BY BRAD BECKETT ON SEPTEMBER 25, 2019
With the 2020 Census happening sooner rather than later, Bloomberg Tax is reporting that investors across the country who’ve been asking officials to expand areas designated as Opportunity Zones might get their chance when Census Tracts are redrawn. They say that officials from the U.S. Treasury will have to decide how this action will affect these census tracts. A Treasury spokesperson said that revision gains would “further the goals of the opportunity zone legislation.” In addition, current projects may need to be grandfathered if their location gets moved outside of an Opportunity Zone tract. Indeed…
“The Census Bureau is revising census tract boundaries, potentially giving state governments the ability to cover more of their states in opportunity zones, nearly two years after they requested a limited number of census tracts for the incentive in the wake of the tax law’s passage. Such expansions would provide investors with additional options for projects that take advantage of the popular tax breaks, which allow those with profits from stocks and other investments to defer and reduce their capital gains tax liabilities.”
