IRS Issues Revenue Procedure Providing Guidance on Nominating Census Tracts as Qualified Opportunity Zones

The IRS has issued revenue procedure providing guidance to States, District of Columbia, and U.S. territory Chief Executive Officers on nominating population census tracts as qualified opportunity zones (QOZs) under the One Big Beautiful Bill Act. The revenue procedure outlines the nomination process for 25,332 eligible low-income communities, including 8,334 rural census tracts, with nominations beginning July 1, 2026, for a 90-day period. The first round of QOZ designations will take effect Jan. 1, 2027, and the program is now permanent, offering preferential tax treatment for investments in economically distressed areas. [IR-2026-45, 04/06/26]

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