ' each place it appears, and
 ``

    (3) by treating any reference (after the application of 
 paragraph

    (1) ) to qualified rural opportunity zone stock, a 
 qualified rural opportunity zone partnership interest, a 
 qualified rural opportunity zone business, or qualified 
 opportunity zone business property as stock, an interest, a 
 business, or property, respectively, described in
            (I) or
            (II) , 
 as the case may be, of 

section 1400Z-2

    (b)

    (2)
        (B)
            (vii) .

``

SEC. 6039L. INFORMATION REQUIRED FROM QUALIFIED OPPORTUNITY ZONE 
 BUSINESSES AND QUALIFIED RURAL OPPORTUNITY ZONE 
 BUSINESSES.

 ``

    (a) In General.--Every applicable qualified opportunity zone 
business shall furnish to the qualified opportunity fund described in 
subsection

    (b) a written statement in such manner and setting forth 
such information as the Secretary may by regulations prescribe for 
purposes of enabling such qualified opportunity fund to meet the 
requirements of 

section 6039K

    (b)

    (5) .
 ``

    (b) Applicable Qualified Opportunity Zone Business.--For purposes 
of subsection

    (a) , the term `applicable qualified opportunity zone 
business' means any qualified opportunity zone business--
 ``

    (1) which is a trade or business of a qualified 
 opportunity fund,
 ``

    (2) in which a qualified opportunity fund holds qualified 
 opportunity zone stock, or
 ``

    (3) in which a qualified opportunity fund holds a 
 qualified opportunity zone partnership interest.
 ``
            (c) Other Terms.--Any term used in this section which is also 
used in subchapter Z of chapter 1 shall have the meaning given such 
term under such subchapter.
 ``
            (d) Application to Qualified Rural Opportunity Businesses.--Every 
applicable qualified rural opportunity zone business (as defined in 
subsection

    (b) determined after application of the substitutions 
described in this sentence) shall furnish the written statement 
required under subsection

    (a) , applied--
 ``

    (1) by substituting `qualified rural opportunity' for 
 `qualified opportunity' each place it appears, and
 ``

    (2) by treating any reference (after the application of 
 paragraph

    (1) ) to qualified rural opportunity zone stock, a 
 qualified rural opportunity zone partnership interest, or a 
 qualified rural opportunity zone business as stock, an 
 interest, or a business, respectively, described in
            (I) or
            (II) , as the case may be, of 

section 1400Z-2

    (b)

    (2)
        (B)
            (vii) .''.

    (2) Penalties.--
        (A) In general.--Part II of subchapter B of chapter 
 68 of such Code is amended by inserting after 

section 6725 the following new section:

``

SEC. 6726. FAILURE TO COMPLY WITH INFORMATION REPORTING REQUIREMENTS 
 RELATING TO QUALIFIED OPPORTUNITY FUNDS AND QUALIFIED 
 RURAL OPPORTUNITY FUNDS.

 ``

    (a) In General.--In the case of any person required to file a 
return under 

section 6039K fails to file a complete and correct return 
under such section in the time and in the manner prescribed therefor, 
such person shall pay a penalty of $500 for each day during which such 
failure continues.
 ``

    (b) Limitation.--
 ``

    (1) In general.--The maximum penalty under this section 
 on failures with respect to any 1 return shall not exceed 
 $10,000.
 ``

    (2) Large qualified opportunity funds.--In the case of 
 any failure described in subsection

    (a) with respect to a fund 
 the gross assets of which (determined on the last day of the 
 taxable year) are in excess of $10,000,000, paragraph

    (1) shall 
 be applied by substituting `$50,000' for `$10,000'.
 ``
            (c) Penalty in Cases of Intentional Disregard.--If a failure 
described in subsection

    (a) is due to intentional disregard, then--
 ``

    (1) subsection

    (a) shall be applied by substituting 
 `$2,500' for `$500',
 ``

    (2) subsection

    (b)

    (1) shall be applied by substituting 
 `$50,000' for `$10,000', and
 ``

    (3) subsection

    (b)

    (2) shall be applied by substituting 
 `$250,000' for `$50,000'.
 ``
            (d) Inflation Adjustment.--
 ``

    (1) In general.--In the case of any failure relating to a 
 return required to be filed in a calendar year beginning after 
 2025, each of the dollar amounts in subsections

    (a) ,

    (b) , and
            (c) shall be increased by an amount equal to such dollar amount 
 multiplied by the cost-of-living adjustment determined under 
 

section 1

    (f)

