The IRS has announced (IRS Announcement 2021-10) that the designated boundaries for Opportunity Zones will remain unchanged despite potential changes to the underlying census tracts.
Qualified Opportunity Zone tax incentives were created by the Tax Cuts and Jobs Act to offer benefits for investing in specific geographic areas. States selected census tracts to be designated as Opportunity Zones under guidelines set by the TCJA. Many of underlying census tracts are now changing with the 2020 census results, but the IRS rejected calls to expand the zones with potential expansions in the tracts. The IRS maintains that the statutory language does not permit changes in the boundaries after 2018.
David E. Sites
David leads the firm's International Tax practice, which focuses on global tax planning, cross border merger and acquisition structuring, and working with global organizations in a variety of other international tax areas.
Washington DC, Washington DC
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