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Texas Bill to Create Credit for Investment in OZs, Rural Areas Advances to Senate

Monday, April 22, 2019 - 10:45AM

Legislation in Texas to create a 25 percent tax credit for investments in opportunity zones (OZs) and rural areas passed the House and is now before the state Senate. H.B. 1000 would allow up to $35 million annually in insurance tax credits–Texas has no state income tax–to qualified opportunity funds (QOFs) that are registered as “rural and opportunity funds.” To be registered, QOFs must have invested at least $100 million in nonpublic companies located in either OZs or rural cities and counties that have created or retained a certain number of jobs. The bill would be effective Sept. 1.

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