The U.S. Department of the Treasury and the Internal Revenue Service (IRS) today announced the Qualified Opportunity Zone designations for all 50 states, territories, and the District of Columbia.
An Opportunity Zone is a federally designated area (census tract) where investors can
receive tax benefits for reinvesting capital gains into local businesses and projects. These
areas are eligible based on federal economic need criteria, such as lower incomes or higher
poverty rates compared with surrounding areas.
The Opportunity Zone tax incentive enhances incentives for investment in eligible communities, specifically designating rural areas. The new QOZ designations will become effective on January 1, 2027, and retain this designation for ten years.
In total, 6,576 eligible census tracts were nominated, of which 2,594 are in rural areas. Designation as a QOZ can help these 6,576 communities across the country attract new investment, create jobs, stimulate economic growth, and provide meaningful opportunities for residents. The City of Kankakee is proud to be one of these communities.
The full list and map of designated Opportunity Zones are available here.
