IRS Rejects Developer-led Attempts to Expand 8,700 Opportunity Zone Boundaries

Originally published on May 17, 2021 by 

Developers who had hoped for potential expansion of Opportunity Zones won’t be getting their way.

The Internal Revenue Services announced last week that the boundaries of about 8,700 Opportunity Zones “were established at the time they were designated and are not subject to change,” Bloomberg News reported.

Developers and investors had lobbied the federal government to expand the areas where Opportunity Zone investments — and thus, tax breaks — could be claimed after Census Bureau maps were revised, the publication reported.

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