Opportunity Zones are an economic development tool enacted by the Tax Cuts and Jobs Act of 2017 designed to encourage long-term investments in low-income urban and rural communities. This provides incentives to investors to move capital off the sidelines and into projects which will stimulate the Kansas economy.
Great Bend Chamber of Commerce CEO Jan Peters says she is confident that Great Bend will be identified for at least one of the 70 communities by Governor Jeff Colyer.
Jan Peters Audio
The program provides deferral and reduction of capital gains taxes when the gain is invested in a Qualified Opportunity Fund and maintained for at least five years.
Jan Peters Audio
Eligible low-income communities are defined as: poverty rate is at least 20 percent and if the median family income does not exceed 80 percent of the statewide median family income if located outside of a metropolitan area.
Peters hopes to know more about the outcome of designations by mid to late-May.