A qualified rural opportunity fund must hold 90 percent rural zone property
What the document says“The term `qualified rural opportunity fund' means a qualified opportunity fund that holds at least 90 percent of its assets in qualified opportunity zone property which--”
The section defines a qualified rural opportunity fund as a qualified opportunity fund holding at least 90 percent of its assets in qualified opportunity zone property that is business property used substantially all of the holding period in a zone made up entirely of a rural area, or stock or a partnership interest in a qualified opportunity zone business meeting the same test.
What the document actually says“The term `qualified rural opportunity fund' means a qualified opportunity fund that holds at least 90 percent of its assets in qualified opportunity zone property which--”
The fund must hold at least 90 percent of its assets in zone property. The tests that follow say which property counts.
The property must sit in a zone that is all rural. That holds for most of the time the fund holds it. Stock in such a business also counts.
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