Growth and Opportunities Act of 2021

“(g) Designation of zones every 10 years

“(1) Second round of designations—Concurrently with the application of the provisions of this section without regard to this subsection, as of January 1, 2027, the provisions of this section shall be reapplied—

“(A) as though such provisions were enacted on such date, and

“(B) by substituting such date for—

“(i) “the date of the enactment of Public Law 115–97” in subsection (b)(3), and

“(ii) “the date of the enactment of the Tax Cuts and Jobs Act” in subsection (c)(2)(B).

“(2) Subsequent rounds of designations—Paragraph (1) shall be reapplied as of the first date that no designation of a qualified opportunity zone from the preceding round of designations remains in effect by reason of the application of subsection (f) to such round of designations.

“(3) Redesignations permitted—Nothing in this subsection shall be construed to prevent the designation of a tract as a qualified opportunity zone merely because such tract was previously designated as such a zone if such tract otherwise meets the requirements for such designation as of the time of such subsequent designation.”

“(g) Application for gains in subsequent rounds of designations

“(1) In general—In the case of gain from the sale or exchange of property after December 31, 2026—

“(A) the taxpayer may make an election under subsection (a) with respect to such sale or exchange, and

“(B) subsections (a)(2)(B) and (b)(1)(B) shall be applied by substituting “the applicable date” for “December 31, 2026”.

“(2) Applicable date—For purposes of paragraph (1), the applicable date with respect to any sale or exchange shall be—

“(A) December 31, 2034, or

“(B) in the case of any sale or exchange after the most recently past date determined under this paragraph, the December 31 of the seventh year beginning after each instance paragraph (1) of section 1400Z–1(g) is reapplied by reason of paragraph (2) thereof.”