Opportunity Zones
Opportunity Zones
Opportunity Zones are federally designated census tracts intended to encourage long-term private investment in economically distressed communities. The program was originally established under the Tax Cuts and Jobs Act of 2017 and was made permanent and updated through federal legislation enacted in 2025.
Under the updated program, Opportunity Zones will be designated in 10-year cycles beginning January 1, 2027. Investors who reinvest eligible gains through a Qualified Opportunity Fund may qualify for federal tax benefits, depending on the timing, structure and length of the investment. The updated program also provides enhanced incentives for investments in qualifying rural Opportunity Zones, including a 30% basis increase for certain investments held at least five years and a reduced substantial-improvement threshold for qualifying property.
Norfolk – Census Tract 9607
In July 2026, Governor Jim Pillen nominated Census Tract 9607 in Norfolk for designation as a Qualified Opportunity Zone for the next federal Opportunity Zone cycle. If certified by the U.S. Department of the Treasury, the new designation will take effect January 1, 2027, and continue through December 31, 2036.
Census Tract 9607 includes portions of northern and northeastern Norfolk and contains a mix of residential, commercial, industrial and development-ready areas. The tract includes opportunities for continued business investment, redevelopment, housing and other community development projects.
CENSUS TRACT 9607 MAP HERE
Property owners, developers and investors are encouraged to contact the Norfolk Area Economic Development office at 402-844-2260 for information about available properties and development opportunities within the tract.
Opportunity Zone investments and related federal tax benefits are subject to IRS requirements. Investors should consult with their tax, legal and financial advisors to determine eligibility and the applicability of Opportunity Zone incentives to a specific investment.
** Current Opportunity Zone Designations **
Under the original Opportunity Zone program, Madison County Census Tracts 9607 and 9611 were designated as Qualified Opportunity Zones in 2018. Those original designations remain in effect through December 31, 2028; however, federal rules governing new investments change beginning January 1, 2027. Census Tract 9607 has been nominated for designation under the new 2027–2036 Opportunity Zone cycle.
