I 
117TH CONGRESS 
1ST SESSION H. R. 4608 
To amend the Internal Revenue Code of 1986 to provide for designation 
of qualified opportunity zones every 10 years. 
IN THE HOUSE OF REPRESENTATIVES 
JULY 21, 2021 
Mrs. STEEL (for herself, Ms. SALAZAR, Mr. OWENS, and Mr. GIMENEZ) intro-
duced the following bill; which was referred to the Committee on Ways 
and Means 
A BILL 
To amend the Internal Revenue Code of 1986 to provide 
for designation of qualified opportunity zones every 10 years. 
Be it enacted by the Senate and House of Representa-
tives of the United States of America in Congress assembled, 
SECTION 1. SHORT TITLE. 
This Act may be cited as the ‘‘Growth and Opportu-
nities Act of 2021’’. 
SEC. 2. DESIGNATION OF QUALIFIED OPPORTUNITY ZONES 
EVERY 10 YEARS. 
(a) IN GENERAL.—Section 1400Z–1 of the Internal 
Revenue Code of 1986 is amended by adding at the end 
the following new subsection: 
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‘‘(g) DESIGNATION OF ZONES EVERY 10 YEARS.— 
‘‘(1) SECOND ROUND OF DESIGNATIONS.—Con-
currently with the application of the provisions of 
this section without regard to this subsection, as of 
January 1, 2027, the provisions of this section shall 
be reapplied— 
‘‘(A) as though such provisions were en-
acted on such date, and 
‘‘(B) by substituting such date for— 
‘‘(i) ‘the date of the enactment of 
Public Law 115–97’ in subsection (b)(3), 
and 
‘‘(ii) ‘the date of the enactment of the 
Tax Cuts and Jobs Act’ in subsection 
(c)(2)(B). 
‘‘(2) 
SUBSEQUENT
ROUNDS
OF
DESIGNA-
TIONS.—Paragraph (1) shall be reapplied as of the 
first date that no designation of a qualified oppor-
tunity zone from the preceding round of designations 
remains in effect by reason of the application of sub-
section (f) to such round of designations. 
‘‘(3) REDESIGNATIONS
PERMITTED.—Nothing 
in this subsection shall be construed to prevent the 
designation of a tract as a qualified opportunity 
zone merely because such tract was previously des-
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ignated as such a zone if such tract otherwise meets 
the requirements for such designation as of the time 
of such subsequent designation.’’. 
(b) APPLICATION RULES FOR INVESTMENT IN OP-
PORTUNITY ZONES.—Section 1400Z–2 of such Code is 
amended by adding at the end the following new sub-
section: 
‘‘(g) APPLICATION
FOR GAINS
IN SUBSEQUENT 
ROUNDS OF DESIGNATIONS.— 
‘‘(1) IN GENERAL.—In the case of gain from 
the sale or exchange of property after December 31, 
2026— 
‘‘(A) the taxpayer may make an election 
under subsection (a) with respect to such sale 
or exchange, and 
‘‘(B) subsections (a)(2)(B) and (b)(1)(B) 
shall be applied by substituting ‘the applicable 
date’ for ‘December 31, 2026’. 
‘‘(2) APPLICABLE
DATE.—For purposes of 
paragraph (1), the applicable date with respect to 
any sale or exchange shall be— 
‘‘(A) December 31, 2034, or 
‘‘(B) in the case of any sale or exchange 
after the most recently past date determined 
under this paragraph, the December 31 of the 
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seventh year beginning after each instance 
paragraph (1) of section 1400Z–1(g) is re-
applied by reason of paragraph (2) thereof.’’. 
(c) EFFECTIVE DATE.—The amendment made by 
this section shall take effect on the date of the enactment 
of this Act. 
Æ 
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