More than 600 communities in Texas could receive billions of dollars worth of new investment under a provision of President Donald Trump’s $1.5 trillion tax overhaul.
Gov. Greg Abbott has nominated 628 census tracts in 145 Texas counties as potential “opportunity zones” under the tax bill — areas that reduce and perhaps eliminate capital gains taxes for developers and businesses in exchange for long-term investments in poor neighborhoods.
Abbott’s office used a “multi-step” process to pinpoint areas suffering from chronic unemployment, lower population density and “significant economic disruptors” including natural disasters such as Hurricane Harvey during the last two years, the governor’s office said in a news release Thursday.
Click to read more at www.mysanantonio.com