I 

118TH CONGRESS 

1ST SESSION H. R. 5761 

To amend the Internal Revenue Code of 1986 to modify the rules relating 

to qualified opportunity zones, and for other purposes. 

IN THE HOUSE OF REPRESENTATIVES 

SEPTEMBER 27, 2023 

Mr. KELLY of Pennsylvania (for himself, Mr. KILDEE, Mrs. MILLER of West 

Virginia, and Ms. SEWELL) 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 modify 

the rules relating to qualified opportunity zones, and 

for other purposes. 

1 Be it enacted by the Senate and House of Representa2 tives of the United States of America in Congress assembled, 

3 SECTION 1. SHORT TITLE. 

4 This Act may be cited as the ‘‘Opportunity Zones 

5 Transparency, Extension, and Improvement Act’’. 

6 SEC. 2. FINDINGS. 

7 Congress makes the following findings: 

8 (1) The 8,764 population census tracts des9 ignated as qualified opportunity zones under section 


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1 1400Z–1 of the Internal Revenue Code of 1986 span 

2 across all 50 States, the District of Columbia, and 

3 5 Territories and overwhelmingly represent commu4 nities that have been economically left behind as the 

5 American economy has surged forward. 

6 (2) The average poverty rate of residents in 

7 qualified opportunity zones is 26.4 percent. 

8 (3) Forty-four percent of qualified opportunity 

9 zones are persistently poor, meaning they are census 

10 tracts in which the poverty rate has exceeded 20 

11 percent since at least 1990. 

12 (4) According to the latest available data from 

13 the Department of the Treasury through 2020, op14 portunity zone investment reached at least 3,800 

15 communities, or 48 percent of all designated census 

16 tracts. 

17 (5) The communities that received opportunity 

18 zone investment are economically distressed places. 

19 On average, they rank in the 87th percentile for pov20 erty, 81st for median household income, and 80th 

21 for unemployment. 

22 (6) The total amount of opportunity zone equity 

23 invested was at least $48 billion through the end of 

24 2020, raised from an estimated 21,000 individuals 


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1 and 4,000 corporate investors deployed into 7,800 

2 Qualified Opportunity Funds. 

3 (7) The Investing in Opportunity Act, which 

4 first proposed opportunity zones, originally incor5 porated reporting requirements to evaluate the im6 pact the incentive will have on designated commu7 nities and it is critical that Congress act to reinstate 

8 reporting requirements as soon as possible. 

9 TITLE I—MODIFICATION OF POP10 ULATION CENSUS TRACTS 

11 DESIGNATED AS QUALIFIED 

12 OPPORTUNITY ZONES 

13 SEC. 101. MODIFICATION OF POPULATION CENSUS TRACTS 

14 DESIGNATED AS QUALIFIED OPPORTUNITY 

15 ZONES. 

16 Section 1400Z–1 of the Internal Revenue Code of 

17 1986 is amended by adding at the end the following new 

18 subsection: 

19 ‘‘(g) DISQUALIFICATION OF CERTAIN POPULATION

20 CENSUS TRACTS.— 

21 ‘‘(1) IN GENERAL.—Except as provided in para22 graph (5), any disqualified census tract shall not be 

23 treated as a qualified opportunity zone for any pe24 riod after the date that is 30 days after the date on 


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1 which the Secretary publishes the final list of dis2 qualified census tracts under paragraph (4)(B). 

3 ‘‘(2) REPLACEMENT ZONES.— 

4 ‘‘(A) IN GENERAL.—The chief executive of5 ficer of a State shall nominate additional popu6 lation census tracts to replace any population 

7 census tract the designation of which as a 

8 qualified opportunity zone was terminated by 

9 reason of paragraph (1). Except as otherwise 

10 provided in this paragraph, the rules of sub11 sections (b), (c), (d), and (f) shall apply to any 

12 population census tract nominated under this 

13 paragraph. 

14 ‘‘(B) CONSULTATION.—No population cen15 sus tract nominated under subparagraph (A) 

16 may be designated as a qualified opportunity 

17 zone unless the chief executive officer of the 

18 State certifies in writing to the Secretary that 

19 the chief executive officer has consulted with 

20 the chief executive officer (or the equivalent) of 

21 each local jurisdiction in which the population 

22 census tract is located. 

23 ‘‘(C) SPECIAL RULES.—For purposes of 

24 this subchapter— 


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1 ‘‘(i) any population census tract which 

2 is a disqualified census tract (as defined in 

3 paragraph (3) without regard to subpara4 graph (A)(i) thereof) may not be nomi5 nated as a qualified opportunity zone 

6 under this paragraph, 

7 ‘‘(ii) the determination period with re8 spect to a nomination under subparagraph 

9 (A) shall be the 45-day period beginning 

10 on the date on which the Secretary pub11 lishes the final list of disqualified census 

12 tracts under paragraph (4)(B), as ex13 tended under subsection (b)(2), and 

14 ‘‘(iii) the period for which any such 

15 designation is in effect shall be the period 

16 beginning on the date such designation 

17 takes effect and ending on the last day of 

18 the 10th calendar year beginning on or 

19 after the designation date as a qualified 

20 opportunity zone for the population census 

21 tract which it is replacing as such a zone 

22 by reason of the termination under para23 graph (1). 

24 ‘‘(D) REGULATIONS AND GUIDANCE.—The 

25 Secretary shall prescribe such regulations or 


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1 other guidance as may be necessary or appro2 priate to carry out the purposes of this para3 graph. 

4 ‘‘(3) DISQUALIFIED CENSUS TRACT.—For pur5 poses of this subsection— 

6 ‘‘(A) IN GENERAL.—The term ‘disqualified 

7 census tract’ means any population census tract 

8 which— 

9 ‘‘(i) was designated as a qualified op10 portunity zone before the date of the en11 actment of this subsection, and 

12 ‘‘(ii) is described in subparagraph (B) 

13 or (C). 

14 ‘‘(B) HIGH MEDIAN FAMILY INCOME

15 TRACTS.— 

16 ‘‘(i) IN GENERAL.—Except as pro17 vided in clauses (ii) and (iii), a population 

18 census tract is described in this subpara19 graph if the median family income for such 

20 tract exceeds 130 percent of the national 

21 median family income as published by De22 partment of Housing and Urban Develop23 ment or the CDFI Fund. 

