Tract boundary revisions for the 2020 Census could mean new opportunity zone designations as well.
"Investors across the country have been asking state officials to expand the areas designated for the 2017 tax law’s opportunity zone tax breaks—and changes related to the 2020 Census may give those investors a new chance to get what they ask for," writes Lydia O’Neal.
The Census Bureau will be revising census tract boundaries for the census next year based on population changes, including the expansion of low-income tracts eligible for opportunity zone designations. "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," says O’Neal.
O’Neal notes that a number of questions remain about how much additional land would be available, because opportunity zones tend to cluster, and what would happen if a tract has grown and is no longer considered low income. Still, officials from a number of states have said that individuals and business in their states are clamoring for expansions that would allow them to access the opportunity zone benefits.
FULL STORY: 2020 Census Could Expand Opportunity Zones Chosen for Tax Breaks
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