The Treasury and the IRS have designated Opportunity Zones in 15 states and three territories. Investments in these specific Qualified Opportunity Zones get preferential tax treatment under the Tax Cuts and Jobs Act ( P.L. 115-97). Qualified Opportunity Zones retain the designation for 10 years; the final round of submissions were approved for Florida, Nevada, Pennsylvania and Utah. Investors can defer tax on any prior gains until no later than December 31, 2026, so long as the gain is reinvested in a Qualified Opportunity Fund, an investment vehicle organized to make investments in Qualified Opportunity Zones.