What the notice says
The original Opportunity Zones generally expire December 31, 2028. Notice 2026-40, released in June 2026, says Treasury and the IRS intend to propose regulations that draw a harder line for new money in original zones that are not on the new map.
- New property after 2026 generally will not count in an original zone that did not carry over, unless the business has a written working capital safe harbor plan.
- The plan must be adopted by December 31, 2026.
- By the same date, the business must have received at least 10% of the planned capital and spent at least 5%. Money committed under a binding contract signed before January 1, 2027 counts as spent.
- Existing investments keep their benefits. A safe harbor lets funds keep treating an expired zone as a zone for a key qualifying test through 2047.
“Not the idea of a plan. A written plan that’s funded, committed.”
What it means for you
If your project is in an original zone and you plan to keep building or buying after 2026, the plan is your deadline, not 2028. Check your tract on the OZ map first. If it made the new map, this matters much less. Ashley’s rule of thumb from his own deals: start in November, because a proper plan takes weeks and December is when everyone calls.
These rules come from a notice describing regulations the IRS plans to propose. Confirm the current status with your advisor before acting. Comments on this notice and on Notice 2026-55 are due November 23, 2026.
General information, not tax or legal advice. Rules change, and your facts change the answer.