Treasury Opens the New Designation Cycle for Opportunity Zones

The Working Families Tax Cuts Permanently Established a Process for States to Drive More Capital to Overlooked Communities Across AmericaWASHINGTON – The U.S. Department of the Treasury announced the opening of the next nomination period for states, territories, and the District of Columbia to nominate eligible communities to be designated as Qualified Opportunity Zones (QOZs). Under President Trump’s Working Families Tax Cuts, the Opportunity Zone tax incentive was permanently renewed, enhanced incentives for investment in eligible rural communities were added, and a process was established for redesignating zones every 10 years.“Under President Trump’s leadership, the Working Families Tax Cuts permanently renewed and strengthened Opportunity Zones, giving investors, entrepreneurs, and local leaders the long-term certainty they need to commit capital to communities that have been overlooked for too long,” said Treasury Secretary Scott Bessent.