Opportunity Zone Rural Area Defined in New IRS Guidance

Any area other than a city or town with a population greater than 50,000 and any urban area contiguous and adjacent to a city or town with a population greater than 50,000 will be considered an opportunity zone “rural area,” Treasury and IRS said in guidance issued Tuesday.

The notice for Qualified Opportunity Zone investments is the latest from the agencies charged with rapidly turning July’s tax legislation into guidance.

• In addition to making permanent the Opportunity Zone program established in the GOP 2017 tax law, lawmakers sought to encourage investments made in rural opportunity zones by offering more generous ...