House Bill Would Introduce Reporting Requirements, Create New Category of OZs

Friday, June 9, 2023 - 4:15PM

Rep. Jason Smith, R-Missouri, on Friday introduced the Small Business Jobs Act, which would introduce reporting requirements for qualified opportunity funds (QOFs) and create qualified rural opportunity zones. H.R. 3937 would create a new category of opportunity zone (OZ) census tracts located in rural areas that meet the Census Bureau’s definition of persistent poverty and qualified rural opportunity funds. The bill stipulates reporting requirements for QOFs and qualified OZ businesses, with a requirement for Treasury to produce an annual report on OZ activity.

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