The Opportunity Zones tax incentive was established by Congress in the 2017 Tax Cut and Jobs Act as an innovative approach to spur long-term private sector investments in low-income urban and rural communities nationwide. This economic development initiative is based on the bipartisan Investing in Opportunities Act.
Opportunity Zones may help address a number of challenges in Independence, including:
The Treasury Department designated 4 census tracts in Independence as “opportunity zones”. Those tracts are 29095011000, 29095011600, 29095011700, and 29095011800.
The Opportunity Zones program encourages long-term investment and job creation in low-income areas of the state, by allowing investors to re-invest unrealized capital gains in designated census tracts. The state of Missouri submitted the 161 Opportunity Zones listed below to the federal government for inclusion in the program. The provision has two main tax incentives to encourage investment:
For more information or assistance with Opportunity Zone Development:
Opportunity Zone Investment Timeline/Process