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139 STAT. 227 PUBLIC LAW 119–21—JULY 4, 2025 any corporation or partnership which is a qualified oppor- tunity zone business, the earliest date described in subpara- graph (D)(i)(I) with respect to the qualified opportunity zone business property held by such qualified opportunity zone business.’’. (C) SPECIAL RULE FOR IMPROVEMENT OF EXISTING STRUCTURES IN RURAL AREAS.—Section 1400Z–2(d)(2)(D)(ii) is amended by inserting ‘‘(50 percent of such adjusted basis in the case of property in a qualified opportunity zone comprised entirely of a rural area (as defined in subsection (b)(2)(C)(ii))’’ after ‘‘the adjusted basis of such property’’. (5) EFFECTIVE DATES.— (A) IN GENERAL.—Except as otherwise provided in this paragraph, the amendments made by this subsection shall apply to amounts invested in qualified opportunity funds after December 31, 2026. (B) ACQUISITION OF QUALIFIED OPPORTUNITY ZONE PROPERTY.—The amendments made by subparagraphs (A) and (B) of paragraph (4) shall apply to property acquired after December 31, 2026. (C) SUBSTANTIAL IMPROVEMENT.—The amendment made by paragraph (4)(C) shall take effect on the date of the enactment of this Act. (d) INFORMATION REPORTING ON QUALIFIED OPPORTUNITY FUNDS AND QUALIFIED RURAL OPPORTUNITY FUNDS.— (1) FILING REQUIREMENTS FOR FUNDS AND INVESTORS.— Subpart A of part III of subchapter A of chapter 61 is amended by inserting after section 6039J the following new sections: ‘‘SEC. 6039K. RETURNS WITH RESPECT TO QUALIFIED OPPORTUNITY FUNDS AND QUALIFIED RURAL OPPORTUNITY FUNDS. ‘‘(a) IN GENERAL.—Every qualified opportunity fund shall file an annual return (at such time and in such manner as the Secretary may prescribe) containing the information described in subsection (b). ‘‘(b) INFORMATION FROM QUALIFIED OPPORTUNITY FUNDS.—The information described in this subsection is— ‘‘(1) the name, address, and taxpayer identification number of the qualified opportunity fund, ‘‘(2) whether the qualified opportunity fund is organized as a corporation or a partnership, ‘‘(3) the value of the total assets held by the qualified opportunity fund as of each date described in section 1400Z– 2(d)(1), ‘‘(4) the value of all qualified opportunity zone property held by the qualified opportunity fund on each such date, ‘‘(5) with respect to each investment held by the qualified opportunity fund in qualified opportunity zone stock or a quali- fied opportunity zone partnership interest— ‘‘(A) the name, address, and taxpayer identification number of the corporation in which such stock is held or the partnership in which such interest is held, as the case may be, ‘‘(B) each North American Industry Classification System (NAICS) code that applies to the trades or businesses conducted by such corporation or partnership, 26 USC 6039K. 26 USC 1400Z–2 note.