Amends the Internal Revenue Code to modify rules for investments in qualified opportunity funds.
This bill amends the Internal Revenue Code to modify rules for investments in qualified opportunity funds. It extends the designation period of qualified opportunity zones from 10 to 20 years. It also extends the election period for investments in these funds from December 31, 2026, to December 31, 2036. The bill introduces new criteria for residential rental projects to be considered qualified opportunity zone property, including income and rent increase restrictions for tenants. It also adjusts the basis increase for investments in such projects.
The filed bill text is too short for analysis.