Senate Republican Plans Bill to Alter Opportunity Zones

Sen. Tim Scott (R-S.C.) is considering a bill that would let state and local governments amend the census tracts they chose for the opportunity zone tax breaks.

Officials would be able to change a small percentage of the tracts, Scott said Wednesday at the United States Conference of Mayors meeting in Washington. The measure would be the latest in a series of proposals to alter the tax perk.

Governors selected census tracts in which investors could get capital gains tax breaks for real estate projects and business startups. Treasury then approved the designations in June 2018.

Some cities have ...