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Rural Opportunity Zones (QOZ) Tax Incentive — Rural Modifications (Section 70421)
Illinois — state programSee program
Modifies Qualified Opportunity Zone (QOZ) tax incentives for investments in rural areas by reducing the substantial improvement threshold from 100% to 50% for required additions to the basis for property located entirely in rural QOZs, making rural investments more attractive.
Program details
- Type
- tax-credit
- Eligibility
- Taxpayers investing in Qualified Opportunity Zones located in rural areas (any area other than a city or town with a population greater than 50,000, and any urbanized area contiguous and adjacent to such a city or town). Applies beginning July 4, 2025.
- Status
- open
- Administrator
- IRS
Source: Illinois — state program. Confirm current terms with the administering agency before applying.