There certainly is movement. There is legislation pending in Congress to extend the deadline, re-introduce the 10% and 15% step-up bennies among others.
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Since two of the four Opportunity Zone tax incentives have expired, is there any movement on extending the 2026 deadline to keep the zones going?
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On April 7, 2022, “The Opportunity Zones Transparency, Extension, and Improvement Act” was introduced through H.R. 7467 and S.4065. The bill is part of a bipartisan effort to reform the Opportunity Zones program to improve the transparency of investments in opportunity zones (OZs) and reinforce the purpose of the OZ program by focusing investment in economically distressed areas. If enacted, the bill would extend the OZ program by two years to facilitate continued investment, increase reporting requirements, decertify Opportunity Zones that are not impoverished, pave the way for small dollar impact investments, and create the “State and Community Dynamism Fund,” which would provide technical assistance and operating support to high poverty and underserved communities.
There is some action, but tax bills in Congress right now are not an easy process.
This past April 7, the Opportunity Zones Transparency, Extension, and Improvement Act was introduced in the US Senate. Among other things, this Act would delay the OZ deadline by two years, to December 31, 2028 (on the grounds that it took the IRS two years to come out with final OZ regulations). Stay tuned.
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