Updated Nov. 2, 2026: Florida still has not posted its Opportunity Zone 2.0 picks. On Nov. 2, the FloridaCommerce Opportunity Zones page still said the agency is "currently in the process of reviewing eligible census tracts" and shows no list of nominated tracts. The same page says Treasury will qualify new zones by Dec. 31, 2026, to take effect Jan. 1, 2027. Owners with questions or feedback can email opportunityzones@commerce.fl.gov.
A property owner in Little Haiti, a landlord on a Broward commercial strip and a family office in Palm Beach are all waiting on the same list. Florida's picks for the next round of Opportunity Zones were due to the U.S. Treasury no later than Wednesday, Oct. 28, 2026, and those picks will decide which census tracts carry the federal tax break from 2027 through 2036.
The rules come from IRS Revenue Procedure 2026-14 on nominating 2027 Opportunity Zones, which sets Oct. 28 as the latest date a governor can make or change nominations, including the 30 day extension. Any request to modify a nomination after that date will be denied. Treasury posts the underlying tract data on its Qualified Opportunity Zones data page.
What Opportunity Zone 2.0 Is
The Opportunity Zone program gives tax incentives to investors who put capital gains into designated low income census tracts through a qualified opportunity fund. Congress made the program permanent in 2025 through Public Law 119-21 and set up a new selection round every ten years, according to a Congressional Research Service FAQ on the Round Two selection process.
The first round of zones, picked in 2018, is often called Round One. The new round, Round Two, covers Jan. 1, 2027, through Dec. 31, 2036. CRS notes that most 2018 zones are scheduled to lose their designation at the end of 2028, so 2027 and 2028 are an overlap period when both maps matter.
How Many Florida Tracts Are Eligible
Treasury's eligible tract file, updated Sept. 23, 2026, lists 1,367 Florida census tracts as low income communities eligible for nomination. Of those, 284 are classified as entirely rural. In South Florida, the same file lists 247 eligible tracts in Miami-Dade County, 101 in Broward County and 71 in Palm Beach County.
A state can designate no more than 25 percent of its eligible tracts, with fractions rounded up, under the rules described in Revenue Procedure 2026-14. Applied to the Sept. 23 count, that works out to a ceiling of 342 Florida zones. Most eligible tracts will not make the final map.
Two eligibility changes matter for owners who were in a 2018 zone. Contiguous tracts, which some states used in Round One, can no longer be nominated, so each tract must qualify as low income on its own. And being in a 2018 zone does not carry over; a tract must meet the new test based on 2020 to 2024 Census data.
How a Tract Qualifies
Revenue Procedure 2026-14 spells out the low income test. A census tract inside a metropolitan area qualifies if its median family income is no more than 70 percent of the metro area median, or if its poverty rate is at least 20 percent and its median family income is no more than 125 percent of the metro median. Tracts outside a metro area use the statewide median instead.
Treasury built its eligible list from the 2020 to 2024 American Community Survey five year data, using 2020 census tract boundaries. Those boundaries are fixed for the full designation period, so a zone line will not move during the ten years even if neighborhoods change.
The list is not the last word in every case. Treasury says some tracts could qualify without appearing on it, and a governor may nominate such a tract if the nomination comes with a detailed, tract level analysis showing it meets the income test.
Florida in Round One
For context, the CRS FAQ, drawing on CDFI Fund records, shows Florida had 427 Opportunity Zones selected in Round One. CRS also lists Florida among the states that did not nominate any contiguous tracts in that round. With contiguous tracts now gone from the rules and a ceiling built on newer Census data, the Round Two map will be drawn from a different pool than the 2018 map.
The Timeline After Oct. 28
Under Revenue Procedure 2026-14, Treasury has a 30 day consideration period after the nomination window closes to certify and designate the tracts. That period ends Nov. 27, 2026, at the latest, and can be extended 30 days to Dec. 28, 2026, if a state requests it. Certified tracts become 2027 zones on Jan. 1, 2027.
FloridaCommerce had not posted a final Florida list on Nov. 2, 2026. The state economic development agency's FloridaCommerce Opportunity Zones page is the place to watch for state updates.
Dates to Watch While Picks Are Pending
Four dates apply no matter how the Florida map lands. They come from IRS Notice 2026-40, transitional guidance for Opportunity Zone investors and funds, and from Revenue Procedure 2026-14.
Dec. 31, 2026: Old Deferred Gains Come Due
Gain deferred through an investment made on or before Dec. 31, 2026, is included in income in the year that includes the earlier of an inclusion event or Dec. 31, 2026. Investors who still hold such an investment on that date must include the remaining deferred gain for 2026, and that deemed included gain cannot be deferred again into a new fund. A Florida investor may owe tax on that gain for 2026 even if the fund stake is kept, so plan cash for the bill.
Jan. 1, 2027: New Investments Get a Rolling Five Year Deferral
Under the notice, eligible gain realized before or after Dec. 31, 2026, and timely invested in a qualified opportunity fund on or after Jan. 1, 2027, can be deferred until the earliest of a sale, another inclusion event or five years from the investment date. Timely generally means within 180 days of the event that produced the gain, so investors weighing late 2026 against early 2027 should run both paths with a tax adviser.
After Dec. 31, 2026: Property Purchases Follow the New Map
Tangible property a fund or zone business buys after Dec. 31, 2026, must be purchased after the start date of the zone where it is used, which is Jan. 1 following that zone's certification. A 2018 zone has no such start date, so property bought after Dec. 31, 2026, for use there generally does not qualify, with two exceptions:
- A written working capital plan adopted on or before Dec. 31, 2026, where the business has received at least 10 percent of the planned working capital and spent at least 5 percent by that date. Amounts owed under a binding agreement signed before Jan. 1, 2027, count toward the 5 percent.
