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26 U.S.C. § 1400Z–1 — Designation
Federal law — U.S. Code and appendices · legal_authorities
**(a) Qualified opportunity zone defined** For the purposes of this subchapter, the term “qualified opportunity zone” means a population census tract that is a low-income community that is designated as a qualified opportunity zone.
**(b) Designation**
(1) **In general** — For purposes of subsection (a), a population census tract that is a low-income community is designated as a qualified opportunity zone if—
(A) not later than the end of the determination period, the chief executive officer of the State in which the tract is located—
(i) nominates the tract for designation as a qualified opportunity zone, and
(ii) notifies the Secretary in writing of such nomination, and
(B) the Secretary certifies such nomination and designates such tract as a qualified opportunity zone before the end of the consideration period.
(2) **Extension of periods** — A chief executive officer of a State may request that the Secretary extend either the determination or consideration period, or both (determined without regard to this subparagraph),11 So in original. Probably should be “paragraph),”. for an additional 30 days.
(3) **Special rule for Puerto Rico** — Each population census tract in Puerto Rico that is a low-income community shall be deemed to be certified and designated as a qualified opportunity zone, effective on the date of the enactment of Public Law 115–97.
**(c) Other definitions** For purposes of this section—
(1) **Low-income communities** — The term “low-income community” means any population census tract if—
(A) such population census tract has a median family income that—
(i) in the case of a population census tract not located within a metropolitan area, does not exceed 70 percent of the statewide median family income, or
(ii) in the
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Source file: Laws/federal/codes/united-states-code/title-26/section-1400z1-designation--11527aff3e.md
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Source location: Title 26, Chapter 1, § 1400Z–1; chapter-001-normal-taxes-and-surtaxes.md
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**(a) Qualified opportunity zone defined** For the purposes of this subchapter, the term “qualified opportunity zone” means a population census tract that is a low-income community that is designated as a qualified opportunity zone.
**(b) Designation**
(1) **In general** — For purposes of subsection (a), a population census tract that is a low-income community is designated as a qualified opportunity zone if—
(A) not later than the end of the determination period, the chief executive officer of the State in which the tract is located—
(i) nominates the tract for designation as a qualified opportunity zone, and
(ii) notifies the Secretary in writing of such nomination, and
(B) the Secretary certifies such nomination and designates such tract as a qualified opportunity zone before the end of the consideration period.
(2) **Extension of periods** — A chief executive officer of a State may request that the Secretary extend either the determination or consideration period, or both (determined without regard to this subparagraph),11 So in original. Probably should be “paragraph),”. for an additional 30 days.
(3) **Special rule for Puerto Rico** — Each population census tract in Puerto Rico that is a low-income community shall be deemed to be certified and designated as a qualified opportunity zone, effective on the date of the enactment of Public Law 115–97.
**(c) Other definitions** For purposes of this section—
(1) **Low-income communities** — The term “low-income community” means any population census tract if—
(A) such population census tract has a median family income that—
(i) in the case of a population census tract not located within a metropolitan area, does not exceed 70 percent of the statewide median family income, or
(ii) in the case of a population census tract located within a metropolitan area, does not exceed 70 percent of the metropolitan area median family income, or
(B) such population census tract—
(i) has a poverty rate of at least 20 percent, and
(ii) has a median family income that—
(I) in the case of a population census tract not located within a metropolitan area, does not exceed 125 percent of the statewide median family income, or
(II) in the case of a population census tract located within a metropolitan area, does not exceed 125 percent of the metropolitan area median family income.
(2) **Definition of periods**
(A) *Consideration period* — The term “consideration period” means the 30-day period beginning on the date on which the Secretary receives notice under subsection (b)(1)(A)(ii), as extended under subsection (b)(2).
(B) *Determination period* — The term “determination period” means the 90-day period beginning on the decennial determination date, as extended under subsection (b)(2).
(C) *Decennial determination date* — The term “decennial determination date” means—
(i) July 1, 2026, and
(ii) each July 1 of the year that is 10 years after the preceding decennial determination date under this subparagraph.
(3) **State** — For purposes of this section, the term “State” includes any possession of the United States.
**(d) Number of designations**
(1) **In general** — Except as provided by paragraph (2), the number of population census tracts in a State that may be designated as qualified opportunity zones under this section during any period may not exceed 25 percent of the number of low-income communities in the State.
(2) **Exception** — If the number of low-income communities in a State is less than 100, then a total of 25 of such tracts may be designated as qualified opportunity zones during any period.
**(e) Period for which designation is in effect**
(1) **In general** — A designation as a qualified opportunity zone shall remain in effect for the period beginning on the applicable start date and ending on the day before the date that is 10 years after the applicable start date.
