Washington, D.C. – The Economic Innovation Group (EIG) applauds the Internal Revenue Service’s (IRS) announcement to clarify Opportunity Zone (OZ) boundaries will not change in light of the 2020 Census. The announcement follows EIG’s letter to the IRS and Department of the Treasury earlier this week to recommend they issue immediate guidance clarifying whether existing and new investments in designated OZ tracts will continue to qualify.
“EIG welcomes the IRS announcement, which provides much-needed regulatory clarity for investors and communities alike,” said John Lettieri, President and CEO of EIG. “As the economy begins to bounce back from the COVID-19 pandemic, the Opportunity Zones incentive can be a powerful tool to support the recovery of struggling communities nationwide—but only if the rules of the road remain clear and consistent with Congressional intent.”
Recently, EIG published an Opportunity Zones: State of the Marketplace report finding a promising trajectory for the policy and identified ways in which it can be refined. Building out reporting requirements, enacting an early sunset of high-income OZ tracts, allowing for greater flexibility for affordable housing projects, and offering additional support for states and communities to implement the policy would help ensure OZs meet its goal of spurring long-term, meaningful investment in low-income communities. To learn more, visit eig.org/opportunityzones.
EIG Media Contact: [email protected]
About the Economic Innovation Group (EIG)
The Economic Innovation Group (EIG) is a bipartisan ideas laboratory and advocacy organization whose mission is to advance solutions that empower entrepreneurs and investors to forge a more dynamic American economy. Headquartered in Washington, D.C., EIG convenes leading experts from the public and private sectors, produces original research, and works to advance creative legislative proposals that will bring new jobs, investment, and economic growth to communities across the nation. For more information, visit eig.org.