Opportunity Zones Transparency, Extension, and Improvement Act

This bill updates the Opportunity Zones program by requiring designated census tracts to meet specific poverty and income criteria, with a process to replace tracts that no longer qualify. It establishes mandatory annual reporting for Opportunity Zone funds and investors, collecting data on investments, employment, and community impact. The bill extends the tax deferral period for capital gains invested in Opportunity Zones from 2026 to 2028. Additionally, it creates a $1 billion State and Community Dynamism Fund to support investments in underserved communities, with specific requirements for how these funds can be used for affordable housing, small businesses, and community capacity building.