(2) **Applicable start date** — For purposes of this section, the term “applicable start date” means, with respect to any qualified opportunity zone designated under this section, the January 1 following the date on which such qualified opportunity zone was certified and designated by the Secretary under subsection (b)(1)(B).
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Federal law — U.S. Code and appendices · legal_authorities
**(a) General rule** Proper adjustment in respect of the property shall in all cases be made—
(1) for expenditures, receipts, losses, or other items, properly chargeable to capital account, but no such adjustment shall be made—
(A) for—
(i) taxes or other carrying charges described in section 266; or
(ii) expenditures described in section 173 (relating to circulation expenditures),
for which deductions have been taken by the taxpayer in determining taxable income for the taxable year or prior taxable years; or
(B) for mortality, expense, or other reasonable charges incurred under an annuity or life insurance contract;
(2) in respect of any period since February 28, 1913, for exhaustion, wear and tear, obsolescence, amortization, and depletion, to the extent of the amount—
(A) allowed as deductions in computing taxable income under this subtitle or prior income tax laws, and
(B) resulting (by reason of the deductions so allowed) in a reduction for any taxable year of the taxpayer’s taxes under this subtitle (other than chapter 2, relating to tax on self-employment income), or prior income, war-profits, or excess-profits tax laws,
but not less than the amount allowable under this subtitle or prior income tax laws. Where no method has been adopted under section 167 (relating to depreciation deduction), the amount allowable shall be determined under the straight line method. Subparagraph (B) of this paragraph shall not apply in respect of any period since February 28, 1913, and before January 1, 1952, unless an election has been made under section 1020 (as in effect before the date of the enactment of the Tax Reform Act of 1976). Where for any taxable year before the taxable year 1932 the depletion allowance was based on discovery value or a pe
Source: Supplied U.S. Code snapshot — release unconfirmed · 26 U.S.C. § 1016
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Federal law — U.S. Code and appendices · legal_authorities
In this chapter:
(1) **Agency** — The term “Agency” means the Minority Business Development Agency of the Department of Commerce.
(2) **Community-based organization** — The term “community-based organization” has the meaning given the term in [section 7801 of title 20](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title20-section7801&num=0&edition=prelim).
(3) **Eligible entity** — Except as otherwise expressly provided, the term “eligible entity”—
(A) means—
(i) a private sector entity;
(ii) a public sector entity; or
(iii) a Native entity; and
(B) includes an institution of higher education.
(4) **Federal agency** — The term “Federal agency” has the meaning given the term “agency” in [section 551 of title 5](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title5-section551&num=0&edition=prelim).
(5) **Federally recognized area of economic distress** — The term “federally recognized area of economic distress” means—
(A) a HUBZone, as that term is defined in [section 657a(b) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title15-section657a/b&num=0&edition=prelim);
(B) an area that—
(i) has been designated as—
(I) an empowerment zone under [section 1391 of title 26](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title26-section1391&num=0&edition=prelim); or
(II) a Promise Zone by the Secretary of Housing and Urban Development; or
(ii) is a low or moderate income area, as determined by the Department of Housing and Urban Development;
(C) a qualified opportunity zone, as that term is defined in [section 1400Z–1 of title 26](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title26-section1400Z–1&num=0&edition=prelim); or
(D) any o
Source: Supplied U.S. Code snapshot — release unconfirmed · 15 U.S.C. § 9511
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Definitions** In this section:
(1) **Anchor community**
(A) *In general* — The term “anchor community” means any area that—
(i) except as provided in subparagraph (B), is not more than 15 miles from a historically Black college or university, a Tribal College or University, or a Minority-serving institution; and
(ii) has an estimated median annual household income of not more than 250 percent of the poverty line, as that term is defined in [section 9902(2) of title 42](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title42-section9902/2&num=0&edition=prelim).
(B) *Certain Tribal Colleges or Universities* — With respect to a Tribal College or University that is located on land held in trust by the United States, the Assistant Secretary, in consultation with the Secretary of the Interior, may establish a different maximum distance for the purposes of subparagraph (A)(i) if the Assistant Secretary is able to ensure that, in establishing that different maximum distance, each anchor community that is established as a result of that action is statistically comparable to other anchor communities described in subparagraph (A).
(2) **Assistant Secretary** — The term “Assistant Secretary” means the Assistant Secretary of Commerce for Communications and Information.
(3) **Broadband internet access service** — The term “broadband internet access service” has the meaning given the term in section 8.1(b) of title 47, Code of Federal Regulations, or any successor regulation.
(4) **Commission** — The term “Commission” means the Federal Communications Commission.
(5) **Connected device** — The term “connected device” means a laptop computer, tablet computer, or similar device that is capable of connecting to broadband internet access service.
(6
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