House Legislation Would Expand Number of OZs, Extend Tax Deferral Date to 2029
Rep. Jim Hagedorn, R-Minnesota, introduced legislation to increase the number of opportunity zones (OZs) and extend the OZ tax deferral date by three years. The Expanding Opportunity Zones Act of 2021 (H.R. 4177) would boost the percentage of low-income communities that each state that can designate as OZs from 25% to 30%, which would create an estimated 950 additional OZs across the nation. The legislation would also extend the OZ tax deferral date from Dec. 31, 2026, to Dec. 31, 2029.
Novogradac Opportunity Zones Investment Report: Data Through Dec. 31, 2020, provides a look at trends for OZ investment, creating a snapshot of the OZ market place at the end of 2020 and a historic overview.