Expanding Opportunity Zones Act of 2021
This bill revises provisions relating to tax-exempt opportunity zones to increase the number of low-income communities that may be designated as qualified opportunity zones, and to extend the periods of election and deferral of gain invested with respect to such zones.
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.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Expanding Opportunity Zones Act of 
2021''.

SEC. 2. OPPORTUNITY ZONES.

    (a) Increase to Number of Qualified Designated Opportunity Zones.--
            (1) In general.--Section 1400Z-1(d)(1) of the Internal 
        Revenue Code of 1986 is amended by striking ``25 percent'' and 
        inserting ``30 percent''.
            (2) Exception.--Section 1400Z-1(d)(2) of such Code is 
        amended by striking ``25'' and inserting ``30''.
    (b) 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''.
    (c) 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.''.
    (d) 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.''
    (e) Effective Date.--The amendments made by this Act shall take 
effect on the date of the enactment of this Act.
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Expanding Opportunity Zones Act of 2021
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.
Expanding Opportunity Zones Act of 2021
Rep. Hagedorn, Jim