Texas Governor Greg Abbott recently announced the state’s Opportunity Zone designations. 628 census tracts in 145 counties were selected. States were required to designate Opportunity Zones last week, with an option to request a deadline extension.

The new program, signed into law in December as part of the tax overhaul measure, H.R. 1, allows investors to defer capital gains taxes for up to 9 years on gains invested in a Qualified Opportunity Fund. These Opportunity Funds must in turn invest in an Opportunity Zone.