What would it take to change it? Could a president pull the OZ tax incentive?
The president cannot do this unilaterally. Pulling the OZ program requires an act of Congress. If both chambers of the legislative branch fall under Democratic control and the presidency switches parties, cutting the OZ program would be on the table. If Joe Biden is the nominee, he is less likely to yank the program than Bernie Sanders.
In order for the Opportunity Zone tax law to change, Congress would have to pass a bill doing so. While there is some democrat opposition to the law, there is also bipartisan support of it. As such, it seems unlikely that the Opportunity Zone tax law would be repealed by Congress. There is legislation out there to reform the tax law, such as requiring more strict reporting requirements. Separately, the Trump administration has put a great deal of emphasis on federal funding being targeted toward Opportunity Zones. Many federal grants give preference to applications within or that support Opportunity Zones. This was an executive action and a new president could change this.
Anything is possible. This will require amendment of law by Congress.
The statute is on the books, so it would take new legislation to modify the program. I am of the view that if a Democrat is elected, that the core of the program will stay intact. There could be curbs on the size of future projects but I feel what is underway they would respect and not pull the rug out from under since investors and taxpayers are deploying capital with the tax benefits in mind.
Any project already in place cannot be changed as to tax status.
Yes, it would be likely with a Democratic full House.
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