State Sen. Lois W. Kolkhorst (R-Brenham) announced that Fort Bend County will be receiving five Opportunity Zone designations.
Opportunity Zones are part of a new economic development program established by Congress and President Trump in the Tax Cuts and Jobs Act of 2017. The new zones will encourage long-term, private-sector investments in eligible communities across Texas. The designated locations submitted by Gov. Greg Abbott to the federal government are expected to attract billions in investment and economic growth statewide.
“Working with Governor Abbott and the local community, I am proud to announce that we have secured five Opportunity Zone designations for Fort Bend County,” Kolkhorst said. “These designations will allow new business opportunities on the heels of Hurricane Harvey and will be a vital new tool to attract a high level of investment.”
Under the new law, each state governor will submit their state’s Opportunity Zone designations to the U.S. Treasury Department, who will offer significant federal tax credit to encourage long-term investment in eligible areas.
“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,” Abbott said.
Abbott’s office said that eligible tracts were considered across Texas, using a multi-step process to identify areas in need due to chronic unemployment, lower population density, and significant economic disruptors such as natural disasters within the past two years.
Kolkhorst said she is grateful for Abbott’s attention to the needs of Fort Bend County.
“My message has been that Fort Bend County needs this help to create more jobs, and Governor Abbott agreed.”