Opportunity Zones
Updated: Sept. 24, 2026
Since spring 2026, GOED has worked with cities, counties, and economic partners across the state to provide recommendations on Utah’s Opportunity Zones to the Governor.
On Sept. 24, 2026, GOED announced that Gov. Spencer J. Cox recommended 37 census tracts for designation as Opportunity Zones under the federal Opportunity Zone 2.0 program. This is the maximum number of recommendations Utah can make. The Treasury Department is expected to certify these zones in December.
Tract recommendations were based on quantitative and qualitative data gathered on the 147 federally identified census tracts that qualified for potential Opportunity Zone status. This included information from local economic developers, business owners, and developers, as well as data on existing infrastructure and economic and demographic conditions.
If you have questions about this process, please contact Data Manager Olivia Midgley at [email protected].
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. This could triple the tax incentive for those willing to invest in rural areas. For more information, see the Treasury page.
Timeline & Governor’s Recommendations
Gov. Cox has reviewed the list of GOED-recommended tracts and has recommended 37 qualifying census tracts for designation as Opportunity Zones. The Treasury Department is expected to certify these selections in December.
- May 2026 - GOED hosted Opportunity Zone Informational Webinars.
- June through July 2026 - GOED conducted data-based analysis and distributed surveys to local economic development organizations, community members, business owners, etc., to better understand and weigh the case for specific 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 - 2.0 Zones and investment rules go into effect.
Data-Driven Federal Selection
The Treasury sets the parameters of what can and cannot be designated as an Opportunity Zone. 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. States can recommend 25% of the qualifying tracts back to the federal government. In Utah, 147 tracts were identified, meaning Utah is limited to 37 recommended tracts.
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.