Biden’s IRS Blocks Developer Push to Expand a Trump Tax Break
- Agency says opportunity zone boundaries are set, can’t change
- Decision follows lobbying efforts to expand U.S. Census tracts
Photographer: Daniel Acker/Bloomberg
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President Joe Biden’s administration is shutting down attempts by developers to use new Census Bureau maps to claim generous tax breaks enacted by Donald Trump.
The Internal Revenue Service announced Friday that boundaries for the nation’s roughly 8,700 opportunity zones -- mainly poor areas in need of economic development -- “were established at the time they were designated and are not subject to change.”