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Opportunity Zone Bill Offers Limited Chances to Redraw Maps (1)

April 11, 2022, 8:45 AMUpdated: April 11, 2022, 9:30 PM

States would have a limited opportunity to make new areas eligible for opportunity zone tax breaks under a new bipartisan proposal.

More than 8,700 census tracts across the U.S. are eligible for capital gains tax perks created in the Republican-led 2017 tax law with the intention of driving investment into overlooked communities. The original designation process was marred by criticism that some decisions were influenced by politically-connected individuals and that some areas were picked that wouldn’t need to offer generous tax breaks to garner investor interest.

Bipartisan legislation recently introduced in both chambers of Congress would make numerous tweaks to ...