The IRS intends to issue proposed rules as well as transitional guidance regarding the designation of qualified opportunity zones eligible for tax breaks under the Republicans’ 2025 tax and spending law.
The notice issued Thursday (Notice 2026-40) clarifies that the number of previously designated zones won’t affect the number of census tracts a state can nominate for the designation period beginning Jan. 1, 2027.
The notice also addresses the applicable start date and 10-year designation period for zones certified after the 2025 law’s enactment.
Additionally, the notice provides transitional rules on deferring gains invested in qualified opportunity funds ...
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