24 ‘‘(ii) EXCEPTION.—Clause (i) shall 

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1 lation census tract (excluding students en2 rolled in an institution of higher education 

3 (as defined in section 101 of the Higher 

4 Education Act of 1965)) is equal to or 

5 greater than 30 percent. 

6 ‘‘(iii) REQUEST TO RETAIN DESIGNA7 TION FOR CERTAIN POPULATION CENSUS

8 TRACTS.—Clause (i) shall not apply if the 

9 Secretary, upon a request of the chief exec10 utive officer of the State made not later 

11 than 60 days after the date the Secretary 

12 publishes the list described in paragraph 

13 (4)(A), determines that— 

14 ‘‘(I) the designation of such pop15 ulation census tract was consistent 

16 with the purposes of this subchapter, 

17 or 

18 ‘‘(II) the median family income 

19 for the population census tract does 

20 not exceed 130 percent of the national 

21 median family income as published by 

22 Department of Housing and Urban 

23 Development or the CDFI Fund. 

24 ‘‘(C) ELECTION TO INCLUDE ADDITIONAL

25 POPULATION CENSUS TRACTS.— 


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1 ‘‘(i) IN GENERAL.—A population cen2 sus tract is described in this subparagraph 

3 if the Secretary, upon the request of the 

4 chief executive officer of the State sub5 mitted not later than 60 days after the 

6 date the Secretary publishes the list de7 scribed in paragraph (4)(A), determines 

8 that the continued designation of such pop9 ulation census tract as a qualified oppor10 tunity zone is not consistent with the pur11 poses of this subchapter. 

12 ‘‘(ii) CONSULTATION.—No population 

13 census tract nominated under clause (i) 

14 may be designated as a qualified oppor15 tunity zone unless the chief executive offi16 cer of the State certifies in writing to the 

17 Secretary that the chief executive officer 

18 has consulted with the chief executive offi19 cer (or the equivalent) of each local juris20 diction in which the population census 

21 tract is located. 

22 ‘‘(iii) REGULATIONS AND GUID23 ANCE.—Not later than the date on which 

24 the Secretary publishes the final list of dis25 qualified census tracts under paragraph 


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1 (4)(B), the Secretary shall issue regula2 tions or guidance with respect to the cri3 teria to be used for making a determina4 tion by the Secretary under clause (i). 

5 ‘‘(4) IDENTIFICATION AND PUBLICATION OF

6 DISQUALIFIED CENSUS TRACTS.— 

7 ‘‘(A) INITIAL IDENTIFICATION.—As soon 

8 as practical, but not later than 12 months after 

9 the date of the enactment of this subsection, 

10 the Secretary shall make public— 

11 ‘‘(i) a list of population census tracts 

12 described in paragraph (3)(B) (determined 

13 without regard to clause (iii) thereof), and 

14 ‘‘(ii) a list of population census tracts 

15 which are low-income communities and 

16 were not designated as a qualified oppor17 tunity zone before the date of enactment of 

18 this subsection. 

19 ‘‘(B) FINAL LIST OF DISQUALIFIED CEN20 SUS TRACTS.—Not later than 105 days after 

21 the date the Secretary publishes the list de22 scribed in subparagraph (A), the Secretary shall 

23 make public a final list of disqualified census 

24 tracts. 


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1 ‘‘(5) RULES FOR QUALIFIED PREEXISTING IN2 VESTMENTS.— 

3 ‘‘(A) IN GENERAL.—For purposes of this 

4 subchapter, section 1400Z–2 shall be applied 

5 without regard to paragraph (1) with respect to 

6 any qualified preexisting trade or business. 

7 ‘‘(B) QUALIFIED PREEXISTING TRADE OR

8 BUSINESS.—For purposes of this paragraph— 

9 ‘‘(i) IN GENERAL.—The term ‘quali10 fied preexisting trade or business’ means 

11 any trade or business of a qualified oppor12 tunity fund or qualified opportunity zone 

13 business which meets the requirements of 

14 clauses (ii) and (iii) of section 1400Z– 

15 2(d)(3)(A) and with respect to which— 

16 ‘‘(I) before the date of the enact17 ment of this subsection, a registration 

18 statement under the Securities Act of 

19 1933 (15 U.S.C. 77a et seq.) is filed 

20 or any comparable offering memo21 randum or similar disclosure docu22 ment is provided in reliance on section 

23 230.506 of title 17, Code of Federal 

24 Regulations (or successor regulations), 

25 promulgated under the Securities Act 


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1 of 1933, that discloses the intent of 

2 such trade or business to invest in the 

3 disqualified census tract, 

4 ‘‘(II) before the first date on 

5 which the disqualified census tract ap6 pears on any list published under 

7 paragraph (4), investments in the dis8 qualified census tract are made or 

9 agreed pursuant to a binding agree10 ment to be made which— 

11 ‘‘(aa) aggregate more than 

12 $250,000, and 

13 ‘‘(bb) have been designated 

14 in writing for the use in, or the 

15 development of, such trade or 

16 business, or 

17 ‘‘(III) the qualified opportunity 

18 fund or qualified opportunity zone 

19 business is determined by the Sec20 retary to have relied on the designa21 tion of the disqualified census tract as 

22 a qualified opportunity zone and to 

23 have suffered or is expected to suffer 

24 a loss as a result of the application of 

25 paragraph (1). 


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1 ‘‘(ii) TRADE OR BUSINESS.—The term 

2 ‘trade or business’ includes any activity in3 tended to qualify as a trade or business 

4 within the meaning of section 162. 

5 ‘‘(C) REGULATIONS AND GUIDANCE.—The 

6 Secretary shall prescribe such regulations or 

7 guidance as may be necessary or appropriate to 

8 carry out the purposes of this paragraph, in9 cluding guidance to prevent speculative invest10 ment solely for the purpose of falling within the 

11 definition of a qualified preexisting trade or 

12 business. 

13 ‘‘(6) DETERMINATION OF POPULATION CENSUS

14 TRACT DATA.—For purposes of applying this sub15 section, in determining whether a population census 

16 tract meets any qualification with respect to poverty 

17 rate or any aspect of median income, such deter18 mination shall be made using the most recent census 

19 data that has been published by the Bureau of the 

20 Census as of the date of enactment of this sub21 section.’’. 


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1 SEC. 102. CERTAIN FORMER INDUSTRIAL TRACTS PER2 MITTED TO BE DESIGNATED AS OPPOR3 TUNITY ZONES. 

