Governor to nominate low-income areas of Lawrence for new federal tax cuts for development

Kansas Gov. Jeff Colyer announced Tuesday that Lawrence is one of 40 cities or counties in Kansas that his office will nominate for new tax breaks under recently enacted federal tax cuts.

A provision in the 2017 Tax Cuts and Jobs Act asks each state to designate certain low-income census tracts as “opportunity zones,” qualifying those who invest in business or real estate developments in those areas for certain tax incentives. Lawrence submitted four tracts to the state for consideration, with the top priority being a large census tract in eastern Lawrence.

Following a review of submissions, Colyer determined that each community that submitted an eligible census tract will be nominated for at least one opportunity zone designation, according to a news release from the governor’s office. The governor may nominate up to 74 census tracts in Kansas for the designation, according to the release.

The release states that Colyer will utilize a 30-day extension from the U.S. Department of the Treasury to work with local leaders to finalize the specific census tracts designated within each community.