Additionally, Wyden's bill would require public information reporting by all Qualified Opportunity Funds and annual reporting by investors in Opportunity Funds; clarify rules governing Opportunity Zone investments in an effort to ensure investments are actually helping the community; and require program review by the Government Accountability Office (GAO).

Jimmy Flores, co-founder and CEO of Qualytics, which provides Opportunity Zone strategies, calls Wyden's bill "political," though he says some of the original Opportunity Zone tracts may have grown more expensive with gentrification.

"Some of those zones are in higher income areas and I guess that you could make an argument for redesignating those," Flores says.

The bill in the House, the Opportunity Zone Accountability and Transparency Act, was introduced last week by Reps. Ron Kind (D-WI), Mike Kelly (R-PA), and Terri Sewell (D-AL). The legislation, which is not a companion to the Wyden bill, would focus on reporting and disclosure requirements for Qualified Opportunity Funds (QOFs).

"We expected this type of bill," Flores says. "This is just purely for administrative purposes. It gets funds to report more information on their projects and what their fund is encompassing. It just gives that information to the government."

Flores says the information from these reports would show how many investors were in a fund or if the fund was actually allocating money to the projects that it was supposed to. "It is also probably the government's way of trying to measure what your projects are, where they are, what funds are moving into them and how much money you are spending per project," he says.

Flores doesn't see the Senate bill passing, but could see a bill that increases transparency, as the House bill does, becoming law. Either way, this legislation highlights that those involved in Opportunity Zones need to be focused on Capitol Hill.

"For investors, you're going to want to do your due diligence and make sure that you're a little bit more involved than just writing a check," he says.