I 
116TH CONGRESS 
1ST SESSION H. R. 5011 
To amend the Internal Revenue Code of 1986 to require reporting by qualified 
opportunity funds. 
IN THE HOUSE OF REPRESENTATIVES 
NOVEMBER 8, 2019 
Mr. KIND (for himself, Mr. KELLY of Pennsylvania, and Ms. SEWELL of Ala-
bama) 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 require 
reporting by qualified opportunity funds. 
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 ‘‘Opportunity Zone Ac-
countability and Transparency Act’’. 
SEC. 2. REPORTING REQUIREMENTS FOR QUALIFIED OP-
PORTUNITY FUNDS. 
(a) IN GENERAL.—Subpart A of part III of sub-
chapter A of chapter 61 of the Internal Revenue Code of 
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1986 is amended by inserting after section 6039J the fol-
lowing new section: 
‘‘SEC. 
6039K. 
RETURNS 
BY 
QUALIFIED 
OPPORTUNITY 
FUNDS. 
‘‘(a) IN GENERAL.—Every qualified opportunity fund 
shall electronically file an annual return which contains 
the information described in subsection (b). 
‘‘(b) INFORMATION REQUIRED.—The information de-
scribed in this subsection is as follows: 
‘‘(1) FUND INFORMATION.— 
‘‘(A) The name, address, and TIN of the 
qualified opportunity fund. 
‘‘(B) The entity classification of the quali-
fied opportunity fund, such as whether such 
fund is a partnership, C corporation, S corpora-
tion, or real estate investment trust. 
‘‘(C) Certification that the purpose of the 
qualified opportunity fund is investing in quali-
fied opportunity zone property. 
‘‘(D) The total assets held by the qualified 
opportunity fund determined as of each meas-
urement date in the reporting period. 
‘‘(E) The aggregate amount of each of the 
following which is held in the qualified oppor-
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tunity fund as of each measurement date in the 
reporting period: 
‘‘(i) Qualified opportunity zone stock. 
‘‘(ii) Qualified opportunity zone part-
nership interests. 
‘‘(iii) Qualified opportunity zone busi-
ness property. 
‘‘(F) As of each measurement date in the 
reporting period, the aggregate amount of in-
vestments in the qualified opportunity fund 
which 
are 
described 
in 
section 
1400Z– 
2(e)(1)(A)(i) and the ratio of such investments 
to all investments in such fund. 
‘‘(2) INFORMATION REGARDING QUALIFIED OP-
PORTUNITY
ZONE
CORPORATIONS
AND
PARTNER-
SHIPS.—With respect to each corporation or part-
nership any qualified opportunity zone stock or 
qualified opportunity zone partnership interest of 
which is held by the qualified opportunity fund: 
‘‘(A) The name, address, and TIN of each 
such corporation or partnership. 
‘‘(B) Certification that such corporation or 
partnership satisfies each of the requirements 
of subclauses (I), (II), and (III) of section 
1400Z–2(d)(2)(B)(i) or clauses (i), (ii), and 
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(iii) of section 1400Z–2(d)(2)(C) (as the case 
may be) with respect to the qualified oppor-
tunity fund. 
‘‘(C) The total investment by the qualified 
opportunity fund in such corporation or part-
nership determined as of each measurement 
date in the reporting period. 
‘‘(D) The percentage of stock in such cor-
poration, or interest in such partnership (as the 
case may be) which is held by the qualified op-
portunity fund (determined separately on the 
basis of both vote and value) as of each meas-
urement date in the reporting period. 
‘‘(3) INFORMATION REGARDING QUALIFIED OP-
PORTUNITY
ZONE
BUSINESSES.—With respect to 
each trade or business carried on by any corporation 
or partnership referred to in paragraph (2) and each 
trade or business with respect to which the qualified 
opportunity fund holds qualified opportunity zone 
business property (and determined as of each meas-
urement date in the reporting period): 
‘‘(A) The principal line of business of the 
trade or business. 