4 Section 1400Z-1 of the Internal Revenue Code of 

5 1986, as amended by section 101, is amended by adding 

6 at the end the following new subsection: 

7 ‘‘(h) SPECIAL RULE FOR FORMER INDUSTRIAL

8 TRACTS CONTIGUOUS TO DESIGNATED OPPORTUNITY

9 ZONES.— 

10 ‘‘(1) IN GENERAL.—For purposes of this chap11 ter, the term ‘qualified opportunity zone’ means an 

12 population census tract which is described in para13 graph (2) and designated as a qualified opportunity 

14 zone under this subsection. 

15 ‘‘(2) POPULATION CENSUS TRACT DE16 SCRIBED.—A population census tract is described in 

17 this subparagraph if— 

18 ‘‘(A) the tract— 

19 ‘‘(i) has a population of zero, 

20 ‘‘(ii) was previously used for industrial 

21 purposes and is a brownfield industrial 

22 site, and 

23 ‘‘(iii) is contiguous, including by 

24 water, to a population census tract on at 

25 least 1 side that has been designated as a 


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1 qualified opportunity zone under this sec2 tion, or 

3 ‘‘(B) the tract was merged, as a result of 

4 the 2020 decennial census, into a census tract 

5 described in subparagraph (A)(iii) and met all 

6 requirements described in subparagraph (A). 

7 ‘‘(3) DESIGNATION.—For purposes of para8 graph (1), a population census tract that is de9 scribed in paragraph (2) is designated as a qualified 

10 opportunity zone if— 

11 ‘‘(A) not later than 30 days after the date 

12 of the enactment of this subsection, the chief 

13 executive officer of the State in which the tract 

14 is located— 

15 ‘‘(i) nominates the tract for designa16 tion as a qualified opportunity zone, and 

17 ‘‘(ii) notifies the Secretary in writing 

18 of such nomination, and 

19 ‘‘(B) not later than 30 days after receiving 

20 the notification under subparagraph (A)(ii), the 

21 Secretary certifies such nomination and des22 ignates such tract as a qualified opportunity 

23 zone. 

24 ‘‘(4) DETERMINATION OF CENSUS TRACT IN25 FORMATION.—For purposes of this subsection, the 


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1 boundaries and population of a census tract shall be 

2 determined based on United States Census Bureau 

3 data for the 2010 decennial census. 

4 ‘‘(5) NUMBER OF DESIGNATIONS.—Population 

5 census tracts designated as a qualified opportunity 

6 zone under this subsection shall not be taken into 

7 account for purposes of subsection (d). 

8 ‘‘(6) DEFINITIONS.—For purposes of this sub9 section— 

10 ‘‘(A) BROWNFIELD INDUSTRIAL SITE.— 

11 The term ‘brownfield industrial site’ means a 

12 population census tract that includes real prop13 erty the expansion, redevelopment, or reuse of 

14 which may be complicated by the presence or 

15 potential presence of a hazardous substance or 

16 pollutant or contaminant, including real prop17 erty covered by a prospective purchaser agree18 ment or similar agreement entered into by the 

19 Environmental Protection Agency or the appro20 priate State authority. 

21 ‘‘(B) HAZARDOUS SUBSTANCE.—The term 

22 ‘hazardous substance’ means— 

23 ‘‘(i) a hazardous substance as defined 

24 in section 101(14) of the Comprehensive 

25 Environmental Response, Compensation, 


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1 and Liability Act of 1980 (42 U.S.C. 

2 9601(14)), or 

3 ‘‘(ii) petroleum or a petroleum prod4 uct. 

5 ‘‘(C) POLLUTANT OR CONTAMINANT.—The 

6 term ‘pollutant or contaminant’ has the mean7 ing given such term in section 101(33) of such 

8 Act.’’. 

9 TITLE II—INFORMATION 

10 REPORTING REQUIREMENTS 

11 SEC. 201. INFORMATION REPORTING ON QUALIFIED OP12 PORTUNITY FUNDS. 

13 (a) IN GENERAL.— 

14 (1) FILING REQUIREMENTS FOR FUNDS AND

15 INVESTORS.—Subpart A of part III of subchapter A 

16 of chapter 61 of the Internal Revenue Code of 1986 

17 is amended by inserting after section 6039J the fol18 lowing new sections: 

19 ‘‘SEC. 6039K. RETURNS WITH RESPECT TO QUALIFIED OP20 PORTUNITY FUNDS. 

21 ‘‘(a) IN GENERAL.—Every qualified opportunity fund 

22 shall file an annual return (at such time and in such man23 ner as the Secretary may prescribe) containing the infor24 mation described in subsection (b). 


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1 ‘‘(b) INFORMATION FROM QUALIFIED OPPORTUNITY

2 FUNDS.—The information described in this subsection 

3 is— 

4 ‘‘(1) the name, address, and taxpayer identifica5 tion number of the qualified opportunity fund, 

6 ‘‘(2) whether the qualified opportunity fund is 

7 organized as a corporation or a partnership, 

8 ‘‘(3) the value of the total assets held by the 

9 qualified opportunity fund as of each date described 

10 in section 1400Z–2(d)(1), 

11 ‘‘(4) the value of all qualified opportunity zone 

12 property held by the qualified opportunity fund on 

13 each such date, 

14 ‘‘(5) with respect to each investment held by 

15 the qualified opportunity fund in qualified oppor16 tunity zone stock or a qualified opportunity zone 

17 partnership interest— 

18 ‘‘(A) the name, address, and taxpayer 

19 identification number of the corporation in 

20 which such stock is held or the partnership in 

21 which such interest is held, as the case may be, 

22 ‘‘(B) each North American Industry Clas23 sification Code that applies to the trades or 

24 businesses conducted by such corporation or 

25 partnership, 


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1 ‘‘(C) the population census tracts in which 

2 the qualified opportunity zone business property 

3 of such corporation or partnership is located, 

4 ‘‘(D) the amount of the investment in such 

5 stock or partnership interest as of each date de6 scribed in section 1400Z–2(d)(1), 

7 ‘‘(E) the value, as determined under regu8 lations issued by the Secretary, of tangible 

9 property held by such corporation or partner10 ship on each such date which is owned by such 

11 corporation or partnership, 

12 ‘‘(F) the value, as determined under regu13 lations issued by the Secretary, of tangible 

14 property held by such corporation or partner15 ship on each such date which is leased by such 

