1. Short title This Act may be cited as the Hemp Opportunity Zone Act of 2020 . 2. Hemp Opportunity Zones (a) In general Chapter 1 of the Internal Revenue Code of 1986 is amended by inserting after subchapter V the following new subchapter: W Hemp Opportunity Zones 1400W–1. Designation (a) Hemp Opportunity Zone defined For purposes of this subchapter, the term hemp opportunity zone means a population census tract that is a low-income community that is designated as a hemp opportunity zone. (b) Designation (1) In general For purposes of subsection (a), a population census tract that is a low-income community is designated as a hemp opportunity zone if— (A) not later than the end of the determination period, the chief executive office of the State in which the tract is located— (i) nominates the tract for designation as a hemp opportunity zone, and (ii) notifies the Secretary in writing of such nomination, and (B) the Secretary certifies such nomination and designates such tract as a hemp opportunity zone before the end of the consideration period. (2) Factors for consideration In nominating tracts (and considering such nominations for certification) preference shall be given to areas which— (A) are facing obstacles to economic development due to a lack of resources, (B) are the focus of mutually reinforcing state, local, or private economic development initiatives, (C) are poised for economic growth that requires access to a larger hemp market for commercial purposes, and (D) represent the areas of a State where such service would result in the highest return on investment. (3) Extension of periods A chief executive officer of a State 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) Other definitions For purposes of this subsection— (1) Low-income communities The term low-income community has the same meaning as when used in section 45D(e). (2) Definition of periods (A) Consideration