IRS Provides Opportunity Zone Designation Guidance

Thursday, February 8, 2018 - 12:00pm

The Internal Revenue Service (IRS) today published Revenue Procedure 2018-16, guidance to state chief executive officers on how certain population census tracts may be designated as Qualified Opportunity Zones. Rev. Proc. 2018-16 specifies which census tracts are eligible and provides applicable requirements and deadlines for designation. The document also provides a safe harbor for applying the 25 percent limitation to the number of population census tracts in a state that may be designated as Qualified Opportunity Zones.