Section 1 Repeal of opportunity zones and recognition of deferred gain
In general— Effective on the day after the date of the enactment of this Act, subchapter Z of chapter 1 of the Internal Revenue Code of 1986 is repealed, and any gain to which section 1400Z–2(a)(1)(B) of such Code would have otherwise applied shall be included in income under section 1400Z–2(b) of such Code (determined by substituting the date of the enactment of this Act for “December 31, 2026” in paragraph (1)(B) thereof).
Repeal of special rule for investments held for at least 10 years— For purposes of section 1400Z–2(c) of such Code, the repeal under subsection (a) shall be effective with respect to any investment held before, on, or after the date of the enactment of this Act.