WASHINGTON (AP) — The Trump administration is proposing rules for investors in a new program that it says could have a big impact on economically depressed areas around the country. About 8,700 so-called "opportunity zones" have been set up in all 50 states to lure investors and developers with tax breaks.

The rules from the Treasury Department lay out the period of time that individuals or companies must hold on to their investments in the zones to avoid paying taxes on resulting profits.

The administration said Friday that the goal is to create businesses and jobs in low-income areas.

Critics say the new rules and the way the program is set up will benefit real estate developers and Wall Street funds, and will pull investment toward more well-off areas that need it least.