Two of Polk County’s four Census tracts were designated as Opportunity Zones by the Missouri Department of Economic Development earlier this year. These Opportunity Zones include part of Bolivar city limits.
Announced April 10 by former Governor Eric Greitens and U.S. Senator Roy Blunt, the news release stated that “areas with high poverty rates and slow job growth will get a boost as they compete for jobs, with additional state and federal tax incentives for businesses that invest in these communities.”
Made possible by the federal Tax Cuts and Jobs Act of 2017, the Opportunity Zone program provides a tax incentive, namely in the deferral of capital gains taxes, to encourage private investments in low-income areas designated as Opportunity Zones.
Investors can invest in projects, such as new and expanding businesses, infrastructure, real estate and housing located within the approved census tracts designated as Opportunity Zones. In turn, they receive a tax deferral on their capital gains, a reduction in basis for long-term investments, and other tax incentives. The program seeks to revitalize communities and create jobs in areas that otherwise may not be considered by investors.
“The Opportunity Zones program will help spur new investments in communities where they’re needed most. By bringing investment incentives to underserved areas, the program will help create more jobs, drive economic growth, and improve the quality of life for families across our state. The Opportunity Zones program is another example of how tax reform is directly benefitting Missourians, and turning the page on years of slow growth and stagnant wages. I’m proud to support this program …,” stated Sen. Roy Blunt, in the April 10 release from the governor’s office.
The opportunity zones are located in Bolivar, Branson, Butler County, Cameron, Cape Girardeau, Columbia, Dallas County, Excelsior Springs, Hannibal, Independence, Jackson County, Jefferson City, Jennings, Joplin, Kansas City, Kennett, Kirksville, Laclede County, Lafayette County, Lebanon, Maryville, Mexico, Monett, Montgomery County, Neosho, New Madrid County, Newton County, Pemiscot County, Polk County, Potosi, Pulaski County, Randolph County, Ripley County, Saline County, Sikeston, Springfield, St. Joseph, St. Louis, St. Louis County, Sugar Creek, Sullivan County, Sunrise Beach, Warren County, Warrensburg, Warsaw, Wayne County, and West Plains. For more information and a full list of Missouri’s Opportunity Zones, click click here.
To view a map of the Opportunity Zones in Missouri, click here.
This information is not intended to be, nor should it be, construed as an offer to sell or a solicitation of an investment in any securities, nor should it be construed as investment, tax or financial advice.
From North at St. Clair/Polk County Line: South on Missouri 83 into Bolivar
IN BOLIVAR: At City Limits north near CMH: Follow Bus. Mo. 83 (North Oakland Avenue) south then east on West Forest Street south on North Main Avenue; at square, west 4 blocks on Mo. 32 (West Broadway Street) to South Lillian Avenue; south to West South Street; east to South Springfield Avenue; south on Bus. 83 (South Springfield Ave.) to Hwy. 13 interchange; then South along Mo. 13 to East 490th Road (where the boundaries then follow the old northbound lanes of Mo. 13 when it was a divided four-lane highway); Along Rt. F at Mo. 215 in Brighton where Rt. F becomes Rt. K; along Rt. K to near East 565th Road where it follows northbound lane of Mo. 13 south to Polk/Greene County line.
For more information, contact Gail Noggle, Executive Director- Economic Development Alliance/Director of Economic Development-City of Bolivar at email@example.com or by calling 417 328-5811.