1. Short title This Act may be cited as the Investing in Opportunity Act . 2. Opportunity zones (a) In general Chapter 1 of the Internal Revenue Code of 1986 is amended by adding at the end the following: Z Opportunity Zones Sec. 1400Z–1. Designation. Sec. 1400Z–2. Deferral for capital gains invested in opportunity zones. 1400Z–1. Designation (a) Qualified opportunity zone defined For the purposes of this subchapter, the term qualified opportunity zone means a population census tract that is a low-income community that is designated as a qualified opportunity zone. (b) Designation (1) Governor (A) In general For purposes of subsection (a), a population census tract that is a low-income community is designated as a qualified opportunity zone if— (i) not later than the end of the determination period, the governor of the State in which the tract is located— (I) nominates the tract for designation as a qualified opportunity zone, and (II) notifies the Secretary in writing of such nomination, and (ii) the Secretary certifies such nomination and designates such tract as a qualified opportunity zone before the end of the consideration period. (B) Extension of periods A governor may request that the Secretary extend either the determination or consideration period, or both (determined without regard to this subparagraph), for an additional 30 days. (C) Deemed designation if Secretary fails to act Unless the tracts are ineligible for designation, if the Secretary declines in writing to make such certification and designation or fails to act before the end of the consideration period, such nomination shall be deemed to be certified and designated, effective on the day after the last day of the consideration period. (2) Secretary If a governor fails to make the nominations and notifications by the end of the periods referred to in paragraphs (1)(A) and (1)(B), the Secretary shall designate and certify population census tracts that are low-income communities as qualified opportunity zones, as permitted by subsection (e).