To amend the Internal Revenue Code of 1986 to renew and enhance opportunity zones, and for other purposes.

Enhanced Incentives for Rural Development: The bill increases the basis adjustment for investments held for at least 5 years to 30 percent specifically for qualified rural opportunity funds, which is higher than the standard 10 percent increase (Section 1(c)(1)(vi)).

Support for Rural Areas: A portion of new opportunity zone designations must be comprised entirely of a rural area, ensuring that rural communities have access to these designated zones (Section 1(b)(2)(A)).

Incentives for Improving Existing Structures: The bill provides a rule for the adjusted basis of property in a qualified opportunity zone comprised entirely of a rural area, specifically including data centers (Section 1(c)(3)).

Increased Investment Opportunities: The bill allows for a new round of designations that can remain in effect from January 1, 2027, through December 31, 2033 (Section 1(b)(2)(4)).

Expanded Definition of Low-Income Communities: The bill modifies the definition of low-income communities by substituting '70 percent' for '80 percent' in certain applications (Section 1(a)(1)(2)).

Penalties for Reporting Failures: Qualified opportunity funds that fail to file complete and correct returns face a penalty of $500 for each day the failure continues, with maximum penalties reaching up to $50,000, or $250,000 in cases of intentional disregard (Section 1(d)(2)(A)).

Restrictions on Certain Census Tracts: Certain population census tracts are disallowed from being considered low-income communities if the median family income reaches specific thresholds relative to statewide or metropolitan area medians (Section 1(a)(1)(C)).