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Posted on: May 18, 2018

U.S. Treasury Department approves 74 census tracts Governor Colyer nominated as Opportunity Zones

opportunity graphic 350px

TOPEKA – The U.S. Department of Treasury has officially certified Governor Jeff Colyer’s nomination of 74 census tracts to be designated as Qualified Opportunity Zones and has designated those tracts as such.  The approved Opportunity Zones, a new economic development tool enacted by the Federal Tax Cuts and Jobs Act of 2017, will offer local citizens the opportunity to invest back into their communities and proactively be a part of the solution to problems such as population decline, lack of jobs, and crumbling infrastructure.

For the investor, the Opportunity Zone program offers tax incentives to citizens who re-invest their unrealized capital gains into Opportunity Funds dedicated to investing in designated census tracts. 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. Additional tax incentives are available for investments held for periods of seven and 10 years.  The Internal Revenue Service is expected to issue guidance on Opportunity Funds this summer.

The specific census tracts and their counties designated by the U.S. Treasury as Opportunity Zones are:

 

20001952900  Allen

20003953600  Anderson

20005081900  Atchison

20009971400  Barton

20009971700  Barton

20015020400  Butler

20029977200  Cloud

20035493700  Cowley

20035493800  Cowley

20037956600  Crawford

20037956900  Crawford

20037957500  Crawford

20037957600  Crawford

20045000200  Douglas

20045000400  Douglas

20055960501  Finney

20055960600  Finney

20057961800  Ford

20057962101  Ford

20059954200  Franklin

20059954400  Franklin

20063955100  Gove

20063955200  Gove

20065952100  Graham

20071958100  Greeley

20089576100  Jewell

20089576200  Jewell

20091052102  Johnson

20091052417  Johnson

20091053555  Johnson

20091053557  Johnson

20091053601  Johnson

20099950400  Labette

20101956600  Lane

20103070100  Leavenworth

20111000500  Lyon

20121100700  Miami

20125950200  Montgomery

20125951200  Montgomery

20125951300  Montgomery

20137951700  Norton

20139010400  Osage

20155000600  Reno

20155000700  Reno

20155001000  Reno

20155001300  Reno

20157978300  Republic

20161000500  Riley

20161000801  Riley

20161001100  Riley

20163974600  Rooks

20163974700  Rooks

20169000100  Saline

20169000600  Saline

20173000400  Sedgwick

20173000900  Sedgwick

20173001100  Sedgwick

20173002600  Sedgwick

20173003200  Sedgwick

20173003700  Sedgwick

20173003800  Sedgwick

20173004300  Sedgwick

20173006300  Sedgwick

20177000700  Shawnee

20177000800  Shawnee

20177004000  Shawnee

20181453700  Sherman

20185470600  Stafford

20209041800  Wyandotte

20209042200  Wyandotte

20209043905  Wyandotte

20209044101  Wyandotte

20209045100  Wyandotte

20209045200  Wyandotte

 

In February, the Kansas Department of Commerce announced it would begin accepting Letters of Interest from communities to have their eligible low-income census tracts designated as Opportunity Zones. Following the review of submissions, Governor Colyer determined that each community who submitted an eligible census tract would be nominated for at least one Opportunity Zone designation. After a thorough review process involving multiple state government agencies, Governor Colyer submitted the 74 census tracts to the U.S. Department of Treasury for consideration on April 18.

Additional information about the Opportunity Zone program may be found at http://kansascommerce.gov/opportunityzones.

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