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

H.R. 3687 would amend the Internal Revenue Code to renew and enhance the Opportunity Zones program, which provides tax incentives for private investors who invest capital gains into designated low-income census tracts across the United States. Opportunity Zones were originally created in 2017 to spur economic growth and job creation in distressed communities by allowing investors to defer capital gains taxes and receive tax reductions based on holding periods. This bill would modify and extend the program, which was originally set to expire. The bill is currently in committee and has not yet been voted on by the full House. If enacted, it would affect how investors can use tax incentives to fund projects in economically disadvantaged areas, potentially influencing investment patterns in low-income communities and rural regions.