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Rural Opportunity Zones Tax Incentive (Section 70421)
Illinois — state programSee program
Taxpayers investing in Qualified Opportunity Zones (QOZs) located in rural areas receive tax benefits as an incentive to support economic growth and job creation. Beginning July 4, 2025, the substantial improvement threshold for property in rural QOZs is reduced from 100% to 50% of required additions to basis.
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).
- Status
- open
- Administrator
- IRS / Treasury Department
Source: Illinois — state program. Confirm current terms with the administering agency before applying.