Treasury, IRS Announce Opportunity Zones Designations for Over 6,500 Communities Across America

US DEPARTMENT OF THE TREASURY - The U.S. Department of the Treasury and the Internal Revenue Service (IRS) today announced the Qualified Opportunity Zone (QOZ) designations for all 50 states, territories, and the District of Columbia.  

Under President Trump’s Working Families Tax Cuts, the Opportunity Zone tax incentive was permanently renewed, enhanced incentives for investment in eligible rural communities were added, and a process was established for redesignating zones every ten years. The new QOZ designations will become effective on January 1, 2027, and retain this designation for ten years. 

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Note:  The City of Kent secured five of the 99 nominations made statewide, giving the City a new tool to attract private investment, support business growth and create jobs.

• West Hill and Midway (290.04): The designation could help attract investment for new housing and mixed-use projects near light rail and transit, building on the City's plans for growth in Midway.
• Kent Valley (292.06): Investment could help modernize older warehouses and industrial buildings, creating space for advanced manufacturing and other growing industries. It may also support new renewable energy technologies.
• East Hill (295.05): The nominated area includes properties near Kent-Meridian High School and the former Fred Meyer site. The designation could help bring new businesses, housing and services to properties that have struggled to attract investment.
• Downtown and Central Avenue (292.03 & 297.01): Older buildings, polluted land, lower rents and high construction costs can make redevelopment difficult. Opportunity Zone benefits could help attract investment to improve these properties and strengthen Downtown and Central Avenue.

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