    (3) for the calendar year determined by 
 substituting `calendar year 2024' for `calendar year 2016' in 
 subparagraph
        (A)
            (ii) thereof.
 ``

    (2) Rounding.--
 ``
        (A) In general.--If the $500 dollar amount in 
 subsection

    (a) and
            (c) (1) or the $2,500 amount in 
 subsection
            (c) (1) , after being increased under 
 paragraph

    (1) , is not a multiple of $10, such dollar 
 amount shall be rounded to the next lowest multiple of 
 $10.
 ``
        (B) Asset threshold.--If the $10,000,000 dollar 
 amount in subsection

    (b)

    (2) , after being increased 
 under paragraph

    (1) , is not a multiple of $10,000, such 
 dollar amount shall be rounded to the next lowest 
 multiple of $10,000.
 ``
            (C) Other dollar amounts.--If any dollar amount 
 in subsection

    (b) or
            (c) (other than any amount to 
 which subparagraph
        (A) or
        (B) applies), after being 
 increased under paragraph

    (1) , is not a multiple of 
 $1,000, such dollar amount shall be rounded to the next 
 lowest multiple of $1,000.''.
        (B) Information required to be sent to other 
 taxpayers.--

Section 6724
            (d) (2) of such Code is 
 amended--
            (i) by striking ``or'' at the end of 
 subparagraph

    (KK) ,
            (ii) by striking the period at the end of 
 the subparagraph
            (LL) and inserting a comma, 
 and
            (iii) by inserting after subparagraph
            (LL) the following new subparagraphs:
 ``
            (MM) section 6039K
            (c) (relating to disposition of 
 qualified opportunity fund investments), or
 ``

    (NN) section 6039L (relating to information 
 required from certain qualified opportunity zone 
 businesses and qualified rural opportunity zone 
 businesses).''.

    (3) Electronic filing.--

Section 6011

    (e) of such Code is 
 amended by adding at the end the following new paragraph:
 ``

    (8) Qualified opportunity funds and qualified rural 
 opportunity funds.--Notwithstanding paragraphs

    (1) and

    (2) , any 
 return filed by a qualified opportunity fund or qualified rural 
 opportunity fund shall be filed on magnetic media or other 
 machine-readable form.''.

    (4) Clerical amendments.--
        (A) The table of sections for subpart A of part III 
 of subchapter A of chapter 61 of such Code is amended 
 by inserting after the item relating to 

section 6039J 
 the following new items:

``

Sec. 6039K. Returns with respect to qualified opportunity funds and 
 qualified rural opportunity funds.
``

Sec. 6039L. Information required from qualified opportunity zone 
 businesses and qualified rural opportunity 
 zone businesses.''.
        (B) The table of sections for part II of subchapter 
 B of chapter 68 of such Code is amended by inserting 
 after the item relating to 

section 6725 the following 
 new item:

``

Sec. 6726. Failure to comply with information reporting requirements 
 relating to qualified opportunity funds and 
 qualified rural opportunity funds.''.

    (5) Effective date.--The amendments made by this subsection 
 shall apply to taxable years beginning after the date of the 
 enactment of this Act.

    (e) Secretary Reporting of Data on Opportunity Zone and Rural 
Opportunity Zone Tax Incentives.--

    (1) In general.--As soon as practical after the date of the 
 enactment of this Act, and annually thereafter, the Secretary 
 of the Treasury, or the Secretary's delegate (referred to in 
 this section as the ``Secretary''), in consultation with the 
 Director of the Bureau of the Census and such other agencies as 
 the Secretary determines appropriate, shall make publicly 
 available a report on qualified opportunity funds.

    (2) Information included.--The report required under 
 paragraph

    (1) shall include, to the extent available, the 
 following information:
        (A) The number of qualified opportunity funds.
        (B) The aggregate dollar amount of assets held in 
 qualified opportunity funds.
            (C) The aggregate dollar amount of investments made 
 by qualified opportunity funds in qualified opportunity 
 fund property, stated separately for each North 
 American Industry Classification System

    (NAICS) code.
            (D) The percentage of population census tracts 
 designated as qualified opportunity zones that have 
 received qualified opportunity fund investments.
        (E) For each population census tract designated as 
 a qualified opportunity zone, the approximate average 
 monthly number of full-time equivalent employees of the 
 qualified opportunity zone businesses in such qualified 
 opportunity zone for the preceding 12-month period 
 (within numerical ranges identified by the Secretary) 
 or such other indication of the employment impact of 
 such qualified opportunity fund businesses as 
 determined appropriate by the Secretary.
        (F) The percentage of the total amount of 
 investments made by qualified opportunity funds in--
            (i) qualified opportunity zone property 
 which is real property; and
            (ii) other qualified opportunity zone 
 property.
        (G) For each population census tract, the aggregate 
 approximate number of residential units resulting from 
 investments made by qualified opportunity funds in real 
 property.
        (H) The aggregate dollar amount of investments made 
 by qualified opportunity funds in each population 
 census tract.

