To amend the Internal Revenue Code of 1986 to modify the rules for investments in qualified opportunity funds, and for other purposes.

Sheila Cherfilus-McCormick

Democrat · FL · Representative

Source: Congress.gov · FEC

No cosponsors on record. Bills can pass without cosponsors — this often means the sponsor introduced the bill alone, either because it's a messaging bill, a chairman's mark, or simply early in the legislative cycle.

Referred to the House Committee on Ways and Means.

2026-03-05

Source: Congress.gov

This bill would change the tax rules for opportunity funds, which are investment programs designed to encourage people to put money into economically struggling communities in exchange for tax breaks. The changes would likely adjust how long investors need to hold their money in these funds or modify the tax benefits they receive, affecting both individual investors and the communities hoping to attract this investment capital.

AI-assisted summary generated from the official bill metadata (title, subjects, actions) sourced from Congress.gov. Cached and reviewed. Always verify against the official text linked below.

[Congressional Bills 119th Congress] [From the U.S. Government Publishing Office] [H.R. 7820 Introduced in House (IH)] <DOC> 119th CONGRESS 2d Session H. R. 7820 To amend the Internal Revenue Code of 1986 to modify the rules for investments in qualified opportunity funds, and for other purposes. _______________________________________________________________________ IN THE HOUSE OF REPRESENTATIVES March 5, 2026 Mrs. Cherfilus-McCormick 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 modify the rules for investments in qualified opportunity funds, and for other purposes. Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, SECTION 1. MODIFICATION OF RULES FOR INVESTMENTS IN QUALIFIED OPPORTUNITY FUNDS. (a) Extension of Designation Period of Qualified Opportunity Zones.--Section 1400Z-1(f) of the Internal Revenue Code of 1986 is amended by striking ``10th calendar year'' and inserting ``20th calendar year''. (b) Extension of Election Period.--Section 1400Z-2(a)(2)(B) is amended by striking ``December 31, 2026'' and inserting ``December 31, 2036''. (c) Year of Inclusion.--Subparagraph (B) of section 1400Z-2(b)(1) of such Code is amended to read as follows: ``(B)(i) December 31, 2026, in the case of an amount invested before the date of the enactment of this clause, and ``(ii) December 31, 2036, in the case of an amount invested after the date of the enactment of this clause and before January 1, 2037.''. (d) Rules Applicable to Investments Involving Residential Rental Projects.-- (1) Increases in basis.--Section 1400Z-2(b)(2)(B) of such Code is amended-- (A) in clause (ii), by adding at the end the following new sentence: ``Notwithstanding the preceding sentence, if the taxpayer invests in a qualified opportunity fund that holds any asset in qualified opportunity zone property that is a residential rental project, the basis in the taxpayer's investment shall be increased in accordance with the preceding sentence if, and only if, at least 50 percent of the occupied residential units in the project are occupied, as of the date gain is recognized by reason of subsection (a)(1)(B), by individuals whose income, adjusted for family size, is 100 percent or less of the area median income.'', (B) in clause (iii), by adding at the end the following new sentence: ``In the case such investment so held is an investment in a qualified opportunity fund that holds any asset in qualified opportunity zone property that is a residential rental project, the preceding sentence shall be applied by substituting `15 percent' for `10 percent'.'', and (C) in clause (iv), by adding at the end the following new sentence: ``In the case such investment so held is an investment in a qualified opportunity fund that holds any asset in qualified opportunity zone property that is a residential rental project, the preceding sentence shall be applied by substituting `7 percent' for `5 percent'.''. (2) Treatment of residential rental projects as qualified opportunity zone property.--Section 1400Z-2(d) of such Code is amended by adding at the end the following new paragraph: ``(4) Treatment of residential rental projects as qualified opportunity zone property.--A residential rental project shall be treated as qualified opportunity zone property if, and only if, the project meets the following requirements: ``(A) The project meets the definition of qualified opportunity zone business property in paragraph (2)(D). ``(B) At least 30 percent of the occupied residential units in the project are occupied by individuals whose income, adjusted for family size, is 100 percent or less of the area median income during substantially all of the qualified opportunity fund's holding period for such property. ``(C) Rent increases do not exceed 3 percent annually…

for any of the residential units in the project. ``(D) At least 60-day advance notice is provided with respect to any rent increase for a residential unit in the project.''. (e) Effective Dates.-- (1) In general.--Except as provided in paragraph (2), the amendments made by this section shall take effect on the date of the enactment of this Act. (2) Extension of designation period of qualified opportunity zones.--The amendment made by subsection (a) shall apply to designations in effect on the date of the enactment of this Act. <all>

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