1. Short title This Act may be cited as the Opportunity Zones Transparency, Extension, and Improvement Act . 2. Findings Congress makes the following findings: (1) The 8,764 population 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 residents in qualified opportunity zones is 26.4 percent. (3) Forty-four percent of qualified opportunity zones are persistently poor, meaning they are census tracts in which the poverty rate has exceeded 20 percent since at least 1990. (4) According to the latest available data from the Department of the Treasury through 2020, opportunity zone investment reached at least 3,800 communities, or 48 percent of all designated census tracts. (5) The communities that received opportunity zone investment are economically distressed places. On average, they rank in the 87th percentile for poverty, 81st for median household income, and 80th for unemployment. (6) The total amount of opportunity zone equity invested was at least $48 billion through the end of 2020, raised from an estimated 21,000 individuals and 4,000 corporate investors deployed into 7,800 Qualified Opportunity Funds. (7) The Investing in Opportunity Act, which first 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. I Modification of population census tracts designated as qualified opportunity zones 101. Modification of population census tracts designated as qualified opportunity zones Section 1400Z–1 of the Internal Revenue Code of 1986 is amended by adding at the end the following new subsection: (g) Disqualification of certain population census