16 corporation or partnership, 

17 ‘‘(G) the information described in para18 graph (6)(E) with respect to buildings with 1 or 

19 more residential rental units which are held by 

20 such corporation or partnership, and 

21 ‘‘(H) the approximate average monthly 

22 number of full-time equivalent employees of 

23 such corporation or partnership for the year 

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1 ment impact of such corporation or partnership 

2 as determined appropriate by the Secretary, 

3 which shall account for direct and indirect, tem4 porary and permanent jobs, 

5 ‘‘(6) with respect to the items of qualified op6 portunity zone business property held by the quali7 fied opportunity fund— 

8 ‘‘(A) the North American Industry Classi9 fication Code that applies to the trades or busi10 nesses in which such property is held, 

11 ‘‘(B) the population census tract in which 

12 the property is located, 

13 ‘‘(C) whether the property is owned or 

14 leased, 

15 ‘‘(D) the aggregate value, as determined 

16 under regulations issued by the Secretary, of 

17 the items of qualified opportunity zone property 

18 held by the qualified opportunity fund as of 

19 each date described in section 1400Z–2(d)(1), 

20 and 

21 ‘‘(E) in the case of each building with 1 or 

22 more residential rental units— 

23 ‘‘(i) the total number of such residen24 tial rental units, 


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1 ‘‘(ii) the number of such units occu2 pied by tenants with an income of 50 per3 cent or less of area median income ad4 justed for family size, 

5 ‘‘(iii) the number of such units occu6 pied by tenants with an income in excess 

7 of 50 percent, but not exceeding 60 per8 cent of area median income adjusted for 

9 family size, and 

10 ‘‘(iv) whether— 

11 ‘‘(I) at least 20 percent of such 

12 units are occupied by tenants de13 scribed in clause (ii), or 

14 ‘‘(II) at least 40 percent of such 

15 units are occupied by tenants with in16 come averaging not more than 60 per17 cent of area median income adjusted 

18 for family size, 

19 ‘‘(7) the approximate average monthly number 

20 of full-time equivalent employees for the year of the 

21 trades or businesses of the qualified opportunity 

22 fund in which qualified opportunity zone business 

23 property is held (within numerical ranges identified 

24 by the Secretary) or such other indication of the em25 ployment impact of such trades or businesses as deVerDate Sep 11 2014 22:55 Oct 05, 2023 Jkt 049200 PO 00000 Frm 00020 Fmt 6652 Sfmt 6201 E:\BILLS\H5761.IH H5761

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1 termined appropriate by the Secretary, which shall 

2 account for direct and indirect, temporary and per3 manent jobs, 

4 ‘‘(8) with respect to each person who disposed 

5 of an investment in the qualified opportunity fund 

6 during the year— 

7 ‘‘(A) the name and taxpayer identification 

8 number of such person, 

9 ‘‘(B) the date or dates on which the invest10 ment disposed was acquired, and 

11 ‘‘(C) the date or dates on which any such 

12 investment was disposed and the amount of the 

13 investment disposed, and 

14 ‘‘(9) such other information as the Secretary 

15 may require. 

16 ‘‘(c) STATEMENT REQUIRED TO BE FURNISHED TO

17 INVESTORS.—Every person required to make a return 

18 under subsection (a) shall furnish to each person whose 

19 name is required to be set forth in such return by reason 

20 of subsection (b)(8) a written statement showing— 

21 ‘‘(1) the name, address and phone number of 

22 the information contact of the person required to 

23 make such return, and 


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1 ‘‘(2) the information required to be shown on 

2 such return by reason of subsection (b)(8) with re3 spect to such person. 

4 ‘‘(d) DEFINITIONS.—For purposes of this section— 

5 ‘‘(1) IN GENERAL.—Any term used in this sec6 tion which is also used in subchapter Z of chapter 

7 1 shall have the meaning given such term under 

8 such subchapter. 

9 ‘‘(2) FULL-TIME EQUIVALENT EMPLOYEES.— 

10 The term ‘full-time equivalent employees’ means, 

11 with respect to any month, the sum of— 

12 ‘‘(A) the number of full-time employees (as 

13 defined in section 4980H(c)(4)) for the month, 

14 plus 

15 ‘‘(B) the number of employees determined 

16 (under rules similar to the rules of section 

17 4980H(c)(2)(E)) by dividing the aggregate 

18 number of hours of service of employees who 

19 are not full-time employees for the month by 

20 120. 

21 ‘‘SEC. 6039L. INFORMATION ON PERSONS INVESTING IN 

22 QUALIFIED OPPORTUNITY FUNDS. 

23 ‘‘(a) IN GENERAL.—Every taxpayer who makes an 

24 investment in a qualified opportunity fund shall provide 

25 an annual statement (at such time and in such manner 


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1 as the Secretary may prescribe) containing the informa2 tion described in subsection (b) with respect to each such 

3 investment. 

4 ‘‘(b) INFORMATION FROM INVESTORS.—The infor5 mation described in this subsection is— 

6 ‘‘(1) the name, address, and taxpayer identifica7 tion number of the taxpayer, 

8 ‘‘(2) the name and taxpayer identification num9 ber of the qualified opportunity fund in which the 

10 investment was made, 

11 ‘‘(3) a description of such investment, 

12 ‘‘(4) the date such investment was made, 

13 ‘‘(5) the amount of short-term and long-term 

14 capital gains for which an election was made under 

15 section 1400Z–2(a)(1) for such investment, 

16 ‘‘(6) in the case of any disposition of any in17 vestment in a qualified opportunity fund during the 

18 taxable year— 

19 ‘‘(A) a description of the investment dis20 posed, 

21 ‘‘(B) the date of the disposition, and 

22 ‘‘(C) the amount of any previously deferred 

23 short-term and long-term capital gain included 

24 in income as a result of such disposition, and 


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1 ‘‘(7) such other information as the Secretary 

2 may require. 

3 ‘‘(c) DEFINITIONS.—Any term used in this section 

4 which is also used in subchapter Z of chapter 1 shall have 

5 the meaning given such term under such subchapter. 

6 ‘‘SEC. 6039M. INFORMATION REQUIRED FROM CERTAIN 

7 QUALIFIED OPPORTUNITY ZONE BUSI8 NESSES. 

9 ‘‘(a) IN GENERAL.—Every applicable qualified oppor10 tunity zone business shall furnish to the qualified oppor11 tunity fund described in subsection (b) a written state12 ment in such manner and setting forth such information 

13 as the Secretary may by regulations prescribe for purposes 

14 of enabling such qualified opportunity fund to meet the 

15 requirements of section 6039(b)(5). 

