Section 1 Short title
This Act may be cited as the “Expanding Opportunity Zones Act of 2021”.
Expanding Opportunity Zones Act of 2021
A BILL
To amend the Internal Revenue Code of 1986 to increase the number of designated qualified opportunity zones, to extend the periods of election and deferral with regard to such zones, and for other purposes.
Sec. 2 Opportunity zones
Increase to number of qualified designated opportunity zones—
In general— Section 1400Z–1(d)(1) of the Internal Revenue Code of 1986 is amended by striking “25 percent” and inserting “30 percent”.
Exception— Section 1400Z–1(d)(2) of such Code is amended by striking “25” and inserting “30”.
Extension of determination period— Section 1400Z–1(c)(2)(B) of such Code is amended by striking “Tax Cuts and Jobs Act” and inserting “Expanding Opportunity Zones Act of 2021”.
Extension of election period— Section 1400Z–2(a)(2)(B) of such Code is amended by striking “December 31, 2026.” and inserting “December 31, 2029.”.
Extension of deferral of gain invested— Section 1400Z–2(b)(1)(B) of such Code is amended by striking “December 31, 2026.” and inserting “December 31, 2029.”
Effective date— The amendments made by this Act shall take effect on the date of the enactment of this Act.