Opportunity Zones

The Opportunity Zone Program, created in 2017 through the Tax Cuts & Jobs Act of 2017, provides numerous benefits in the form of capital gains tax abatements to businesses and investors who invest eligible capital into Qualified Opportunity Zone assets. Administered by the U.S. Department of Treasury, The Opportunity Zone Program is a federal initiative designed to spur economic development and job creation in distressed communities throughout the United States. 

To encourage long-term investment in eligible Texas communities, Governor Abbott nominated 628 census tracts in 145 counties, which are in particular need due to chronic unemployment, lower population density, and significant economic disruptors, such as natural disasters. 

Benefits

Locating within a Qualified Opportunity Zone in Brazoria County can provide the following tax benefits for your business:

• Defer tax on any capital gain from the sale or exchange of property with an unrelated person if that gain is invested by the taxpayer in an Opportunity Zone Fund within 180 days of the date the gain was recognized.

• Reduce up to 15 percent of gains reinvested in an Opportunity Fund depending on the investor’s holding period in the fund.

• Increase the tax basis of their interest in an Opportunity Zone Fund to fair market value on the date of sale if they hold their interest in the fund for at least 10 years.

Property that may qualify as Qualified Opportunity Zone Property includes new real estate development, manufacturing facilities, restaurants, car dealerships, and more. 

Brazoria County has 174 square miles of Qualifying Opportunity Zone Property located throughout the county with areas in Angleton, Alvin, Freeport, Oyster Creek, Surfside Beach, and Sweeny.  

Opportunity Zone Tracts in Brazoria County

Census Tract 6628

• Sweeny, TX

• 51.8 Square Miles

• 14.5% Below the Poverty Line

Census Tract 6614

• Alvin, TX

• 2.7 Square Miles

• 11.1% Below the Poverty Line

Census Tract 6612

• Alvin, TX

• 1.4 Square Miles

• 18.6% Below the Poverty Line

Census Tract 6643

• Freeport, TX

• 3.1 Square Miles

• 26.5% Below the Poverty Line

Census Tract 6642

• Oyster Creek, TX

• 45.2 Square Miles

• 19.1% Below the Poverty Line

Census Tract 6641

• Angleton, TX

• 69.8 Square Miles

• 10.4% Below the Poverty Line