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139 STAT. 223 PUBLIC LAW 119–21—JULY 4, 2025 to prevent avoidance of such tax through the restructuring of endow- ment funds or other arrangements designed to reduce or eliminate the value of net investment income or assets subject to the tax imposed by this section.’’. (b) REQUIREMENT TO REPORT CERTAIN INFORMATION WITH RESPECT TO APPLICATION OF EXCISE TAX BASED ON INVESTMENT INCOME OF PRIVATE COLLEGES AND UNIVERSITIES.—Section 6033 is amended by redesignating subsection (o) as subsection (p) and by inserting after subsection (n) the following new subsection: ‘‘(o) REQUIREMENT TO REPORT CERTAIN INFORMATION WITH RESPECT TO EXCISE TAX BASED ON INVESTMENT INCOME OF PRIVATE COLLEGES AND UNIVERSITIES.—Each applicable educational institu- tion described in section 4968(c) which is subject to the require- ments of subsection (a) shall include on the return required under subsection (a)— ‘‘(1) the number of tuition-paying students taken into account under section 4968(c), and ‘‘(2) the number of students of such institution (determined under the rules of section 4968(e)).’’. (c) EFFECTIVE DATE.—The amendments made by this section shall apply to taxable years beginning after December 31, 2025. SEC. 70416. EXPANDING APPLICATION OF TAX ON EXCESS COMPENSA- TION WITHIN TAX-EXEMPT ORGANIZATIONS. (a) IN GENERAL.—Section 4960(c)(2) is amended to read as follows: ‘‘(2) COVERED EMPLOYEE.—For purposes of this section, the term ‘covered employee’ means any employee of an applicable tax-exempt organization (or any predecessor of such an organization) and any former employee of such an organization (or predecessor) who was such an employee during any taxable year beginning after December 31, 2016.’’. (b) EFFECTIVE DATE.—The amendment made by subsection (a) shall apply to taxable years beginning after December 31, 2025. Subchapter C—Permanent Investments in Community Development SEC. 70421. PERMANENT RENEWAL AND ENHANCEMENT OF OPPOR- TUNITY ZONES. (a) DECENNIAL DESIGNATIONS.— (1) DETERMINATION PERIOD.—Section 1400Z-1(c)(2)(B) is amended by striking ‘‘beginning on the date of the enactment of the Tax Cuts and Jobs Act’’ and inserting ‘‘beginning on the decennial determination date’’. (2) DECENNIAL DETERMINATION DATE.—Section 1400Z- 1(c)(2) is amended by adding at the end the following new subparagraph: ‘‘(C) DECENNIAL DETERMINATION DATE.—The term ‘decennial determination date’ means— ‘‘(i) July 1, 2026, and ‘‘(ii) each July 1 of the year that is 10 years after the preceding decennial determination date under this subparagraph.’’. (3) REPEAL OF SPECIAL RULE FOR PUERTO RICO.—Section 1400Z-1(b) is amended by striking paragraph (3). Definition. 26 USC 4960 note. Definition. 26 USC 4968 note.