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IRS Plans Opportunity Zone Guidance on 'Census Tract Changes'

Nov. 17, 2020, 11:11 PM

The latest version of the IRS’s list of top guidance objectives includes an item involving both the contentious opportunity zone tax breaks and “census tract changes.”

The agency and Treasury Department need to address the extent to which adjustments of census tract boundaries will affect the location-based tax incentives. Last year, a Treasury spokesperson said allowing zones to grow where tracts have expanded would “further the goals of the opportunity zone legislation.”

  • Under the Census Bureau’s Participant Statistical Areas Program, tracts with populations below 1,200 people and above 8,000 generally see their boundaries expanded, or they can be broken ...