1. Short title This Act may be cited as the Improving and Reinstating the Monitoring, Prevention, Accountability, Certification, and Transparency Provisions of Opportunity Zones or the IMPACT Act . 2. Findings Congress makes the following findings: (1) The 8,764 census tracts designated as qualified opportunity zones under section 1400Z–1 of the Internal Revenue Code of 1986 span across all 50 States, the District of Columbia, and 5 Territories and overwhelmingly represent communities that have been economically left behind as the American economy has surged forward. (2) The average poverty rate of qualified opportunity zone residents is 28.9 percent. (3) Seventy-one percent of qualified opportunity zones meet the Treasury Department's definition of “severely distressed”. (4) More adults in qualified opportunity zones lack a high school diploma than have a four-year college degree. (5) The Investing in Opportunity Act, which originally proposed opportunity zones, originally incorporated reporting requirements to evaluate the impact the incentive will have on designated communities and it is critical that Congress act to reinstate reporting requirements as soon as possible. 3. Information reporting on qualified opportunity funds (a) In general (1) Filing requirements for funds and investors Subpart A of part III of subchapter A of chapter 61 of the Internal Revenue Code of 1986 is amended by inserting after section 6039J the following new sections: 6039K. Returns with respect to qualified 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 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 fund as of