16 ‘‘(b) APPLICABLE QUALIFIED OPPORTUNITY ZONE

17 BUSINESS.—For purposes of subsection (a), the term ‘ap18 plicable qualified opportunity zone business’ means any 

19 qualified opportunity zone business (as defined in section 

20 1400Z–2(d)(3))— 

21 ‘‘(1) which is a trade or business of a qualified 

22 opportunity fund, 

23 ‘‘(2) in which a qualified opportunity fund holds 

24 qualified opportunity zone stock, or 


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1 ‘‘(3) in which a qualified opportunity fund holds 

2 a qualified opportunity zone partnership interest. 

3 ‘‘(c) OTHER TERMS.—Any term used in this section 

4 which is also used in subchapter Z of chapter 1 shall have 

5 the meaning given such term under such subchapter.’’. 

6 (2) PENALTIES.— 

7 (A) IN GENERAL.—Part II of subchapter 

8 B of chapter 68 of the Internal Revenue Code 

9 of 1986 is amended by inserting after section 

10 6725 the following new section: 

11 ‘‘SEC. 6726. FAILURE TO COMPLY WITH INFORMATION RE12 PORTING REQUIREMENTS RELATING TO 

13 QUALIFIED OPPORTUNITY FUNDS. 

14 ‘‘(a) INFORMATION RETURNS BY QUALIFIED OPPOR15 TUNITY FUNDS.— 

16 ‘‘(1) IN GENERAL.—In the case of any person 

17 required to file a return under section 6039K fails 

18 to file a complete and correct return under such sec19 tion in the time and in the manner prescribed there20 for, such person shall pay a penalty of $500 for each 

21 day during which such failure continues. 

22 ‘‘(2) LIMITATION.— 

23 ‘‘(A) IN GENERAL.—The maximum penalty 

24 under this subsection on failures with respect to 

25 any 1 return shall not exceed $10,000. 


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1 ‘‘(B) LARGE QUALIFIED OPPORTUNITY

2 FUNDS.—In the case of any failure described in 

3 paragraph (1) with respect to a fund the gross 

4 assets of which (determined on the last day of 

5 the taxable year) are in excess of $10,000,000, 

6 subparagraph (A) shall be applied by sub7 stituting ‘$50,000’ for ‘$10,000’. 

8 ‘‘(3) REDUCTION WHERE CORRECTION IN SPEC9 IFIED PERIOD.—If any failure described in para10 graph (1) is corrected on or before the day 60 days 

11 after the due date (including extensions) for filing 

12 the return, the penalty imposed by paragraph (1) 

13 shall be $500 in lieu of the amount determined 

14 under such paragraph. 

15 ‘‘(4) DE MINIMIS ERRORS.—If— 

16 ‘‘(A) there are one or more such failures 

17 described in paragraph (1) relating to an incor18 rect dollar amount, and no single amount in 

19 error differs from the correct amount by more 

20 than $100, or 

21 ‘‘(B) there are one or more such failures 

22 described in paragraph (1) relating to a non-nu23 merical amount and such error is inconsequen24 tial, then no correction shall be required, and, 

25 for purposes of this section, such statement 


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1 shall be treated as having been filed with all 

2 correct required information. 

3 ‘‘(5) PENALTY IN CASES OF INTENTIONAL DIS4 REGARD.—If a failure described in paragraph (1) is 

5 due to intentional disregard, then— 

6 ‘‘(A) paragraph (1) shall be applied by 

7 substituting ‘$2,500’ for ‘$500’, 

8 ‘‘(B) paragraph (2)(A) shall be applied by 

9 substituting ‘$50,000’ for ‘$10,000’, and 

10 ‘‘(C) paragraph (2)(B) shall be applied by 

11 substituting ‘$250,000’ for ‘$50,000’. 

12 ‘‘(6) INFLATION ADJUSTMENT.— 

13 ‘‘(A) IN GENERAL.—In the case of any 

14 failure relating to a return required to be filed 

15 in a calendar year beginning after 2023, each 

16 of the dollar amounts in paragraphs (1), (2), 

17 (3), and (5) shall be increased by an amount 

18 equal to such dollar amount multiplied by the 

19 cost-of-living adjustment determined under sec20 tion 1(f)(3) for the calendar year determined by 

21 substituting ‘calendar year 2022’ for ‘calendar 

22 year 2016’ in subparagraph (A)(ii) thereof. 

23 ‘‘(B) ROUNDING.— 

24 ‘‘(i) IN GENERAL.—If the $500 dollar 

25 amount in paragraph (1), (3), or (5)(A) or 


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1 the $2,500 amount in paragraph (5)(A), 

2 after being increased under subparagraph 

3 (A), is not a multiple of $10, such dollar 

4 amount shall be rounded to the next lowest 

5 multiple of $10. 

6 ‘‘(ii) ASSET THRESHOLD.—If the 

7 $10,000,000 dollar amount in paragraph 

8 (2)(B), after being increased under sub9 paragraph (A), is not a multiple of 

10 $10,000, such dollar amount shall be 

11 rounded to the next lowest multiple of 

12 $10,000. 

13 ‘‘(iii) OTHER DOLLAR AMOUNTS.—If 

14 any dollar amount in paragraph (2), (3), 

15 or (5) (other than any amount to which 

16 clause (i) or (ii) applies), after being in17 creased under subparagraph (A), is not a 

18 multiple of $1,000, such dollar amount 

19 shall be rounded to the next lowest mul20 tiple of $1,000. 

21 ‘‘(b) STATEMENTS BY INVESTORS.— 

22 ‘‘(1) IN GENERAL.—If— 

23 ‘‘(A) any person is required to file a state24 ment under section 6039L for any period, and 

25 ‘‘(B) fails— 


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1 ‘‘(i) to file such statement on or be2 fore the required filing date, or 

3 ‘‘(ii) fails to include all of the infor4 mation required to be shown on the state5 ment or includes incorrect information, 

6 such person shall pay a penalty of $5,000. 

7 ‘‘(2) REDUCTION WHERE CORRECTION IN SPEC8 IFIED PERIOD.—If any failure described in para9 graph (1)(B) is corrected on or before the day 60 

10 days after the due date (including extensions) for fil11 ing the return, the penalty imposed by paragraph 

12 (1) shall be $500 in lieu of the amount determined 

13 under such paragraph. 

