SECTION 2. BACKGROUND

.01 Qualified Opportunity Zones under the TCJA

Section 13823 of Public Law 11597, 131 Stat. 2054, 2183 (December 22, 2017), commonly known as the Tax Cuts and Jobs Act (TCJA), amended the Code by adding §§ 1400Z-1 and 1400Z-2. Section 1400Z-1 outlines the process by which a population census tract located in the 50 States, the District of Columbia, or the U.S. territories that is a low-income community is nominated to be a QOZ by the chief executive officer of a State, the District of Columbia, or a territory, and then certified and designated as a QOZ by the Secretary of the Treasury or the Secretary’s delegate (Secretary). Revenue Procedure 2018-16, 2018-9 I.R.B. 383, provided guidance on the nomination process.