The Treasury Department and the Internal Revenue Service issued guidance Tuesday on qualified opportunity zone investments in rural areas under the One Big Beautiful Bill Act. Treasury officials who asked not to be identified noted during a press briefing that this is the first guidance on opportunity zones since the passage of the OBBBA, and more guidance will be issued in the months ahead. The notice released Tuesday by the Treasury and the IRS identifies 3,309 of those OZs as composed entirely of a rural area. The Treasury and the IRS expect to issue future guidance on the forthcoming round of opportunity zones authorized by the OBBBA, including the nomination and designation procedures. Opportunity zones offer various tax incentives, officials noted, allowing investors to reinvest their capital gains into opportunity zones through investment vehicles known as qualified opportunity funds.