Opportunity Zones are a community development program established by Congress through the Tax Cuts and Jobs Act of 2017. The goal of this program is to stimulate long-term investment in low-income urban and rural communities across the United States. The Opportunity Zones program provides investors with a tax incentive to re-invest their unrealized capital gains in “Opportunity Funds” that are specifically designed to invest in Opportunity Zones.
Opportunity Zones are established based on certain criteria. In addition to being designated by the Governor, these zones must be located in qualified census tracts that meet the required levels of poverty and measures of economic distress.
The KIPDA region is home to 20 Low-Income Community Opportunity Zones and 1 Non-Low-Income Contiguous Zone. Of which, 19 are located in Jefferson County, and 2 located in Bullitt County. These zones provide an excellent opportunity to maximize development in the KIPDA region, allowing project financing to areas where accessing traditional capital otherwise may be challenging. Not only must at least 90 percent of the dollars placed into an Opportunity Fund be spent in the designated Opportunity Zone, but the funds have to be used to meet the community’s needs and can be used to provide repayable loans or equity investments to projects within.
Jefferson County
Jefferson is home to 19, Low-Income Community Opportunity Zones.
For more information on Jefferson County Opportunity Zones, contact eric.burnette@louisvilleky.gov or 502.574.6950
ZoomProspector Community Link
ThinkKentucky Community Profile
Bullitt County
Bullitt County is home to 2 Opportunity Zones, 1 Low-Income Community, and 1 Non-LIC Contiguous Zone.
For more information on Bullitt County Opportunity Zones, contact Keith Griffee at kgriffee@bullittky.com.
ZoomProspector Community Link
ThinkKentucky Community Profile
Data
Opportunity Zone Data by Census Tract
Information obtained from www.kyoz.org.
Available Incentives
For Opportunity Zone tax benefits:
Tax Benefits
For Manufacturing, service or technology-related economic development projects:
KY Business Incentives
For tourism-related projects, including lodging, recreational facilities, cultural of historic sites, craft and product centers or theme restaurants:
Development Incentive Program
For New Markets Development Program Tax Credit information:
New Markets Development Tax Credit
For Preservation of Historic Buildings:
Kentucky Historic Preservation Tax Credit
Federal Historic Rehabilitation Tax Credit
Kentucky Business Investment Program:
KBI Information
Navigate the links below to find information on investing in your community or to learn more about Kentucky Opportunity Zones.
Projects Seeking Investors in Jefferson County