I 
117TH CONGRESS 
2D SESSION 
H. R. 9338 
To amend the Internal Revenue Code of 1986 to require fairness and diversity 
in opportunity zone investment and to require minimum investment in 
controlled-environment agriculture. 
IN THE HOUSE OF REPRESENTATIVES 
NOVEMBER 17, 2022 
Mr. JOHNSON of Georgia (for himself, Mr. RUSH, and Ms. JACKSON LEE) in-
troduced the following bill; which was referred to the Committee on Ways 
and Means 
A BILL 
To amend the Internal Revenue Code of 1986 to require 
fairness and diversity in opportunity zone investment 
and to require minimum investment in controlled-envi-
ronment agriculture. 
Be it enacted by the Senate and House of Representa-
tives of the United States of America in Congress assembled, 
SECTION 1. OPPORTUNITY ZONE FAIRNESS AND INCLU-
SION. 
(a) IN GENERAL.—Section 1400Z–2(d) of the Inter-
nal Revenue Code of 1986 is amended by adding at the 
end the following new paragraph: 
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‘‘(4) OPPORTUNITY FUND FAIRNESS AND IN-
CLUSION.— 
‘‘(A) IN GENERAL.—A fund shall not be 
treated as a qualified opportunity fund for pur-
poses of this section unless such fund— 
‘‘(i) meets the investment advisory 
board requirements of subparagraph (B), 
‘‘(ii) meets the investment diversity 
requirements of subparagraph (C), 
‘‘(iii) meets the affordable housing in-
vestment requirements of subparagraph 
(D), and 
‘‘(iv) with respect to each investment 
in an opportunity zone, assesses, and pre-
pares a written report detailing, how such 
investment will affect different racial and 
ethnic groups within the zone and submits 
such report to the Committee on Ways and 
Means of the House of Representatives, 
the Committee on Finance of the Senate, 
and the Joint Committee on Taxation. 
‘‘(B) INVESTMENT
ADVISORY
BOARD.— 
The requirements of this subparagraph shall 
not be treated as met with respect to any fund 
unless such fund has, for each qualified oppor-
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erty which consists of a residential property 
project, at least 20 percent of the units in the 
project are occupied by individuals whose in-
come is— 
‘‘(i) not more than 30 percent of area 
median gross income, or 
‘‘(ii) not more than 200 percent of the 
poverty line (as defined in section 673 of 
the Community Services Block Grant Act 
(42 U.S.C. 9902)) for a family of the size 
involved. 
‘‘(E) INVESTMENT
MEASUREMENT.—For 
purposes of this paragraph, percentages of 
qualified opportunity zone property held by a 
qualified opportunity fund shall be determined 
under rules similar to the rules of paragraph 
(1). 
‘‘(F) FAILURE TO MEET REQUIREMENT.— 
In the case of a qualified opportunity fund 
which fails to meet any of the requirements of 
this paragraph, subsection (b) shall be applied 
by substituting the date of such failure for ‘De-
cember 31, 2026’ in paragraph (1)(B) there-
of.’’. 
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(b) EFFECTIVE DATE.—The amendment made by 
this section shall take effect on the date of the enactment 
of this Act. 
SEC. 2. CONTROLLED-ENVIRONMENT AGRICULTURE IN-
VESTMENT REQUIREMENT FOR QUALIFIED 
OPPORTUNITY FUNDS. 
(a) IN GENERAL.—Section 1400Z–2(d) of the Inter-
nal Revenue Code of 1986, as amended by the preceding 
provisions of this Act, is amended by adding at the end 
the following new paragraph: 
‘‘(5) 
CONTROLLED-ENVIRONMENT
AGRI-
CULTURE INVESTMENT REQUIREMENT.— 
‘‘(A) IN GENERAL.—A fund shall not be 
treated as a qualified opportunity fund for pur-
poses of this section unless at least 5 percent 
of the fund’s qualified opportunity zone prop-
erty is controlled-environment agriculture prop-
erty. 
‘‘(B) CONTROLLED-ENVIRONMENT
AGRI-
CULTURE
PROPERTY.—For purposes of this 
paragraph, the term ‘controlled-environment ag-
riculture property’ means property used in, or 
stock or a partnership interest in an entity en-
gaged in, the trade or business of a machine 
learning, computer vision, high technology- 
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based approach toward food production that op-
erates with digitized food safety, digitized re-
callability, a visual and data record of crops, 
and significant environmental control systems 
to ensure quality, uniformity, safety, increased 
efficiency of resources, and reduced use of pes-
ticides, herbicides, and fungicides.’’. 
(b) EFFECTIVE DATE.—The amendment made by 
this section shall take effect on January 1, 2023. 
Æ 
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