Rep. Michelle Steele, R-California, introduced legislation to extend the opportunity zones (OZ) incentive by creating subsequent rounds of OZ designation, starting Jan. 1, 2027, with further designations every 10 years. The Growth and Opportunity Act (H.R. 4608) would therefore extend the date by which investors in qualified opportunity funds (QOFs) can exclude 10% of gains after holding the investment for five years from Dec. 31, 2026. Another bill introduced in the House would extend the tax deferral date by until Dec. 31, 2029.

Federal legislation and the looming Dec. 31, 2021, investment deadline will be topics of discussion at the Novogradac 2021 Fall Opportunity Zones Conference, Oct. 21-22 in Cleveland.