14 ‘‘(3) DE MINIMIS ERRORS.—If— 

15 ‘‘(A) there are one or more such failures 

16 described in paragraph (1)(B)(ii) relating to an 

17 incorrect dollar amount, and no single amount 

18 in error differs from the correct amount by 

19 more than $100, or 

20 ‘‘(B) there are one or more such failures 

21 described in paragraph (1)(B)(ii) relating to a 

22 non-numerical amount and such error is incon23 sequential, 

24 then no correction shall be required, and, for pur25 poses of this section, such statement shall be treated 


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1 as having been filed with all correct required infor2 mation. 

3 ‘‘(4) PENALTY IN CASES OF INTENTIONAL DIS4 REGARD.—If one or more failures described in para5 graph (1)(B) are due to intentional disregard of the 

6 filing requirement (or the correct information report7 ing requirement), then, with respect to each such 

8 failure— 

9 ‘‘(A) paragraphs (2) and (3) shall not 

10 apply, and 

11 ‘‘(B) the amount of the penalty determined 

12 under paragraph (1) shall be $25,000. 

13 ‘‘(5) INFLATION ADJUSTMENT.— 

14 ‘‘(A) IN GENERAL.—In the case of any 

15 failure relating to a statement required to be 

16 filed in a calendar year beginning after 2023, 

17 each of the dollar amounts in paragraphs (1), 

18 (2), and (4) shall be increased by an amount 

19 equal to such dollar amount multiplied by the 

20 cost-of-living adjustment determined under sec21 tion 1(f)(3) for the calendar year determined by 

22 substituting ‘calendar year 2022’ for ‘calendar 

23 year 2016’ in subparagraph (A)(ii) thereof. 

24 ‘‘(B) ROUNDING.—The amount of any in25 crease under subparagraph (A) shall be roundVerDate Sep 11 2014 22:55 Oct 05, 2023 Jkt 049200 PO 00000 Frm 00030 Fmt 6652 Sfmt 6201 E:\BILLS\H5761.IH H5761

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1 ed to the nearest multiple of $100 ($10 in the 

2 case of any increase in the amount under para3 graph (2)).’’. 

4 (B) INFORMATION REQUIRED TO BE SENT

5 TO OTHER TAXPAYERS.—Section 6724(d)(2) of 

6 such Code is amended— 

7 (i) by striking ‘‘or’’ at the end of sub8 paragraph (II), 

9 (ii) by striking the period at the end 

10 of the first subparagraph (JJ) (relating to 

11 section 6226) and inserting a comma, 

12 (iii) by redesignating the second sub13 paragraph (JJ) (relating to section 6050Y) 

14 as subparagraph (KK), 

15 (iv) by striking the period at the end 

16 of subparagraph (KK) (as redesignated by 

17 clause (iii)) and inserting a comma, and 

18 (v) by inserting after subparagraph 

19 (KK) (as so redesignated) the following 

20 new subparagraphs: 

21 ‘‘(LL) section 6039K(c) (relating to dis22 position of qualified opportunity fund invest23 ments), or 


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1 ‘‘(MM) section 6039M (relating to infor2 mation required from certain qualified oppor3 tunity zone businesses).’’. 

4 (3) ELECTRONIC FILING.—Section 6011(e) of 

5 such Code is amended by adding at the end the fol6 lowing new paragraph: 

7 ‘‘(8) QUALIFIED OPPORTUNITY FUNDS.—Not8 withstanding paragraphs (1) and (2), any return 

9 filed by a qualified opportunity fund shall be filed on 

10 magnetic media or other machine-readable form.’’. 

11 (4) CLERICAL AMENDMENTS.— 

12 (A) The table of sections for subpart A of 

13 part III of subchapter A of chapter 61 of such 

14 Code is amended by inserting after the item re15 lating to section 6039J the following new items: 

‘‘Sec. 6039K. Returns with respect to qualified opportunity funds. 

‘‘Sec. 6039L. Information on persons investing in qualified opportunity funds. 

‘‘Sec. 6039M. Information required from certain qualified opportunity zone 

businesses.’’. 

16 (B) The table of sections for part II of 

17 subchapter B of chapter 68 of such Code is 

18 amended by inserting after the item relating to 

19 section 6725 the following new item: 

‘‘Sec. 6726. Failure to comply with information reporting requirements relating 

to qualified opportunity funds.’’. 

20 (5) EFFECTIVE DATE.—The amendments made 

21 by this subsection shall apply to taxable years begin22 ning after the date of the enactment of this Act. 


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1 (b) REPORTING OF DATA ON OPPORTUNITY ZONE

2 TAX INCENTIVES.— 

3 (1) IN GENERAL.—As soon as practical after 

4 the date of the enactment of this Act, and annually 

5 thereafter, the Secretary of the Treasury, or the 

6 Secretary’s delegate (referred to in this section as 

7 the ‘‘Secretary’’), in consultation with the Director 

8 of the Bureau of the Census and such other agencies 

9 as the Secretary determines appropriate, shall make 

10 publicly available a report on qualified opportunity 

11 funds. 

12 (2) INFORMATION INCLUDED.—The report re13 quired under paragraph (1) shall include, to the ex14 tent available, the following information: 

15 (A) The number of qualified opportunity 

16 funds. 

17 (B) The aggregate dollar amount of assets 

18 held in qualified opportunity funds. 

19 (C) The aggregate dollar amount of invest20 ments made by qualified opportunity funds in 

21 qualified opportunity fund property across each 

22 industry class under the North American Indus23 try Classification Code. 

24 (D) The percentage of population census 

25 tracts designated as qualified opportunity zones 


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1 that have received qualified opportunity fund 

2 investments. 

3 (E) For each population census tract des4 ignated as a qualified opportunity zone, the ap5 proximate average monthly number of full-time 

6 equivalent employees of the qualified oppor7 tunity zone businesses in such qualified oppor8 tunity zone for the preceding 12-month period 

9 (within numerical ranges identified by the Sec10 retary) or such other indication of the employ11 ment impact of such qualified opportunity fund 

12 businesses as determined appropriate by the 

13 Secretary. 

14 (F) The percentage of the total amount of 

15 investments made directly or indirectly by quali16 fied opportunity funds in— 

17 (i) qualified opportunity zone business 

18 property which is real property; and 

19 (ii) other qualified opportunity zone 

20 business property. 

