This bill, titled the "Economic Opportunity for Distressed Communities Act," proposes amendments to the Internal Revenue Code of 1986 to create tax incentives for investments in economically distressed areas. It establishes special rules allowing taxpayers to defer or exclude capital gains if they reinvest those gains into a qualified distressed opportunity fund within 180 days of the original sale or exchange. The primary goal is to stimulate economic development and environmental remediation in specific challenging locations. A qualified distressed opportunity fund is an investment vehicle, organized as a corporation or partnership, that holds at least 90 percent of its assets in qualified distressed opportunity zone property . This property includes stock, partnership interests, or tangible business property in a qualified distressed opportunity zone business . Crucially, a qualified distressed opportunity zone is defined as either a brownfield site or a Superfund site (a facility on the National Priorities List). Taxpayers can defer the recognition of reinvested capital gains until the investment is sold or exchanged, or until December 31, 2033, whichever comes first. Additional tax benefits are provided for long-term holdings: An investment held for at least 5 years receives a 10 percent increase in basis. An investment held for at least 7 years receives an additional 5 percent increase in basis (totaling 15 percent). For investments held for at least 10 years, the basis becomes equal to the fair market value on the date of sale or exchange, effectively eliminating capital gains tax on appreciation. The bill also includes provisions for penalties if a fund fails to maintain its investment standard, along with a reasonable cause exception, and directs the Secretary of the Treasury to issue regulations to prevent abuse and ensure proper implementation.