LINCOLN, Neb. (Mar. 2, 2026) — The Nebraska Department of Economic Development (DED) has officially opened applications for communities seeking designation under the Federal Opportunity Zones Program, launching a statewide process aimed at attracting investment and accelerating economic growth in underserved areas.
Applications are now available through DED and will be accepted through May 1, 2026, for eligible census tracts seeking nomination as Opportunity Zones.
Statewide Effort to Expand Investment Opportunities
Under federal guidelines, Nebraska may nominate 28 census tracts from a total of 112 eligible tracts statewide for Opportunity Zone designation. Eligible communities are encouraged to submit competitive proposals demonstrating economic need, investment readiness, and measurable community benefits.
“Opportunity Zones are powerful prosperity creators that invest in families and communities that need it,” said Governor Jim Pillen. “We will continue working with federal partners to expand investment in both rural and urban areas, spur job creation, and support solutions to challenges like housing affordability.”
Maps and lists identifying eligible census tracts are available through the Nebraska Department of Economic Development.
Who May Apply
Applications must be submitted by:
- The Chief Elected Official of a city or county, or
- An authorized representative acting on their behalf.
Supporting letters from business leaders, chambers of commerce, and regional stakeholders may be included to strengthen applications.
DED officials noted that the most competitive submissions will clearly outline development opportunities, community impact, and long-term economic potential.
Designation Process and Timeline
Following application review, DED will forward recommendations to Governor Pillen for approval before submission to the U.S. Treasury Department.
Key timeline milestones include:
- July 1, 2026: U.S. Treasury begins accepting state nominations
- 90-day federal review period
- January 1, 2027: Approved census tracts officially designated as Opportunity Zones
- Designations will be reviewed and renewed every 10 years
Economic Benefits of Opportunity Zone Designation
Originally established through the Tax Cuts and Jobs Act of 2017, the Federal Opportunity Zones Program was made permanent under the One Big Beautiful Bill Act (OBBBA) of 2025.
The program encourages private investment in economically distressed communities through tax incentives tied to investments made via certified Opportunity Funds.
Key benefits include:
- Capital gains tax deferrals for investors
- Increased incentives for long-term investment
- Support for business development, housing projects, and real estate investment
Under updated federal provisions, Qualified Rural Opportunity Funds provide enhanced incentives and reduced investment barriers for rural census tracts, encouraging greater participation in rural Nebraska and similar communities nationwide.
Supporting Long-Term Community Development
Opportunity Funds must be structured as corporations or partnerships with at least 90% of assets invested in qualified Opportunity Zone projects, ensuring capital flows directly into designated communities.
State officials say the program is designed to stimulate sustainable economic growth, attract private-sector capital, and expand development opportunities in both urban and rural regions.
Learn More
Additional information about Nebraska’s Opportunity Zones Program is available at:
https://opportunity.nebraska.gov/programs/business/opportunity-zones/
Questions regarding the program may be directed to:
Ben Kresl
Nebraska Department of Economic Development
ben.kresl@nebraska.gov | 402-471-3063
