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