WASHINGTON — The U.S. Treasury Department and the Internal Revenue Service announced new Qualified Opportunity Zone designations on Nov. 5 for all 50 states, the territories and the District of Columbia, covering 6,576 census tracts, Treasury said. The designations take effect Jan. 1, 2027, and last 10 years.
Related: 30-Year Mortgage Rate Falls to 7.18%, Its Third Straight Weekly Decline.
How the zones were chosen
Treasury and the IRS released a list of 25,332 eligible census tracts on April 6, of which 8,334 were in rural areas eligible for increased benefits, the department said. Governors and the mayor of the District of Columbia began making nominations on July 1, and an additional 130 tracts were nominated during the window. In total, 6,576 tracts were nominated, 2,594 of them rural, and all were designated.
What the program does
Opportunity Zones offer tax incentives for investment in designated communities. The Working Families Tax Cuts law made the incentive permanent, added stronger incentives for rural areas and set up a process to redesignate zones every 10 years, Treasury said. It credited the program with more than $110 billion in private investment since the 2017 tax law; that figure is the department’s.
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