The cap on designations applies to each period and the Puerto Rico rule is dropped
What the document says“by inserting "during any period" after "the number of population census tracts in a State that may be designated as qualified opportunity zones under this section", and”
The section inserts the words during any period into section 1400Z-1(d)(1) of the Internal Revenue Code of 1986 so that the cap on how many census tracts a State may designate applies to each period, makes the matching change in paragraph (2), and strikes the special rule for Puerto Rico in section 1400Z-1(b), which takes effect on December 31, 2026. The rest of the subsection takes effect on the date of enactment.
What the document actually says“by inserting "during any period" after "the number of population census tracts in a State that may be designated as qualified opportunity zones under this section", and”
Three words are added to a rule on how many zones a state may name. They are during any period.
So the cap resets each ten year cycle. A special rule for Puerto Rico is struck. That strike starts on December 31, 2026.
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