Opportunity Zones

Updated: March 13, 2026

Over the next several months, GOEO will be working to identify new Opportunity Zones (OZs) across Utah.

Once this process formally begins, we will invite input from regions with eligible census tracts that will inform the eventual selection of these zones. We are awaiting an official map from the Treasury showing potential census tracts that will be eligible.

For now, we wanted to share some information with the public about what to expect.

What is an Opportunity Zone?

An Opportunity Zone is a federally designated economic development tool aimed at driving job creation and economic growth in targeted areas around the country. These areas are considered distressed and in need of new investment.

By incentivizing investors to re-invest capital gains into Qualified Opportunity Funds within these zones, private capital is channeled into these communities.

Under the One Big Beautiful Bill Act, the potential benefits for investors in opportunity zones are significant. For example, five-year investments in Qualified Rural Opportunity Funds provide a 30% step-up in basis after five years. Potentially, this triples the tax incentive for those willing to invest in its rural areas.

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Timeline and Governor’s Recommendations

Governor Cox will be making official recommendations for new Opportunity Zone designations starting in July 2026.

Utah can submit 25% of eligible tracts to the Treasury for Opportunity Zone designations. Due to federal eligibility criteria regarding poverty rates and median family income, we anticipate the State will eventually nominate approximately 35 census tracts in total.

Data-Driven and Qualitative Selection

Treasury sets the parameters of what can and cannot be designated as an OZ. The Governor will focus on potential zones that meet the specific economic data requirements set by federal statute. Specifically, eligible census tracts must meet one of the following criteria:

  • A poverty rate of at least 20%.
  • A median family income (MFI) that does not exceed 70% of the statewide or metropolitan area median (a change from the previous 80% threshold).

Based on these factors, GOEO will recommend specific areas of the state for Opportunity Zone status to the governor.

Before we do that, we will want to hear from communities and other stakeholders later this spring.

What You Can Do

To aid this selection process, GOEO plans to distribute an exploratory survey for you to complete at a later date. This survey is designed to capture local economic narratives and identify areas ready for investment where state and federal resources can be stacked to bolster development.

We are also evaluating additional options for rural leaders to provide feedback on the process; more to come.

In the Meantime

We invite you to learn more about how Opportunity Zones can benefit your specific region. In time, we will seek formal input from stakeholders statewide to ensure the process reflects holistic state and local priorities and development goals.

GOEO is dedicated to handling this process in a timely and fair manner to ensure the eventual designations balance the needs of our communities with the potential for tangible economic success.