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Opportunity Zone Compliance Still Needs Congress’ Support: IRS

Nov. 8, 2021, 8:36 PM

The IRS needs Congress to tweak a law so it can improve oversight of a program designed to bring large-dollar investments into low-income communities, the agency said.

In response to a Government Accountability Office report, the agency said it needs congressional authority to collect more data on the controversial Opportunity Zone program to increase compliance with its rules.

In the report released Monday, the government watchdog reiterated the IRS needs to assess the risks that data limitations mean for compliance and the risks posed by wealthy individuals and partnerships that have made large investments in opportunity ...