This bill amends the Internal Revenue Code of 1986 to renew and enhance Opportunity Zones , modifying the definition of a "low-income community." It adjusts income thresholds and disallows tracts with median family incomes significantly higher than their surrounding areas, aiming to refine investment targeting. A new round of Qualified Opportunity Zone designations is authorized, allowing states to nominate additional tracts for the period of January 1, 2027, through December 31, 2033. A key provision mandates that a substantial portion of these new designations, at least 33 percent or the percentage of the U.S. rural population, must be in rural areas , emphasizing investment in underserved rural communities. The bill introduces modified investment incentives for investments made after 2026, including a 10 percent basis increase after five years. A significant enhancement is the creation of qualified rural opportunity funds , which receive a 30 percent basis increase for investments primarily in rural qualified opportunity zone property. Additionally, it allows for a limited deferral of up to $10,000 in ordinary income and provides a special rule for improving existing structures in rural areas, allowing a 50 percent adjusted basis for such improvements. To increase transparency, the legislation mandates extensive information reporting for Qualified Opportunity Funds and new Qualified Rural Opportunity Funds, requiring annual returns detailing assets, investments, business activities, and employment impact. Non-compliance with these reporting requirements will incur significant penalties , with higher fines for large funds and intentional disregard, and all such returns must be filed electronically. The Secretary of the Treasury is directed to publish annual public reports on Qualified Opportunity Funds, including aggregate asset values, investment types, and employment data. Starting in the sixth year, these reports must analyze the impacts and outcomes of designations using economic indicators like job creation and poverty reduction. Semi-decennial reports will provide detailed comparisons of economic factors within Opportunity Zones against pre-designation periods and similar non-designated areas, with separate reporting for rural funds, while ensuring taxpayer privacy.