Biden’s IRS Blocks Developer Push to Expand a Trump Tax Break

May 14, 2021, 6:55 PM

President Joe Biden’s administration is shutting down attempts by developers to use new Census Bureau maps to claim generous tax breaks enacted by Donald Trump.

The Internal Revenue Service announced Friday that boundaries for the nation’s roughly 8,700 opportunity zones -- mainly poor areas in need of economic development -- “were established at the time they were designated and are not subject to change.”

Bloomberg News reported in February that hundreds of Census tracts underpinning the zones were altered as a part of the nation’s once-a-decade count of the population. Some of those changes came after overtures from businesses and ...

To read the full article log in. To learn more about a subscription click here.