Primary Department: Economic Equity and Opportunity
Primary Department Head/Elected Official: Tiko Reynolds-Hausman, Executive Director
Secondary Department: Choose an item.
Secondary Department Head/Elected Official:
Regular or Supplemental RCA: Regular RCA
Type of Request: Policy
Project ID (if applicable):
Vendor/Entity Legal Name (if applicable):
MWBE Contracted Goal (if applicable):
MWBE Current Participation (if applicable):
Justification for 0% MWBE Participation Goal: N/A - Goal not applicable to request
Grant Indirect Costs Rate (if applicable):
Justification for 0% Grant Indirect Costs Rate (if applicable): N/A - Not a grant item
Request Summary (Agenda Caption):
title
Request for approval of the selected Census tracts for nomination as Opportunity Zones 2.0, as the tracts either support dynamic areas of investment or seek to attract investment to economically distressed communities, and authorization to submit the nomination packet to the Texas Governor's Office of Economic Development & Tourism for potential designation by the U.S. Treasury.
end
Background and Discussion:
The federal Opportunity Zones program is currently in a nomination cycle for Census tracts to become designated Opportunity Zones for a period of 10 years, from 2027 to 2037. Taxpayers can invest in Opportunity Zones through Qualified Opportunity Funds and temporarily defer tax on eligible gains. Census tracts are selected through a nomination process by Governors' Offices and then a designation process by the U.S. Treasury. State governors can nominate up to 25% of eligible census tracts in their state for U.S. Treasury approval. The Texas Governor's Office is now actively seeking recommendations from economic development organizations and local governments-like Harris County-using the Texas Opportunity Zone 2.0 Nomination Packet, which will guide the state's final submissions to the Treasury. Nomination packets are due by the Texas Governor's Office by June 26th.
...
Click here for full text