Governor Abbott Submits Opportunity Zone Designations To The U.S. Treasury Department
Governor Greg Abbott has submitted the state's Opportunity Zone designations to the U.S. Treasury Department to encourage long-term investment in eligible Texas communities. The Opportunity Zone program was created by the 2017 federal Tax Cuts and Jobs Act, and will encourage businesses to develop and invest in low-income communities in Texas. The submissions by Governor Abbott to the federal government will attract billions in investment and economic growth to cities across Texas.
“This program will help highlight areas of Texas that are prime for business investment, and it will serve to bring more opportunities to hardworking families across the entire state,” said Governor Abbott. “As we continue to recover after Harvey, these Opportunity Zone designations will also provide a much needed boost for local communities impacted by the storm. With the potential for billions in new investment, I look forward to our state continuing to flourish, bringing further growth and opportunity to the people of Texas.”
Each state may designate up to 25 percent of its eligible low-income census tracts as Opportunity Zones. After an extensive analysis of Texas' eligible tracts, and using a multi-step process to identify eligible areas in particular need due to chronic unemployment, lower population density, and significant economic disruptors such as natural disasters within the past two years, Texas designated 628 census tracts in 145 counties as Opportunity Zones.