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City Initiatives on the August 6th Ballot

Federal Opportunity Zones have been established in western Independence (census tracts 29095011600, 29095011800, 29095011000, 29095011700). Investments made through Opportunity Zone Funds for projects located in or adjacent to designated Opportunity Zones may take advantage of tax abatement on reinvested capital gains. The law excludes from taxable income capital gains on Opportunity Zone investments held for at least 10 years. If investors hold their Opportunity Zone investments for 5 years the basis of their original investment is increase by 10% and they will only owe taxes on 90% of the rolled-over capital gains. If held for 7 years, the basis increases by an additional 5%. Applicants should consult their tax adviser as to the benefit of investing in Opportunity Zones as the City will not provide legal or financial advisory advice.

What is an Opportunity Fund?

An Opportunity Fund is any investment vehicle organized as a corporation or partnership for the purpose of investing in Opportunity Zones that holds at least 90% of its assets in qualified Opportunity Zone assets.

Interactive Opportunity Zone Map