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

[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