View all text of Subchapter Z [§ 1400Z-1 - § 1400Z-2]
§ 1400Z–1. Designation
(a) Qualified opportunity zone defined
(b) Designation
(1) In generalFor purposes of subsection (a), a population census tract that is a low-income community is designated as a qualified opportunity zone if—
(A) not later than the end of the determination period, the chief executive officer of the State in which the tract is located—
(i) nominates the tract for designation as a qualified opportunity zone, and
(ii) notifies the Secretary in writing of such nomination, and
(B) the Secretary certifies such nomination and designates such tract as a qualified opportunity zone before the end of the consideration period.
(2) Extension of periods
(3) Special rule for Puerto Rico
(c) Other definitionsFor purposes of this subsection—
(1) Low-income communities
(2) Definition of periods
(A) Consideration period
(B) Determination period
(3) State
(d) Number of designations
(1) In general
(2) Exception
(e) Designation of tracts contiguous with low-income communities
(1) In generalA population census tract that is not a low-income community may be designated as a qualified opportunity zone under this section if—
(A) the tract is contiguous with the low-income community that is designated as a qualified opportunity zone, and
(B) the median family income of the tract does not exceed 125 percent of the median family income of the low-income community with which the tract is contiguous.
(2) Limitation
(f) Period for which designation is in effect
(Added Pub. L. 115–97, title I, § 13823(a), Dec. 22, 2017, 131 Stat. 2183; amended Pub. L. 115–123, div. D, title II, § 41115, Feb. 9, 2018, 132 Stat. 161.)