In light of Hurricane Dorian, how can areas struck by natural disasters in the U.S. benefit from OZ investments? Are there any provisions for adding on new OZs?
The Opportunity Zones have been selected per the process created by legislation. Disaster areas would have to occur within an existing OZ. In other words, the disaster itself would not matter without new legislation. However, often special legislation is created for particular disaster relief zones.
No, there are not any provisions for adding new areas to the zones, unfortunately. But oftentimes such areas are declared as disaster areas which the feds may include for other benefits. For Opportunity Zones, they are either already in a zone or they won't be absent new legislation which is a lengthy process.
Absent a change in law, no new QOZs can be created.
No provisions to add new census tracts. However, the area might have already qualified. Check the website.
It's somewhat possible, but a few bills that have been presented to this effect have gone nowhere thus far. I imagine the federal government will prefer more direct aid in response to natural disasters, but expanding the QOZ program is not totally out of the question.
New zones can be created by governors after the 2020 census. It will take an act of Congress signed by the president to make further changes.
There are no actual provisions for the designation of more Opportunity Zones. It will take an amendment to current law. It may be possible that these areas are already designated as Opportunity Zones, but also disaster relief funds are appointed to assist.
Only if Congress passes it as a new law.
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