tract, including the percentage of such 
persons who were not residents in the 
population census tract in the pre-
ceding year. 
(III) 
Individual, 
family, 
and 
household poverty rates. 
(IV) Median family income of 
residents of the population census 
tract. 
(V) Demographic information on 
residents of the population census 
tract, including age, income, edu-
cation, race, and employment. 
(VI) The average percentage of 
income of residents of the population 
census tract spent on rent annually. 
(VII) The number of residences 
in the population census tract. 
(VIII) The rate of home owner-
ship in the population census tract. 
(IX) The average value of resi-
dential property in the population cen-
sus tract. 
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(X) The number of affordable 
housing units in the population census 
tract. 
(XI) The number and percentage 
of residents in the population census 
tract that were not employed for the 
preceding year. 
(XII) The number of new busi-
ness starts in the population census 
tract. 
(XIII) The distribution of em-
ployees in the population census tract 
by North American Industry Classi-
fication Code. 
(4) PROTECTION OF IDENTIFIABLE RETURN IN-
FORMATION.—In making reports required under this 
subsection, the Secretary— 
(A) shall establish appropriate procedures 
to ensure that any amounts reported do not dis-
close taxpayer return information that can be 
associated with any particular taxpayer or com-
petitive or proprietary information, 
(B) if necessary to protect taxpayer return 
information, may combine information required 
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with respect to individual population census 
tracts into larger geographic areas, and 
(C) shall treat any violation of this para-
graph as a violation of section 6103. 
(5) DEFINITIONS.—Any term used in this sub-
section which is also used in subchapter Z of chapter 
1 of the Internal Revenue Code of 1986 shall have 
the meaning given such term under such subchapter. 
TITLE 
III—MODIFICATION 
OF 
RULES FOR INVESTMENTS IN 
QUALIFIED 
OPPORTUNITY 
FUNDS 
SEC. 301. EXTENSION OF DEFERRAL AND INVESTMENT PE-
RIOD. 
(a) IN GENERAL.—Subparagraph (B) of sections 
1400Z–2(a)(2) and 1400Z–2(b)(1) of the Internal Rev-
enue Code of 1986 is amended by striking ‘‘December 31, 
2026’’ and inserting ‘‘December 31, 2028’’. 
(b) EFFECTIVE DATE.—The amendment made by 
this section shall apply to amounts invested after Decem-
ber 22, 2017. 
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SEC. 302. MODIFICATION OF DEFINITION OF QUALIFIED 
OPPORTUNITY FUND. 
(a) IN GENERAL.—Section 1400Z–2(d)(1) of the In-
ternal Revenue Code of 1986 is amended to read as fol-
lows: 
‘‘(1) IN GENERAL.—The term ‘qualified oppor-
tunity fund’ means— 
‘‘(A) any qualified feeder fund, or 
‘‘(B) any other investment vehicle if— 
‘‘(i) such investment vehicle is orga-
nized as a corporation or a partnership for 
the purpose of investing in qualified oppor-
tunity zone property (other than another 
qualified opportunity fund), and 
‘‘(ii) such investment vehicle holds at 
least 90 percent of its assets in qualified 
opportunity zone property, determined by 
the average of the percentage of qualified 
opportunity zone property held in the fund 
as measured— 
‘‘(I) on the last day of the first 
6-month period of the taxable year of 
the fund, and 
‘‘(II) on the last day of the tax-
able year of the fund.’’. 
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(b) QUALIFIED FEEDER FUND.—Section 1400Z– 
2(d) of such Code is amended by adding at the end the 
following new paragraph: 
‘‘(4) QUALIFIED
FEEDER
FUND.—The term 
‘qualified feeder fund’ means any investment vehicle 
that invests in a qualified opportunity fund if— 
‘‘(A) such investment vehicle is organized 
as a domestic partnership for the purpose of in-
vesting in one more corporations or partner-
ships described in paragraph (1)(B), 
‘‘(B) all investments made in the invest-
ment vehicle are made in cash, and 
‘‘(C) not less than 95 percent of the assets 
of which are equity investments in corporations 
or partnerships described in paragraph (1)(B) 
as measured— 
‘‘(i) on the last day of the first 6- 
month period of the taxable year of the 
feeder fund, and 
‘‘(ii) on the last day of the tax- able 
year of the feeder fund.’’. 
(c) EFFECTIVE DATE.—The amendments made by 
this section shall take effect on the date of the enactment 
of this Act. 
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