Opportunity Zones are an economic development tool that allows people to invest in distressed areas in the United States. Their purpose is to spur economic growth and job creation in low-income communities while providing tax benefits to investors.
Opportunity Zones »
The U.S. Treasury Department gave final approval of the designation of more than 600 Opportunity Zones submitted by Texas Governor Greg Abbott, including nine Census Tracts in Nueces County.
The Opportunity Zone program was created by the 2017 federal Tax Cuts and Jobs Act and will encourage businesses to develop and invest in low-income communities in Texas. Each state could designate up to 25 percent of its eligible low-income census tracts as Opportunity Zones. The Governor’s Office analyzed Texas' eligible tracts and identified eligible areas in particular need due to chronic unemployment, lower population density, and significant economic disruptors such as natural disasters within the past two years, Texas designated 628 census tracts in 145 counties as Opportunity Zones on March 21, and the U.S. Treasury Department gave its approval of Texas’ designations on April 20.
View the Opportunity Zone website at www.corpuschristiopportunities.com.
Eight of nine Census Tracts designated as Opportunity Zones are within the city limits of Corpus Christi. One is in Robstown. The eight Census Tracts and the general area description are:
Memorial Hospital -Morgan Avenue - Port Avenue –Agnes-Laredo Corridor
North Beach/Port of Corpus Christi
South Padre Island Drive – Nile – Oso Bay
Greenwood Avenue – Port Avenue – Horne Road - Baldwin Avenue
South Staples – Norton Street – Ayers Street – Balwin Avenue
South Staples – Weber Road – Gollihar Road – Kostoryz Road
Naval Air Station Corpus Christi
The Opportunity Zone program aims to channel long-term capital into investments in distressed communities. According to the National Community Development Association, areas designated as Opportunity Zones retain the status for 10 years. Opportunity Zones will draw on unrealized capital gains in stocks and mutual funds held by individuals and corporations. By funding Opportunity Zones, investors will be able to defer and reduce their federal tax liability. According to Enterprise Community Partners, Inc. an Opportunity Zone program “provides an incentive for investors to reinvest unrealized capital gains into Opportunity Funds in exchange for a temporary tax deferral and other benefits tied to long-term holdings. With trillions of dollars in unrealized capital gains sitting on the sidelines in stocks and mutual funds, U.S. investors can now roll passive holdings of capital into investments in distressed communities.