In March 2018 Texas Governor Greg Abbott submitted the state’s 628 designations to the Treasury Department. These include 150 Opportunity Zones in Houston. Added to the 2017 Tax Cuts and Jobs Act, Opportunity Zones could spur investment during Houston’s continued post-Harvey rehabilitation.
An Opportunity Zone is “an economically-distressed community where new investments, under certain conditions, may be eligible for preferential tax treatment.” Therefore the goal is stimulating economic development. But they can potentially transform Houston and other Texas cities.
In a press release, Governor Greg Abbott said, “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.” Consequently, Gov. Abbot hopes billions of investment dollars will flow into Houston and other Texas ‘O-Zones.’