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

H.R. 3687 seeks to renew and strengthen the federal Opportunity Zone (OZ) program. The bill makes several broad changes: it broadens the set of areas that can qualify as low-income communities, creates a new round of OZ designations with a rural-focused component, extends the designations and related deadlines into the early 2030s, and expands investment incentives—especially for rural OZ investments. It also imposes new information-reporting requirements for funds and businesses involved in OZs, adds penalties for noncompliance, and requires annual public reporting by the Treasury Department with data on OZ activity and outcomes (and longer-term, outcome-based analyses for designated areas). The overall aims are to expand access to OZ benefits, increase rural participation, improve program transparency, and tie incentives more closely to measurable economic outcomes. Key features include lowers thresholds for qualifying low-income communities, a new rural-designation track with a 2027–2033 active window, enhanced basis increases for investments (larger boosts for rural funds), an option to treat a limited amount of ordinary income as eligible for OZ treatment, stronger reporting and penalties for noncompliance, and regular public data releases on program effects and rural modifications.