Two area lawmakers have reintroduced a critical federal measure that seeks to spur new business investment in communities that are facing economic challenges due to job losses in the coal industry.
The Creating Opportunities for Rural Economies (CORE) Act has been reintroduced in the new Congress by U.S. Sen. Shelley Moore Capito, R-W.Va., and U.S. Rep. Evan Jenkins, R-W.Va.
The CORE act would allocate a portion of available New Markets Tax Credits to be used for development in communities impacted by the downturn in coal. The federal measure would specifically set aside $525 million in credits over three years to invest in states with significant coal job losses, including heavily impacted communities in West Virginia.
“States like West Virginia have suffered from severe job loss in the coal and other industries,” Capito said last week. “These distressed regions of the country need a pathway that will create new jobs, spur business investment, and strengthen struggling economies.”
“Our coal communities deserve our support and investment as they work to diversify their economies and create good-paying jobs,” Jenkins added. “The CORE Act will provide incentives for new businesses and industries to move to coal communities in West Virginia and invest in our people.”
Since 2000, the New Markets Tax Credits program has spurred investment in low-income areas by supporting projects like health care, manufacturing and mixed-use redevelopment, Capito and Jenkins said.
This important measure should enjoy strong support in the new Republican-controlled Congress. We believe the CORE Act should be approved as it could provide critical help to the hard-hit coalfield counties of southern West Virginia and Southwest Virginia.