21 (G) For each population census tract, the 

22 aggregate approximate number of residential 

23 units resulting from investments made by quali24 fied opportunity funds in real property. 


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1 (H) The aggregate dollar amount of in2 vestments made by qualified opportunity funds 

3 in each population census tract. 

4 (3) ADDITIONAL INFORMATION.— 

5 (A) IN GENERAL.—Beginning with the re6 port submitted under paragraph (1) for the 6th 

7 year after the date of the enactment of this Act, 

8 the Secretary shall include in such report the 

9 impacts and outcomes of a designation of a 

10 population census tract as a qualified oppor11 tunity zone as measured by economic indicators, 

12 such as job creation, poverty reduction, new 

13 business starts, and other metrics as deter14 mined by the Secretary. 

15 (B) SEMI-DECENNIAL INFORMATION.— 

16 (i) IN GENERAL.—In the case of any 

17 report submitted under paragraph (1) in 

18 the 6th year or the 11th year after the 

19 date of the enactment of this Act, the Sec20 retary shall include the following informa21 tion: 

22 (I) For population census tracts 

23 designated as a qualified opportunity 

24 zone, a comparison (based on aggre25 gate information) of the factors listed 


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1 in clause (iii) between the 5-year pe2 riod ending on the date of the enact3 ment of Public Law 115–97 and the 

4 most recent 5-year period for which 

5 data is available. 

6 (II) For population census tracts 

7 designated as a qualified opportunity 

8 zone, a comparison (based on aggre9 gate information) of the factors listed 

10 in clause (iii) for the most recent 5- 

11 year period for which data is available 

12 between such population census tracts 

13 and a similar population census tracts 

14 that were not designated as a quali15 fied opportunity zone. 

16 (ii) CONTROL GROUPS.—For purposes 

17 of clause (i), the Secretary may combine 

18 population census tracts into such groups 

19 as the Secretary determines appropriate 

20 for purposes of making comparisons. 

21 (iii) FACTORS LISTED.—The factors 

22 listed in this paragraph are the following: 

23 (I) The unemployment rate. 

24 (II) The number of persons 

25 working in the population census 


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1 tract, including the percentage of such 

2 persons who were not residents in the 

3 population census tract in the pre4 ceding year. 

5 (III) Individual, family, and 

6 household poverty rates. 

7 (IV) Median family income of 

8 residents of the population census 

9 tract. 

10 (V) Demographic information on 

11 residents of the population census 

12 tract, including age, income, edu13 cation, race, and employment. 

14 (VI) The average percentage of 

15 income of residents of the population 

16 census tract spent on rent annually. 

17 (VII) The number of residences 

18 in the population census tract. 

19 (VIII) The rate of home owner20 ship in the population census tract. 

21 (IX) The average value of resi22 dential property in the population cen23 sus tract. 


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1 (X) The number of affordable 

2 housing units in the population census 

3 tract. 

4 (XI) The number and percentage 

5 of residents in the population census 

6 tract that were not employed for the 

7 preceding year. 

8 (XII) The number of new busi9 ness starts in the population census 

10 tract. 

11 (XIII) The distribution of em12 ployees in the population census tract 

13 by North American Industry Classi14 fication Code. 

15 (4) PROTECTION OF IDENTIFIABLE RETURN IN16 FORMATION.—In making reports required under this 

17 subsection, the Secretary— 

18 (A) shall establish appropriate procedures 

19 to ensure that any amounts reported do not dis20 close taxpayer return information that can be 

21 associated with any particular taxpayer or com22 petitive or proprietary information, 

23 (B) if necessary to protect taxpayer return 

24 information, may combine information required 


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1 with respect to individual population census 

2 tracts into larger geographic areas, and 

3 (C) shall treat any violation of this para4 graph as a violation of section 6103. 

5 (5) DEFINITIONS.—Any term used in this sub6 section which is also used in subchapter Z of chapter 

7 1 of the Internal Revenue Code of 1986 shall have 

8 the meaning given such term under such subchapter. 

9 TITLE III—MODIFICATION OF 

10 RULES FOR INVESTMENTS IN 

11 QUALIFIED OPPORTUNITY 

12 FUNDS 

13 SEC. 301. EXTENSION OF DEFERRAL AND INVESTMENT PE14 RIOD. 

15 (a) IN GENERAL.—Subparagraph (B) of sections 

16 1400Z–2(a)(2) and 1400Z–2(b)(1) of the Internal Rev17 enue Code of 1986 is amended by striking ‘‘December 31, 

18 2026’’ and inserting ‘‘December 31, 2028’’. 

19 (b) EFFECTIVE DATE.—The amendment made by 

20 this section shall apply to amounts invested after Decem21 ber 22, 2017. 


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1 SEC. 302. MODIFICATION OF DEFINITION OF QUALIFIED 

2 OPPORTUNITY FUND. 

3 (a) IN GENERAL.—Section 1400Z–2(d)(1) of the In4 ternal Revenue Code of 1986 is amended to read as fol5 lows: 

6 ‘‘(1) IN GENERAL.—The term ‘qualified oppor7 tunity fund’ means— 

8 ‘‘(A) any qualified feeder fund, or 

9 ‘‘(B) any other investment vehicle if— 

10 ‘‘(i) such investment vehicle is orga11 nized as a corporation or a partnership for 

12 the purpose of investing in qualified oppor13 tunity zone property (other than another 

14 qualified opportunity fund), and 

15 ‘‘(ii) such investment vehicle holds at 

16 least 90 percent of its assets in qualified 

17 opportunity zone property, determined by 

18 the average of the percentage of qualified 

19 opportunity zone property held in the fund 

20 as measured— 

21 ‘‘(I) on the last day of the first 

22 6-month period of the taxable year of 

23 the fund, and 

24 ‘‘(II) on the last day of the tax25 able year of the fund.’’. 


