Under the rule, a governor may submit one petition per year for a covered area or areas.
In reviewing a request for designation included in the petition, the Administrator may consider:
• The potential for job creation and investment in the covered area;
• The demonstrated interest of small businesses in the covered area to be designated as a Governor-designated covered area;
• How state and local government officials have incorporated the covered area into an economic development strategy; and
• If the covered area was a HUBZone before becoming the subject of the petition, the impact on the covered area if the Administrator did not approve the petition.
For information about the HUBZone program, visit www.sba.gov/hubzone.
For more information on Opportunity Zones and Opportunity Funds, see https://www.irs.gov/newsroom/opportunity-zones-frequently-asked-questions.