The City of Kankakee has the only Federally authorized Opportunity Zone within Kankakee County.
Established under the 2017 The Tax Cuts and Job, Opportunity Zones provide for:
Temporary deferral of capital gains invested into a qualified Opportunity Fund through December 31, 2026
Basis of deferred capital gains invested into opportunity Funds increased by ten (10) percent after five years, an additional five (5) percent if held seven (7) or more years for an exclusion of up to 15% of original gains from taxation
Permanent exclusion of capital gains realized within an Opportunity Fund after ten (10) years
Opportunity Funds are private investment vehicles that invest at least ninety (90) percent of assets into Opportunity Zones (i.e., low income census tracts as nominated by Governors)