‘‘(B) With respect to any real property 
used in such trade or business— 
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‘‘(i) the address of such real property, 
‘‘(ii) whether such real property is 
owned or leased by such corporation, part-
nership, or fund, 
‘‘(iii) the square footage of any build-
ings which are part of such real property, 
‘‘(iv) the number of residential units 
which are part of such real property, and 
the number of such units which are rental 
units, and 
‘‘(v) to the extent known by such cor-
poration, partnership, or fund, the number 
of residential rental units that are part of 
such property which are occupied by indi-
viduals whose income is 50 percent or less 
of area median gross income (within the 
meaning of section 42(g)(1)(A)). 
‘‘(C) With respect to any property held by 
such corporation, partnership or fund, and used 
in such trade or business, the qualified oppor-
tunity zone in which such property is primarily 
used and the aggregate value of the investment 
in such property used in such zone, separately 
stated with respect to each of the following cat-
egories of property (and separately stated with 
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respect to each such category on the basis of 
whether such property is owned or leased): 
‘‘(i) Real property (including improve-
ments to real property). 
‘‘(ii) Improvements to real property. 
‘‘(iii) Tangible personal property. 
‘‘(iv) Intangible property (excluding 
leases of real or tangible personal prop-
erty). 
‘‘(v) Any other property. 
‘‘(D) The number of employees (stated in 
full-time equivalents) employed in such trade or 
business. 
‘‘(4) OTHER INFORMATION.—Such other infor-
mation as the Secretary may reasonably require. 
‘‘(c) DEFINITIONS AND SPECIAL RULES.—For pur-
poses of this section— 
‘‘(1) IN GENERAL.—Any term used in this sec-
tion which is also used in subchapter Z of chapter 
1 shall have the meaning given such term in such 
subchapter. 
‘‘(2) MEASUREMENT DATE.—The term ‘meas-
urement date’ means— 
‘‘(A) the date referred to in subparagraph 
(A) of section 1400Z–2(d)(1), and 
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‘‘(B) the date referred to in subparagraph 
(B) of such section. 
‘‘(3) REPORTING PERIOD.—The term ‘reporting 
period’ means the taxable year for which the report 
under this section is made. 
‘‘(d) REGULATIONS.—The Secretary shall prescribe 
such regulations as may be necessary to carry out the pur-
poses of this section, including the time and manner of 
filing the return required under subsection (a). 
‘‘(e) PUBLIC AVAILABILITY OF RETURNS.—Annual 
returns filed under this section shall be made available by 
the Secretary to the public as soon as practicable in a ma-
chine readable format. Prior to making any return avail-
able to the public under this subsection, the Secretary 
shall redact any individual’s TIN which appears in such 
return.’’. 
(b) PENALTY FOR FAILURE TO FILE COMPLETE AND 
CORRECT RETURN.—Section 6652 of such Code is amend-
ed by adding at the end the following new subsection: 
‘‘(q) FAILURE OF QUALIFIED OPPORTUNITY FUND 
TO FILE CORRECT INFORMATION RETURN.—In the case 
of a qualified opportunity fund’s failure to file a complete 
and correct return under section 6039K at the time and 
in the manner prescribed therefor, unless it is shown that 
such failure is due to reasonable cause and not to willful 
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neglect, there shall be paid (upon notice and demand by 
the Secretary and in the same manner as tax) by such 
fund $500 for each day during which such failure con-
tinues. The maximum penalty under this subsection on 
failures with respect to any 1 return shall not exceed 
$200,000.’’. 
(c) COLLECTION AND AVAILABILITY OF STATISTICAL 
INFORMATION.—The Secretary of the Treasury, or the 
Secretary’s designee shall— 
(1) collect and compile statistical information 
with respect to each qualified opportunity zone, in-
cluding the number of qualified opportunity funds 
that have made an investment in each qualified op-
portunity zone, the aggregate amount of investment 
in each zone by qualified opportunity funds, and 
such other metrics concerning job creation, poverty 
reduction, and community and economic develop-
ment that the Secretary considers appropriate, and 
(2) make such information available to the pub-
lic on an annual basis. 
(d) EFFECTIVE DATE.—The amendments made by 
this section shall apply to reports for taxable years ending 
after the date of the enactment of this Act. 
Æ 
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