Downtown El Dorado has been designated as one of 74 Opportunity Zones in Kansas. This is the only designated area in Butler County.
As an Opportunity Zone, eligible business in Downtown El Dorado will receive capital gains incentives from the Tax Cuts and Jobs Act of 2017.
“The Opportunity Zone is a federal designation,” El Dorado City Manager David Dillner said. “The governors submitted eligible census tracts and then the Department of Treasury had to certify them. It’s incentive for capital gains taxes.” “The goal of the legislation is to give folks that have seen significant advances in their portfolio to sell some of those assets and invest them in what they are calling distressed communities,” Dillner said. By incentivizing those investments to happen in those areas, they’re hoping to get those dollars come into these communities and invest those directly into either real estate or the improvement of those communities.”
(Read more: El Dorado Times)