is included in gross income to take into account the preceding sentence. . (c) Extension of deferral of gain invested in opportunity zones Section 1400Z–2(b)(1)(B) of such Code is amended to read as follows: (B) the date which is 7 years after the date on which such investment was acquired. . (d) Exemption from tax for investments held for at least 10 years without regard to whether investment consists of reinvested gain Section 1400Z–2(c) of such Code is amended by striking any investment and inserting any investment in a qualified opportunity fund (without regard to whether such investment is described in subsection (a)) . (e) Effective dates (1) In general Except as otherwise provided in this subsection, the amendments made by this section shall apply to investments in qualified opportunity funds made after the date of the enactment of this Act. (2) Small businesses affected by COVID-19 treated as qualified opportunity zone businesses The amendment made by subsection (a) shall apply to property acquired by qualified opportunity zone funds after the date of the enactment of this Act.