OBBBA Reporting Requirements

Qualified Opportunity Funds and Qualified Rural Opportunity Funds 

• Information reporting 
• Electronically file returns on magnetic media or machine-readable form 
• Annual return containing the following info: 
  • Name, address, and TIN of the QOF 
  • Whether QOF is organized as a corporation or partnership 
  • Value of the total assets held by the QOF as of the last day of the first six-month period of fund’s tax year, and on the last day of the fund’s tax year of the fund 
  • Value of all QOZ property held by the QOF on each such date 
  • With respect to each investment held by the QOF in QOZ stock or a QOZ partnership interest: 
    • Name, address, and TIN of the corporation in which such stock is held or the partnership in which the interest is held 
    • Each NAICS code that applies to the trades/businesses conducted by the corporation or partnership 
    • Population census tracts in which the QOZ business property of the corporation or partnership is located 
    • Amount of the investment in such stock or partnership interest as of (1) the last day of the first six-month period of the fund’s tax year and (2) the last day of the fund’s tax year 
    • Value of tangible property held by the corporation or partnership on each such date which is owned by the corporation or partnership 
    • Value of tangible property held by the corporation or partnership on each such date which is leased by the corporation or partnership 
    • Approximate number of residential units (if any) for any real property held by the corporation or partnership 
    • Approximate average monthly number of full-time equivalent employees of the corporation or partnership for the year (within numerical ranges identified by the Secretary) or such other indication of the employment impact of the corporation or partnership as determined appropriate by the Secretary
  • With respect to the items of QOZ business property held by the QOF: 
    • NAICS code that applies to the trades or businesses in which the property is held 
    • Population census tract in which the property is located 
    • Whether the property is owned or leased 
    • Aggregate value of the items of QO property held by the QOF as of (1) the last day of the first six-month period of the fund’s tax year and (2) the last day of the fund’s tax year 
    • For real property, the number of residential units (if any) 
    • Approximate average monthly number of full-time equivalent employees for the year of the trades or businesses of the QOF in which QOZ business property is held (within numerical ranges identified by the Secretary) or such other indication of the employment impact of such trades or businesses as determined appropriate by the Secretary 
  • With respect to each person who disposed of an investment in the qualified opportunity fund during the year: 
    • Person’s name and TIN 
    • Date(s) on which the investment disposed of was acquired 
    • Date(s) on which any such investment was disposed of, and the amount of the investment disposed of 
    • And such other information as the Secretary may require. 
• Must provide a written statement to each person whose name is required to be provided on the return because the person disposed of an investment in the QOF during the year. The written statement is required to show (§ 6039K): 
  • Name, address, and phone number of the information contact of the QOF required to file the return 
  • For each person who disposed of an investment in the QOF: 
    • Person’s name and TIN 
    • Date(s) on which the disposed investment was acquired 
    • Date(s) on which any such investment was disposed of, and the amount of the investment disposed of 

Qualified Opportunity Zone Businesses and Qualified Rural Opportunity Zone Businesses 

• Information reporting 
• Every applicable QOZ business must provide to the QOF a written statement in a manner and setting forth information as the Secretary may prescribe for purposes of enabling the QOF to meet its information return reporting requirements (§ 6039L(a))