More than 100 communities throughout Harris County, including downtown Houston and much of the area east of downtown, were recently designated “Opportunity Zones” by the U.S. Treasury Department as part of a new program to encourage private investment and development in certain distressed, low-income areas across the United States in exchange for significant federal tax benefits.
The new Opportunity Zone program was created by the federal Tax Cuts and Jobs Act (TCJA), signed into law on Dec. 22, 2017. Texas Governor Greg Abbott submitted the state’s Opportunity Zone nominations to the U.S. Treasury Department during March 2018, which included more than 600 census tract areas across 145 counties throughout Texas.
Attracting private investment into these distressed areas is expected to lead to their economic revitalization and to boost job creation throughout the state.
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