KOLKHORST: WASHINGTON CO. TO RECEIVE OPPORTUNITY ZONE DESIGNATION

  

State Senator Lois W. Kolkhorst of Brenham has announced that Washington County will be receiving an Opportunity Zone designation.

According to Kolkhorst, 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.

Kolkhorst says these new zones will encourage long-term, private-sector investments in eligible communities across Texas. The designated locations submitted by Governor Abbott to the federal government are expected to attract billions in investment and economic growth statewide.

Kolkhorst says, "This designation will allow new business opportunities and will be a 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 federal tax credit to encourage long-term investment in eligible areas.

Governor Greg Abbott says, “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.

Kolkhorst said she is grateful for Governor Abbott's attention to the needs of Washington County

 

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6 Comments

  1. Big news for our local job market and economy….I know a business already looking to take advantage of this. Thank you Senator Kolkhorst!

  2. Thank you Senator! I heard President Trump mention these in his tax cut bill …really great that they are doing this in Washington County.

  3. So what you are saying is that they will get tax cuts and OUR Taxes will keep getting HIGHER! !!

    1. Word, Read the article on street repair. If the city don’t get a grip on priorities. Then, taxes will skyrocket and new taxes created. Before they invite new companies to move in, they better get s grip on what really matters. Needs and wants. Government wants are outpacing the needs.

      1. These are new FEDERAL tax rebates so it in no way impacts local city or state or county taxes. It only applies to future capital gains federal taxes. That is why it’s so incredibly good, here is how it works…..the business is given a federal tax cut, simply for expanding in a region determined to be a new opportunity zone.

        Because Washington County has a new zone, it is a recruiting tool to get more jobs into region. More jobs mean more taxpayers locally. That’s basic economics and I thank God our State Senator Kolkhorst helped deliver this to our area! There is only local upside.

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