Treasury, IRS Announce First Round Of Opportunity Zones Designations For 18 States

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Washington –The U.S. Department of the Treasury and the Internal Revenue Service (IRS) today designated Opportunity Zones in 18 States. The Tax Cuts and Jobs Act created Opportunity Zones to spur investment in distressed communities throughout the country. New investments in Opportunity Zones can receive preferential tax treatment.

Under the Tax Cuts and Jobs Act, States, D.C., and U.S. possessions nominate low-income communities to be designated as Qualified Opportunity Zones, which are eligible for the tax benefit.  States were required by March 21st to submit nominations or request a 30 day extension to submit nominations. Treasury has 30 days from the date of submission to designate the nominated zones. Treasury today has designated the nominations of all States that submitted by the March 21st deadline.  Treasury will make future designations as submissions by the states that have requested an extension are received and certified.

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Disclaimer: The information contained herein is provided without warranty of any kind. The Kentucky Cabinet for Economic Development does not accept any responsibility or liability for the accuracy, content, completeness, legality, or reliability of the information contained on this website. Further, the available projects listed herein may or may not have the necessary characteristics for the Opportunity Zone program. The Kentucky Cabinet for Economic Development encourages each interested Investor to perform its own due diligence to ensure the project complies with the requirements of 26 CFR § 1.1400z2(d)- 1, et seq.