Opportunity Zones in Illinois

Recent “Opportunity Zones 2.0" legislation establishes rolling 10-year zone designations, focuses on rural investment with 30% capital gains tax reductions, imposes stricter income criteria for tracts, and introduces mandatory reporting requirements. These are changes that solidify the largest federal community development incentive program in a generation. Opportunity Zones have rapidly grown into an economic development tool that encourages investment in distressed areas, which usually cannot attract new business, capital developments, or other social investments. Opportunity Zones (established under the Tax Cuts and Jobs Act of 2017 and made permanent in the OBBBA) increase incentives for investment in communities in need, allowing for economic growth and job creation. If done properly with community-driven workforce initiatives, households can increase their income and quality of life.

 

Join Illinois Extension, USDA Rural Development, Promised Land, and the Illinois Department of Commerce and Economic Opportunity, for a webinar on how areas in need remain targeted, Qualified Rural Opportunity Funds (QROFs), eligibility requirements, reporting and compliance, ongoing benefits on investments, and more. An Illinois-focused discussion and helpful resources will be included during the webinar.

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Presenter Information:

 

Jesus Ortega, Illinois State Director of USDA Rural Development, directs development, implementation, and advancement of effective policy aimed at American prosperity. He has managed teams, programs, and events that serve this purpose across the Midwest. Jesus is committed to fostering economic growth and improving quality of life in rural communities through strategic partnerships, unprecedented outreach, and process improvements. He considers it an honor to serve the people of the Land of Lincoln and rural America. Born and raised in Illinois, Jesus is a Political Science and International Studies graduate from Loyola University Chicago. Jesus and his wife, Claire, reside in Central Illinois and were delighted to welcome their firstborn in early 2025. 

Chad Phillips, Federal Policy Manager for the Illinois Department of Commerce and Economic Opportunity, leads the Department's federal affairs and works to help organizations access federal resources that foster economic growth across Illinois. In this role, he manages the Department's federal cost-share support program, offers strategic guidance to external partners, and collaborates closely with Illinois' congressional delegation to drive impactful outcomes. Before joining the State of Illinois, Chad served as a strategic initiatives coordinator for U.S. Senator Tammy Duckworth and as a member of U.S. Senator Dick Durbin’s legislative team in Washington, D.C. A proud native of the Metro-East region, Chad grew up in Valmeyer, Illinois.

Mark Jablonski, Business Development Lead at Promised Land, is responsible for expanding investor relationships and strategic partnerships in support of the firm's opportunity zone farmland investment strategy. He is also the founder of Alathea Consulting, advising investors and operating companies on strategy, diligence, and value creation across real assets and infrastructure-oriented businesses. Mark brings a background in investment analysis, capital formation, and operating leadership, and applies this experience to building durable investor relationships and supporting disciplined, long-term ownership of U.S. farmland.