About Opportunity Zones?
Established by the 2017 Tax Cuts and Jobs Act, the program was created as an innovative economic development tool to spur long-term investment and job creation in economically-distressed communities. Opportunity Zones are census tracts, recommended by the governor, and designated by the U.S. Treasury Department. The City of Houston contains 99 designated opportunity zones.
Through this program, we aim to encourage both pratical and innovative investment in designated Opportunity Zones in a manner that extends benefit to both investors, as well as the existing residents and businesses.
Map of Houston Opportunity Zones
Frequently Asked Questions (FAQ's)
Opportunity Zones are designed to spur economic development by providing tax benefits to investors. First, investors can defer tax on any prior gains invested in a Qualified Opportunity Fund (QOF) until the earlier of the date on which the investment in a QOF is sold or exchanged, or December 31, 2026. If the QOF investment is held for longer than 5 years, there is a 10% exclusion of the deferred gain. If held for more than 7 years, the 10% becomes 15%. Second, if the investor holds the investment in the Opportunity Fund for at least ten years, the investor is eligible for an increase in basis of the QOF investment equal to its fair market value on the date that the QOF investment is sold or exchanged.
Priorities include: (a) Affordable and/or Workforce Housing; (b) Retail Development and Food Desert Mitigation; (c) Manufacturing/Distribution; (d) Innovation/Technology; (e) Investments with Complete Communities
For more information please contact us.