When Do Opportunity Zones Expire? What Agents Should Tell Clients About 2018 Zones

Clients ask agents some version of “Is this still an Opportunity Zone, and for how long?” The honest answer has two parts, because there are two sets of zones in play: the 2018 zones that exist today and the OZ 2.0 zones that take effect January 1, 2027. This guide gives you the dates, the primary sources behind them, and what to say about a listing.

It’s part of our series for agents. The hub is OZ talking points for your next listing appointment.

The dates, in one list

• December 31, 2026: deferred gain from investments made under the original rules is recognized on this date. Investments made after December 31, 2026 get the OZ 2.0 terms.
• January 1, 2027: certified OZ 2.0 zones take effect.
• December 31, 2028: the 2018 zones stay in effect through this date (Public Law 119-21 §70421(b)(4)).
• December 31, 2036: the first OZ 2.0 zones end, 10 years after they start.
• December 31, 2047: the latest disposition date for which Treasury regulations keep the 10-year exclusion election for 2018-zone investments after the zone ends (26 CFR 1.1400Z2(c)-1(c)).

Why the 2018 zones run through 2028

The 2017 tax law set each zone’s term to end at the close of the 10th calendar year beginning on or after the date Treasury certified it. The 2018 zones were certified in 2018, so the first full calendar year was 2019 and the term runs through December 31, 2028.

Public Law 119-21, signed July 4, 2025, made the program permanent. Section 70421(b)(3) sets a new term for future zones: 10 years starting the January 1 after Treasury certifies the zone. Section 70421(b)(4) applies that rule only to zones chosen after the law was enacted, so the 2018 zones keep their original term.

Why a 2018 zone may not be a 2027 zone

OZ 2.0 uses stricter rules, set in IRC §1400Z-1 as amended:

• Tighter income test. A tract qualifies if its median family income is no more than 70% of the area median, or if it has a poverty rate of at least 20% and a median family income no more than 125% of the area median.
• No contiguous tracts. The 2018 rule that let states pick some neighboring tracts is gone.
• A 25% cap. Each governor can nominate at most 25% of the state’s eligible tracts, or 25 tracts in a state with fewer than 100 (Rev. Proc. 2026-14).

So a tract can be in a 2018 zone through 2028 and not be in any OZ 2.0 zone. Check where your state stands on our nomination tracker.

How to check a listing

1. Run the address in the census tract lookup. It shows whether the tract is in a 2018 zone and whether it’s eligible for OZ 2.0.
2. Run it in the OZ 2.0 likelihood checker to see the tract’s OZ 2.0 status in its state: eligible, on a filed list, or not eligible.
3. Or browse the Opportunity Zone map, which shows the 2018 zones and the OZ 2.0 eligible tracts.

Step-by-step help is in is your listing in an Opportunity Zone?.

What to say about a listing

• In a 2018 zone, OZ 2.0 eligible: “The tract is in a current zone through 2028. It’s also eligible for OZ 2.0, but whether it’s in a 2027 zone depends on the state’s list and Treasury certification.”
• In a 2018 zone, not OZ 2.0 eligible: “The tract is in a current zone through 2028. It isn’t eligible for OZ 2.0, so it won’t be in a 2027 zone.”
• Not in a 2018 zone, OZ 2.0 eligible: “The tract isn’t in a zone today. It’s eligible for OZ 2.0, so it could be in a zone starting January 1, 2027, if it’s picked and certified.”

Don’t promise a buyer that an OZ fund can use a property in a 2018-only tract after 2026. Public Law 119-21 changed the acquisition-date rules for property acquired after December 31, 2026 (§70421(c)(4)), and whether a purchase qualifies is a question for the fund’s counsel.

Talking points for sellers and buyers

• Sellers don’t need to be in a zone. The seller’s tax benefit comes from investing eligible gain in a qualified opportunity fund within 180 days. See the 180-day clock for sellers.
• Timing around January 1, 2027. A seller closing late in 2026 may want to compare investing before and after the new year. See investing in an Opportunity Zone in January 2027 and count the days with the 180-day deadline calculator.
• Listing copy. Say which kind of zone you mean, and don’t use “Opportunity Zone” for a 2027 zone until it’s certified. See how to market a property in an Opportunity Zone.

Related reading

• Opportunity Zone extension: what changed in 2025
• OZ 2.0 for brokers
• OZ talking points for agents (series hub)

Sources: Public Law 119-21 §70421; Public Law 115-97 (2017 tax law); IRC §1400Z-1; 26 CFR 1.1400Z2(c)-1; Rev. Proc. 2026-14; CDFI Fund, Opportunity Zones.

Not tax advice.