Tax News Update    Email this document    Print this document  

March 26, 2021

IRS automatically extends empowerment zone designations through 2025

The IRS has provided (Revenue Procedure 2021-18) an automatic extension until December 31, 2025, for empowerment zone designations made under IRC Section 1391(a). The new guidance also includes a procedure that state and local governments with empowerment zones may use to decline the deemed extension.