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1 (b) QUALIFIED FEEDER FUND.—Section 1400Z– 

2 2(d) of such Code is amended by adding at the end the 

3 following new paragraph: 

4 ‘‘(4) QUALIFIED FEEDER FUND.—The term 

5 ‘qualified feeder fund’ means any investment vehicle 

6 that invests in a qualified opportunity fund if— 

7 ‘‘(A) such investment vehicle is organized 

8 as a domestic partnership for the purpose of in9 vesting in one more corporations or partner10 ships described in paragraph (1)(B), 

11 ‘‘(B) all investments made in the invest12 ment vehicle are made in cash, and 

13 ‘‘(C) not less than 95 percent of the assets 

14 of which are equity investments in corporations 

15 or partnerships described in paragraph (1)(B) 

16 as measured— 

17 ‘‘(i) on the last day of the first 6- 

18 month period of the taxable year of the 

19 feeder fund, and 

20 ‘‘(ii) on the last day of the tax- able 

21 year of the feeder fund.’’. 

22 (c) EFFECTIVE DATE.—The amendments made by 

23 this section shall take effect on the date of the enactment 

24 of this Act. 


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1 TITLE IV—STATE AND 

2 COMMUNITY DYNAMISM FUND 

3 SEC. 401. STATE AND COMMUNITY DYNAMISM FUND. 

4 (a) ESTABLISHMENT.—There is established a State 

5 and Community Dynamism Fund to support public and 

6 private investment, including capital for qualified oppor7 tunity zones designated under section 1400Z–1(a) of the 

8 Internal Revenue Code of 1986, and existing small busi9 ness and community economic development programs and 

10 incentives, to underserved businesses and communities. 

11 (b) ALLOCATION.— 

12 (1) IN GENERAL.—Funds appropriated to the 

13 State and Community Dynamism Fund shall be allo14 cated to States. 

15 (2) FORMULA.— 

16 (A) IN GENERAL.—The Secretary of the 

17 Treasury shall determine the allocation by allo18 cating Federal funds among the States based 

19 on the proportion of prime working age adults 

20 not employed in each State bears to the total of 

21 prime working age adults not employed for all 

22 the States. 

23 (B) MINIMUM ALLOCATION.—The Sec24 retary shall adjust the allocations under sub25 paragraph (A) for each State to the extent necVerDate Sep 11 2014 22:55 Oct 05, 2023 Jkt 049200 PO 00000 Frm 00042 Fmt 6652 Sfmt 6201 E:\BILLS\H5761.IH H5761

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1 essary to ensure that no State receives less than 

2 0.9 percent of the Federal funds. 

3 (3) REQUIREMENT.—To receive an allocation 

4 under paragraph (2), a State shall certify that the 

5 State will use funds to— 

6 (A) build capacity in high-poverty, under7 banked, rural, and otherwise underserved com8 munities; 

9 (B) advance investment in minority-, 

10 women, and veteran-owned businesses; 

11 (C) address workforce development in stra12 tegic sectors of the State’s economy; and 

13 (D) align priorities to support affordably 

14 priced housing. 

15 (4) SUBALLOCATION.—A State may spend 

16 funds allocated under this subsection directly or sub17 allocate the funds to other entities, including units 

18 of general local government and nonprofits. 

19 (5) ELIGIBLE USES.—Funds allocated under 

20 this subsection shall be used for any eligible use in 

21 a low-income community, as defined in section 

22 45D(e) of the Internal Revenue Code of 1986, in23 cluding for— 

24 (A) operating support and community ca25 pacity building, with priority to given to operVerDate Sep 11 2014 22:55 Oct 05, 2023 Jkt 049200 PO 00000 Frm 00043 Fmt 6652 Sfmt 6201 E:\BILLS\H5761.IH H5761

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1 ating support and community capacity building 

2 in qualified opportunity zones, including— 

3 (i) personnel to support activities, in4 cluding coordination, education, and in5 vestment; 

6 (ii) community-level capacity building, 

7 training, and strategic planning; 

8 (iii) outreach, technical assistance, 

9 and professional services to underserved 

10 businesses and underserved opportunity 

11 zone fund managers; 

12 (B) high-impact projects, including— 

13 (i) predevelopment costs associated 

14 with individual Qualified Opportunity Zone 

15 projects; and 

16 (ii) risk mitigation for qualified oppor17 tunity zone funds; and 

18 (C) administrative costs, not to exceed 3 

19 percent of the funds allocated. 

20 (6) ELIGIBLE PROJECTS.—Funds used for 

21 high-impact project activities, as described in para22 graph (5)(B), shall only be used for— 

23 (A) business with less than 200 employees; 

24 (B) projects that provide community goods 

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1 ices, healthy food access, education, broadband, 

2 and culture; or 

3 (C) affordable housing with at least 50 

4 percent of the units that are affordable to fami5 lies making less than 80 percent of area median 

6 family income. 

7 (7) PRIORITIZATION.—A State that receives 

8 funds under this section must prioritize activities 

9 that— 

10 (A) promote investment in projects that 

11 substantially support minorities, as defined in 

12 section 1204(c) of the Financial Institutions 

13 Reform, Recovery, and Enforcement Act of 

14 1989 (12 U.S.C. 1811 note), or other targeted 

15 populations, as defined in section 103 of the 

16 Riegle Community Development and Regulatory 

17 Improvement Act of 1994 (12 U.S.C. 4702); 

18 and 

19 (B) have demonstrated meaningful engage20 ment with community stakeholders. 

21 (c) AUTHORIZATION OF APPROPRIATIONS.—There is 

22 authorized to be appropriated $1,000,000,000 to carry out 

23 this section. 

24 (d) GAO AUDIT.—The Comptroller General of the 

25 United States shall perform an annual audit of the Fund 


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1 and submit to the appropriate committees of Congress a 

2 report containing the results of the audit. 

3 (e) ANNUAL REPORT.—Not later than March 31 of 

4 each year, each State receiving funds under this title shall 

5 submit to the Secretary a report on the performance of 

6 the State and participating entities in the State that in7 cludes— 

8 (1) an accounting of the expenditure of funds 

9 received by the State, including on administrative or 

10 indirect costs; 

11 (2) information on the number and characteris12 tics of participants served under this title; and 

13 (3) a summary describing the training, capac14 ity-building, and technical assistance offered by the 

15 State and participating entities. 

16 (f) DEFINITIONS.—In this section: 

17 (1) PRIME WORKING AGE ADULTS NOT EM18 PLOYED.—The term ‘‘prime working age adults not 

19 employed’’ means, with respect to a State, the share 

20 of the adult population aged 25 to 54 that was not 

21 employed for the most recent year for which data is 

22 available. 


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1 (2) STATE.—The term ‘‘State’’ includes the 

2 District of Columbia, any territory or possession of 

3 the United States, and any Indian Tribe. 

Æ 


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