    (3) Additional information.--
        (A) In general.--Beginning with the report 
 submitted under paragraph

    (1) for the 6th year after 
 the date of the enactment of this Act, the Secretary 
 shall include in such report the impacts and outcomes 
 of a designation of a population census tract as a 
 qualified opportunity zone as measured by economic 
 indicators, such as job creation, poverty reduction, 
 new business starts, and other metrics as determined by 
 the Secretary.
        (B) Semi-decennial information.--
            (i) In general.--In the case of any report 
 submitted under paragraph

    (1) in the 6th year 
 or the 11th year after the date of the 
 enactment of this Act, the Secretary shall 
 include the following information:
            (I) For population census tracts 
 designated as a qualified opportunity 
 zone, a comparison (based on aggregate 
 information) of the factors listed in 
 clause
            (iii) between the 5-year period 
 ending on the date of the enactment of 
 Public Law 115-97 and the most recent 
 5-year period for which data is 
 available.
            (II) For population census tracts 
 designated as a qualified opportunity 
 zone, a comparison (based on aggregate 
 information) of the factors listed in 
 clause
            (iii) for the most recent 5-year 
 period for which data is available 
 between such population census tracts 
 and a similar population census tracts 
 that were not designated as a qualified 
 opportunity zone.
            (ii) Control groups.--For purposes of 
 clause
            (i) , the Secretary may combine 
 population census tracts into such groups as 
 the Secretary determines appropriate for 
 purposes of making comparisons.
            (iii) Factors listed.--The factors listed 
 in this clause are the following:
            (I) The unemployment rate.
            (II) The number of persons working 
 in the population census tract, 
 including the percentage of such 
 persons who were not residents in the 
 population census tract in the 
 preceding year.
            (III) Individual, family, and 
 household poverty rates.
            (IV) Median family income of 
 residents of the population census 
 tract.
            (V) Demographic information on 
 residents of the population census 
 tract, including age, income, 
 education, race, and employment.
            (VI) The average percentage of 
 income of residents of the population 
 census tract spent on rent annually.
            (VII) The number of residences in 
 the population census tract.
            (VIII) The rate of home ownership 
 in the population census tract.
            (IX) The average value of 
 residential property in the population 
 census tract.
            (X) The number of affordable 
 housing units in the population census 
 tract.
            (XI) The number and percentage of 
 residents in the population census 
 tract that were not employed for the 
 preceding year.
            (XII) The number of new business 
 starts in the population census tract.
            (XIII) The distribution of 
 employees in the population census 
 tract by North American Industry 
 Classification System

    (NAICS) code.

    (4) Protection of identifiable return information.--In 
 making reports required under this subsection, the Secretary--
        (A) shall establish appropriate procedures to 
 ensure that any amounts reported do not disclose 
 taxpayer return information that can be associated with 
 any particular taxpayer or competitive or proprietary 
 information, and
        (B) if necessary to protect taxpayer return 
 information, may combine information required with 
 respect to individual population census tracts into 
 larger geographic areas.

    (5) === Definitions. ===
-Any term used in this subsection which is 
 also used in subchapter Z of chapter 1 of the Internal Revenue 
 Code of 1986 shall have the meaning given such term under such 
 subchapter.

    (6) Reports on qualified rural opportunity funds.--The 
 Secretary shall make publicly available, with respect to 
 qualified rural opportunity funds, separate reports as required 
 under this subsection, applied--
        (A) by substituting ``qualified rural opportunity'' 
 for ``qualified opportunity'' each place it appears,
        (B) by substituting a reference to this Act for 
 ``Public Law 115-97'', and
            (C) by treating any reference (after the 
 application of subparagraph
        (A) ) to qualified rural 
 opportunity zone stock, qualified rural opportunity 
 zone partnership interest, qualified rural opportunity 
 zone business, or qualified opportunity zone business 
 property as stock, interest, business, or property, 
 respectively, described in subclause
            (I) or
            (II) , as 
 the case may be, of 

section 1400Z-2

    (b)

    (2)
        (B)
            (vii) of 
 the Internal Revenue Code of 1986.
 <all>