Section applicable to taxable years beginning after
Pub. L. 119–21, title VII, § 70421(e), “(1) In addition to amounts otherwise available, there is appropriated, out of any money in the Treasury not otherwise appropriated, $15,000,000, to remain available until “(2) As soon as practical after the date of the enactment of this Act [“(3) The report required under paragraph (2) shall include, to the extent available, the following information:“(A) The number of qualified opportunity funds.“(B) The aggregate dollar amount of assets held in qualified opportunity funds.“(C) The aggregate dollar amount of investments made by qualified opportunity funds in qualified opportunity fund property, stated separately for each North American Industry Classification System (NAICS) code.“(D) The percentage of population census tracts designated as qualified opportunity zones that have received qualified opportunity fund investments.“(E) For each population census tract designated as a qualified opportunity zone, the approximate average monthly number of full-time equivalent employees of the qualified opportunity zone businesses in such qualified opportunity zone for the preceding 12-month period (within numerical ranges identified by the Secretary) or such other indication of the employment impact of such qualified opportunity fund businesses as determined appropriate by the Secretary.“(F) The percentage of the total amount of investments made by qualified opportunity funds in—“(i) qualified opportunity zone property which is real property; and“(ii) other qualified opportunity zone property.“(G) For each population census tract, the aggregate approximate number of residential units resulting from investments made by qualified opportunity funds in real property.“(H) The aggregate dollar amount of investments made by qualified opportunity funds in each population census tract.“(4) “(A) Beginning with the report submitted under paragraph (2) for the 6th year after the date of the enactment of this Act, the Secretary shall include in such report the impacts and outcomes of a designation of a population census tract as a qualified opportunity zone as measured by economic indicators, such as job creation, poverty reduction, new business starts, and other metrics as determined by the Secretary.“(B) “(i) In the case of any report submitted under paragraph (2) in the 6th year or the 11th year after the date of the enactment of this Act, the Secretary shall include the following information:“(I) For population census tracts designated as a qualified opportunity zone, a comparison (based on aggregate information) of the factors listed in clause (iii) between the 5-year period ending on the date of the enactment of Public Law 115–97 [“(II) For population census tracts designated as a qualified opportunity zone, a comparison (based on aggregate information) of the factors listed in clause (iii) for the most recent 5-year period for which data is available between such population census tracts and similar population census tracts that were not designated as a qualified opportunity zone.“(ii) For purposes of clause (i), the Secretary may combine population census tracts into such groups as the Secretary determines appropriate for purposes of making comparisons.“(iii) The factors listed in this clause are the following:“(I) The unemployment rate.“(II) The number of persons working in the population census tract, including the percentage of such persons who were not residents in the population census tract in the preceding 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, education, 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 ownership in the population census tract.“(IX) The average value of residential property in the population census tract.“(X) The number of affordable housing units in the population census tract.“(XI) The number of new business starts in the population census tract.“(XII) The distribution of employees in the population census tract by North American Industry Classification System (NAICS) code.“(5) In making reports required under this subsection, the Secretary—“(A) shall establish appropriate procedures to ensure that any amounts reported do not disclose taxpayer return information that can be associated with any particular taxpayer or competitive or proprietary information, and“(B) if necessary to protect taxpayer return information, may combine information required with respect to individual population census tracts into larger geographic areas.“(6) Any term used in this subsection which is also used in subchapter Z of chapter 1 of the Internal Revenue Code of 1986 [26 U.S.C. 1400Z–1 et seq.] shall have the meaning given such term under such subchapter.“(7) The Secretary shall make publicly available, with respect to qualified rural opportunity funds, separate reports as required under this subsection, applied—“(A) by substituting ‘qualified rural opportunity’ for ‘qualified opportunity’ each place it appears,“(B) by substituting a reference to this Act [Pub. L. 119–21, see Tables for classification] for ‘Public Law 115–97’, and“(C) by treating any reference (after the application of subparagraph (A)) to qualified rural opportunity zone stock, qualified rural opportunity zone partnership interest, qualified rural opportunity zone business, or qualified opportunity zone business property as stock, interest, business, or property, respectively, described in subclause (I) or (II), as the case may be, of section 1400Z–2(b)(2)(C)(i) of the Internal Revenue Code of 1986.”