Bloomberg Tax
April 7, 2022, 9:56 PM

Opportunity Zone Tax Breaks Would See Tweaks in Bipartisan Bill

Colin Wilhelm
Colin Wilhelm

A bipartisan coalition of lawmakers want to change and extend the opportunity zone program created by the 2017 tax law to enhance investment and business creation in economically underserved areas of the U.S.

The Republican-led tax law established capital gains tax incentives for investors who develop real estate or fund businesses in more than 8,700 designated areas across the U.S.

The new legislation would establish reporting requirements for funds that raise capital for opportunity zone projects and the investors who are putting money into those funds. The absence of those data requirements—which were present in an original standalone opportunity ...