Two Opportunity Zones Designated in Lawrence
Opportunity Zones are a new 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. The program provides a tax incentive through the 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.
In 2018, Governor Colyer designated two Lawrence census tracts (PDF) as Kansas Opportunity Zones. The first tract is located on the east side of Massachusetts Street and includes the East Lawrence Neighborhood, Brook Creek Neighborhood, portions of the Barker Neighborhood, Lawrence Venture Park and East Hills Business Park. The second tract includes the University of Kansas campus and West campus.
February 12, 2019, Opportunity Zone Forum
On February 12, The Chamber and City hosted a forum on Opportunity Zones—a new tool for community development established in the Tax Cuts and Jobs Act of 2017. The event was well attended by multiple stakeholders and the City is discussing opportunities for similar forums and conversations.
The presentation and additional information can be accessed at: https://lawrencechamber.com/video-opportunity-zone-forum/