- Ordinary course replacements needed to keep operating, such as new appliances and flooring in apartment units or a new kitchen ventilation system in a restaurant, two examples the notice uses. Expansions and moves into a new line of business do not count.
Dec. 31, 2028: The 2018 Map Ends
Revenue Procedure 2026-14 and Notice 2026-40 give Dec. 31, 2028, as the end date for most 2018 zones, and the FloridaCommerce page says Florida's 427 Round One zones expire that day. Zones certified in 2026 run from Jan. 1, 2027, through Dec. 31, 2036.
What the New Tax Break Looks Like
The CRS FAQ, citing the Internal Revenue Code, describes the Round Two investor terms:
- Capital gains reinvested in a qualified opportunity fund can be deferred until the earlier of a sale or five years after the investment.
- The basis in the reinvested gain rises by 10 percent for investments held at least five years.
- That step up is 30 percent for investments in a qualified rural opportunity fund, which holds at least 90 percent of its assets in entirely rural zones.
- Gains on the zone investment itself can be excluded from income if it is held at least 10 years.
Some businesses never qualify, including golf courses, country clubs, massage parlors, hot tub or suntan facilities, gambling establishments and liquor stores.
What Counts as Zone Property
The CRS FAQ lists three ways a fund can invest: buying stock in an Opportunity Zone business, buying a partnership interest in one, or holding Opportunity Zone business property directly. Direct property must be tangible, located in a zone, and either put to first use by the business or substantially improved.
For South Florida owners, that last point is the practical one. A building or lot inside a certified tract does not deliver the benefit by itself. The value usually comes when a fund buys and improves the property or backs a business that operates there, which is why the map can shape where new money looks first.
Owner and Investor To Do List
- Look up your parcel's 2020 census tract and check it against Treasury's eligible tract file. A tract that is not on the eligible list generally cannot become a 2027 zone.
- If your property sat in a 2018 zone, plan around the end of 2028 and confirm whether the tract is eligible again under the new data.
- If you hold a 2018 fund investment, mark Dec. 31, 2026, and plan cash for the deferred gain that comes due.
- If a project in a 2018 zone depends on purchases in 2027 or later, confirm a written working capital plan was adopted, funded at 10 percent and spent at 5 percent by Dec. 31, 2026.
- Pair Opportunity Zone planning with state and local programs in the South Florida business grants and incentives guide.
- Watch for Treasury's certified list between late November and late December, then confirm the final status before signing any deal that depends on it.
- Talk with a tax adviser before moving gains into a fund. Fund rules, holding periods and the 90 percent asset test all affect the outcome.
- Owners with land or buildings in an eligible tract may hear from fund sponsors early in 2027. Have current valuations and improvement plans ready.
For a local example of how funds are forming, read about a Homestead startup's Opportunity Zone fund. Investors tracking capital flows can also see how Palm Beach office construction surged, and the broader South Florida economic owner map.
Sources
- IRS Revenue Procedure 2026-14, nominating 2027 Qualified Opportunity Zones
- U.S. Treasury, Qualified Opportunity Zones data and eligible tract file (Sept. 23, 2026)
- Congressional Research Service, Opportunity Zones Round Two Selection Process FAQ (R48952)
- IRS Notice 2026-40, Transitional Guidance on Qualified Opportunity Zones
- FloridaCommerce, Opportunity Zones program
Related
- Homestead Startup Launches Opportunity Zone Fund
- Palm Beach Office Construction Surges 400 Percent
- South Florida Economic Buzz Owner Map
Key Facts
When are Florida's Opportunity Zone 2.0 nominations due?
IRS Revenue Procedure 2026-14 sets Oct. 28, 2026, as the latest date a governor can submit or change Opportunity Zone nominations, counting the 30 day extension. Any request to modify a nomination after that date will be denied. Treasury then has a consideration period to certify the tracts that become 2027 zones on Jan. 1, 2027.
How many Florida census tracts are eligible for the new map?
Treasury's eligible tract file, updated Sept. 23, 2026, lists 1,367 Florida low income census tracts, including 284 entirely rural tracts. It lists 247 in Miami-Dade, 101 in Broward and 71 in Palm Beach. Because a state may designate at most 25 percent, rounded up, the Florida ceiling works out to 342 zones.
When will Treasury certify the new Opportunity Zones?
Under Revenue Procedure 2026-14, Treasury's 30 day consideration period after an Oct. 28 close ends Nov. 27, 2026, at the latest. A state can request a 30 day extension that pushes the date to Dec. 28, 2026. Certified tracts take effect as 2027 Opportunity Zones on Jan. 1, 2027, and run through Dec. 31, 2036.
What tax benefits do Round Two Opportunity Zones offer?
According to the Congressional Research Service, reinvested capital gains can be deferred up to five years, with a 10 percent basis step up after five years of holding. Qualified rural opportunity funds get a 30 percent step up instead. Gains on the zone investment itself can be excluded from income when it is held at least 10 years.
What happens to Florida's 2018 Opportunity Zones?
The Congressional Research Service says most 2018 zones are scheduled to lose their designation at the end of 2028, so the old and new maps overlap in 2027 and 2028. A 2018 tract does not automatically carry over. It must qualify again as a low income community under the newer Census data and be nominated and certified.
What happens to deferred gains from older Opportunity Zone investments on Dec. 31, 2026?
IRS Notice 2026-40 says gain deferred through an investment made on or before Dec. 31, 2026, must be included in income no later than the 2026 tax year. Investors still holding the investment on Dec. 31, 2026, include the remaining deferred gain then, and that gain cannot be deferred again into a new fund.
