IRS Information Letter Confirms OZs Can’t be Swapped Out

Friday, January 10, 2020 - 10:00am

The Internal Revenue Service released an information letter confirming that state or territory chief executive officers cannot designate additional opportunity zones (OZs). A constituent of Rep. Donald Norcross, D-N.J., asked whether a new OZ could replace an existing OZ. Information Letter 2019-25 reiterates that the only time to designate OZs was prior to June 14, 2018.