What happens after states file: Treasury's Nov 27 review window under Rev. Proc. 2026-14

Where filings stand. On our OZ 2.0 tracker, 12 states and the U.S. Virgin Islands have filed Opportunity Zone 2.0 nominations with Treasury, 1,633 census tracts in all. Each filing is confirmed by a state, territory or Treasury source: Texas 608 (Office of the Governor; our story); Georgia 235 (Georgia DCA; our story); Indiana 126 (IEDC; our story); Arizona 125 (Arizona Commerce Authority; our story); South Carolina 112 (SC Commerce; our story); Massachusetts 104 (Mass.gov; our story); Washington 99 (Washington Commerce; our story); Colorado 91 (OEDIT; our story); Utah 37 (GOED; our story); Nebraska 28 (Office of Gov. Pillen; our story); Delaware 25 (Office of Gov. Meyer; our story); Idaho 25 (Idaho Commerce; our story); U.S. Virgin Islands 18 (Office of Gov. Bryan; our story). The other 38 states and DC have no official count yet.

The nomination calendar. Section 2.02(e) of Rev. Proc. 2026-14 says a governor's nominations must be made by the end of the “determination period,” which the statute defines as “the 90-day period beginning on the decennial determination date,” the first being July 1, 2026. That window closed September 28, 2026, the date state agencies such as New Jersey's DCA describe as Treasury's deadline. The same section lets a governor “request, and receive, a 30-day extension of this deadline, which would conclude, at the latest, on October 28, 2026.”

Early filings can still change. The revenue procedure says nominations “submitted prior to the conclusion of the 90-day period … will be considered received by the Secretary not earlier than the conclusion of that 90-day period,” so states can send nominations in batches and “modify previously submitted nominations.” Section 5.03 adds a hard stop: “Any request to modify such a nomination after October 28, 2026, will be denied.” A list a state publishes before then is its submission as of that date, not necessarily its final one.

Treasury's review window. Under section 2.02(f), “not later than the end of a 30-day ‘consideration period’ beginning on the date that the Secretary receives notice of a nomination, the Secretary may certify the nomination and designate the nominated tract” as an Opportunity Zone. Because the determination period can run to October 28, Treasury says that consideration period “would conclude on November 27, 2026, at the latest.” A governor may also “request, and receive, a 30-day extension of this deadline, which would extend it to December 28, 2026, at the latest” (Rev. Proc. 2026-14).

Nominated is not designated. Section 2.02(1) of the revenue procedure splits the roles. The governor “nominate[s]” eligible low-income tracts, and the Treasury Secretary is authorized “to certify the nomination and designate such population census tract” as a zone, subject to each state's 25% cap. Section 5.04 says Treasury will consider a tract not on the eligibility appendix only if the nomination comes with “a detailed analysis, including current data collected at the census tract level.” That matters for two filed states. Arizona's list marks 3 of its 125 tracts as off-list, and Texas's list counts 608 tracts against a computed cap of 605. Certification will settle both counts.

Certification so far. One state reports a decision. Idaho Commerce announced on October 1, 2026 that Treasury approved all 25 of Gov. Little's nominations. Colorado's economic development office said it expects Treasury action on its 91 nominations by the end of November, as we reported. Every other filing on our tracker is a nomination pending certification.

When zones take effect. Section 2.02(g) says a zone's designation runs from its “applicable start date,” defined as “the January 1 following the date on which such QOZ was certified and designated.” For tracts certified under this revenue procedure, “the QOZ designation period begins on January 1, 2027, and ends on December 31, 2036” (Rev. Proc. 2026-14). A tract certified in October and one certified in late December both start on January 1, 2027.

Still to file. New Jersey's DCA says the state received the 30-day extension and “will submit its nominations by the extended federal deadline of October 28, 2026” (see our NJ explainer). Pennsylvania's DCED has a draft map of tracts “under consideration” with “10 open slots” left “ahead of final submissions” (our PA story). California's GO-Biz still shows only its draft list of recommended tracts and a public comment period that closed August 28.

What investors should watch. First, October 28, after which no state can add or change a nomination. Second, November 27, Treasury's latest date to certify unless a governor extends it to December 28. Third, each state's certified list, the only version that defines where OZ 2.0 investments can go. Rural status comes from the appendix, and it matters: for investments after December 31, 2026, a qualified rural opportunity fund gets a 30% basis increase after five years instead of 10%, per IRS Notice 2026-55. Until a tract is certified, it is a nomination, not an Opportunity Zone. Track every filing on the OZ 2.0 tracker, download the dataset, and model the 10% and 30% cases in the OZ calculator.