A communication from the IRS is rarely a comforting thing. And investors who hoped during the Trump administration that the Opportunity Zone program might expand because of the pandemic just got a disappointing form letter.
Those hoping that new Census counts would lead to expanded Opportunity Zones and their impact on capital gains planning have learned that the original boundaries won't move.
In an announcement, the IRS wrote, "In response to questions from the public on the effect, if any, of the 2020 decennial census, recently released by the U.S. Census Bureau, on boundaries of qualified opportunity zones (each, a QOZ) listed in Notice 2018-48, 2018-28 I.R.B. 9, or Notice 2019-42, 2019-29 I.R.B. 352 (each, a Designated QOZ), this announcement confirms that the boundaries of the Designated QOZs were established at the time they were designated and are not subject to change."
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