Private investment in 104 designated low-income urban and rural communities across Oklahoma will continue to receive federal tax incentives under a revamped program that relaunches Jan. 1, 2027.
The program is designed to spur economic growth and job creation in qualifying communities by giving tax benefits to investors who put eligible capital gains into “opportunity funds.” The funds then invest that private capital in business expansion, housing development, the revitalization of underused properties and more.
On Wednesday, Gov. Kevin Stitt and the Oklahoma Department of Commerce announced the state’s plan to keep participating in the federal program, now known as Opportunity Zones 2.0. Created in 2017 during President Donald Trump’s first term, the program had been set to expire at the end of 2026. In 2025, the One Big Beautiful Bill Act renewed the program and made it permanent.
Stitt said the initial program generated about $440 million in private investment in underserved areas since the program launched. Separately, Oklahoma saw about $15 billion in investment statewide in 2025 alone.
“We’re going to continue as Oklahomans to grow our economy, and we’re going to outpace that number as long as we keep pushing these business-friendly policies,” Stitt said. “I hope every single year, we have a record year like we did in 2025 of $15 billion of investment. I believe that Oklahoma is the right place to chase your American dream.”
According to the Oklahoma Department of Commerce’s Opportunity Zone website, investors may sell assets and, within 180 days, invest their capital gains in an opportunity fund to defer taxes on those gains. Investors may also sell or exit the investment at any time or invest additional capital alongside their initial gains.
Investors who hold their stake in an opportunity fund long enough can receive additional tax benefits at five and 10 years.
After five years, investors in standard funds can exclude 10% of their original deferred gains from taxes, and investors in rural funds can exclude 30%. After 10 years, investors owe no tax on any gains from the appreciation of their opportunity fund investments.
Oklahoma Department of Commerce CEO John Budd said the state has tremendous momentum in the business community, and its continued participation in the Opportunity Zone program is meant to build on that momentum.
“Opportunity zones are not a guaranteed investment,” Budd said. “We still need the private sector to step up, and this does not happen without investors. The right projects to fit the local community also have to come along. With the right projects, strong local partnerships, and a clear understanding of local priorities, opportunity zones can help open doors to new possibilities.”
Marcie Mack, executive director of the Enid Regional Development Alliance, which represents one of the communities affected by the state’s continued participation, said opportunity zones are a valuable tool for attracting private investment.
“These developments can create jobs, support business expansion and strengthen our tax base,” Mack said. “Attracting private capital, as was mentioned, provides benefits to not only impact Enid but Garfield County and northwest Oklahoma. As a regional hub for employment and commerce, opening this door for investment in Enid strengthens our region as a whole.”
Story and photography by Katrina Crumbacher
The Journal Record
