More of the extraordinary benefits given through The Working Families Tax Cuts will unfold in 2027. 

Secretary of the Treasury Scott Bessent, along with the Internal Revenue Service Chief Executive Officer Frank J. Bisignano, announced on Thursday the creation of a permanent process that allows the states to direct more capital into revitalizing Opportunity Zones.

The Treasury Department and Internal Revenue Service announced Thursday the designation of 6,576 Opportunity Zones nationwide – including in all 50 states, U.S. territories and Washington, D.C. – opening a new 10-year window for private investment in economically distressed communities.

The designations will take effect Jan. 1, 2027, according to Treasury and IRS guidance, and will remain in place for a decade.

Bessent said in a press release issued on the Treasury's X account:

“Under President Trump’s leadership, the Working Families Tax Cuts permanently renewed and strengthened Opportunity Zones, giving investors, entrepreneurs, and local leaders the long-term certainty they need to commit capital to communities that have been overlooked for too long. 

“Today’s announcement of the new designations will help direct private investment to these communities, expand economic opportunity, support job creation, and unlock long-term growth in these communities across the country.”

So, if the individual states handle this correctly, they have the power in their hands to revitalize communities long devastated and depressed, while increasing economic incentives for small business and local communities. Sen. Katie Britt (R-AL) announced this exciting development to her Alabama constituents, many who work, reside, or own businesses within the urban and rural communities that have been too-long abandoned.

Great news for Alabama!

141 communities across our state, including 65 in rural areas, have been designated as Qualified Opportunity Zones!

Thanks to the Working Families Tax Cuts, this program is now permanent, helping attract private investment, create good-paying jobs, and bring new economic opportunities to communities across Alabama.

The exclusive Fox Business reporting linked above continued:

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Of the newly designated zones, 2,594 are in rural communities eligible for enhanced tax incentives under the law.

Opportunity Zones are economically distressed census tracts where qualifying investments may receive preferential tax treatment. The program was created under the 2017 tax law and was made permanent under President Donald Trump’s Working Families Tax Cuts.

Treasury said the program has helped generate more than $110 billion in private-sector investment since its creation.

IRS CEO Bisignano also touted the economic boon inherent in the expanded Opportunity Zones for each state, and ultimately the nation. He said:

“Thanks to the leadership of President Trump, Qualified Opportunity Zones were permanently extended and expanded by the Working Families Tax Cuts giving states an opportunity to attract long-term investment into underserved, rural, and economically distressed areas.

 “By designating thousands of new Qualified Opportunity Zones, the IRS and Treasury are enabling targeted investment and growth in communities where it is needed the most.”

The full list of 2026 designated Opportunity Zones can be found here.