To amend the Internal Revenue Code of 1986 to modify the rules for investments in qualified opportunity funds, and for other purposes.

This bill modifies tax rules for qualified opportunity funds, which are investment vehicles designed to encourage capital investment in designated economically distressed areas. It extends the time period for designating qualified opportunity zones from 10 to 20 years and allows taxpayers to make qualifying investments through December 31, 2036, instead of the previous December 31, 2026 deadline. The legislation also adds specific requirements for residential rental projects within these funds, including income limits for tenants, a cap on annual rent increases of 3 percent, and a 60-day advance notice requirement for rent hikes. These changes aim to provide more flexibility for investors while maintaining certain protections for low-income residents in the projects.