Opportunity Zones

Updated: Sept. 3, 2026

GOED has worked with cities, counties, and economic partners across the state to make recommendations to the Governor for Utah’s Opportunity Zones.

Tract recommendations are based on both quantitative and qualitative data to assess census tracts and their viability. This includes information from local economic developers, business owners, and developers, as well as data on existing infrastructure and economic and demographic conditions.

GOED is no longer accepting survey responses, and it has sent the list of qualified tracts to the Governor for approval. GOED will publish the final list once the Treasury approves it.

If you have any questions regarding this process, please reach out to Data Manager Olivia Midgley at [email protected].

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What is an Opportunity Zone?

An Opportunity Zone is a federally designated economic development tool designed to drive job creation and economic growth in low-income areas across the country. These areas are considered distressed and in need of new investment.

By incentivizing investors to reinvest capital gains into Qualified Opportunity Funds within designated 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. For more information, see the Treasury page here.

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Timeline & Governor’s Recommendations

GOED has provided a list of tract recommendations to Governor Cox. Governor Cox will review the list and make official recommendations for new Opportunity Zone designations in September 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, the state will nominate 37 census tracts (of the 147 total eligible tracts).

  • May 2026 - GOED hosted Opportunity Zone Informational Webinars
  • June through July 2026 - GOED distributed surveys for local economic developers, community members, business owners, etc. to make the case for their tracts.
  • August 2026 - GOED provided recommendations to the Governor
  • September 2026 - Governor Cox submits Opportunity Zone Recommendations list to the Treasury
  • December 2026 - Treasury will certify the final list
  • January 1, 2027 - OZ 2.0 zones and investment rules go into effect

Data-Driven and Qualitative Selection

The Treasury sets the parameters of what can and cannot be designated as an OZ. Eligible census tracts must meet one of the following criteria:

  • A poverty rate of at least 20 (or)
  • A median family income (MFI) that does not exceed 70% of the statewide or metropolitan area median (a change from the previous 80% threshold)
  • Lands adjacent to or outside the eligibility zones designated on the eligible census tracts map do not qualify and will not be considered.

What You Can Do

Look out for a list of finalized Opportunity Zones in December. We invite you to learn more about how Opportunity Zones can benefit your region and to build relationships with developers and Opportunity Fund Managers, such as those listed here. GOED is dedicated to handling this process in a timely and fair manner to ensure the eventual designations balance our communities' needs with the potential for tangible economic success.