SECTION 3. SCOPE

This notice applies to all tangible property located in a 2018 QOZ that is comprised entirely of a rural area (as defined in section 4 of this notice) that has been, or is in the process of being, substantially improved (as described in section 5 of this notice). The Treasury Department and the IRS have determined that there are 3,309 2018 QOZs that are comprised entirely of a rural area based on 2020 Decennial Census data. See the Appendix for a list of these 2018 QOZs.