Relating to opportunity zones; prescribing an effective date.

Requires taxpayer to increase basis of investment by 50 percent of difference between fair market value and original basis, at sale or exchange of investment in opportunity zone property held at least 10 years, in lieu of full fair market value basis allowed in federal law. Applies to tax years beginning on or after January 1, 2020. Directs Legislative Revenue Officer, after study and consultation with interested parties, to report to Legislative Assembly on operation, benefits, impact and effectiveness of federal opportunity zone program in Oregon and to include recommended options, if appropriate, for legislation related to federal opportunity zone program in Oregon. Requires each qualified opportunity fund in state to submit annual report to Department of Consumer and Business Services following receipt of moneys from investor by fund or investment by fund in qualified opportunity zone in state. Prescribes required information for inclusion in report. Takes effect on 91st day following adjournment sine die.