This bill would renew and strengthen opportunity zones in the tax code. It focuses on collecting more information from the funds and businesses that use these zones, including in rural areas.

It would require tax filings from qualified opportunity funds and qualified rural opportunity funds, and it would require opportunity zone businesses—including rural zone businesses—to provide information as well.

• Who is affected: qualified opportunity funds, qualified rural opportunity funds, and businesses operating in opportunity zones.
• What changes: added tax filing and information reporting rules for these funds and businesses.
• When: the provided text does not specify effective dates.