WASHINGTON, D.C. – U.S. Senator Shelley Moore Capito (R-W.Va.) and West Virginia Governor Jim Justice today announced that the U.S. Department of Treasury has certified 55 “Opportunity Zones” across West Virginia that will now be eligible for a new federal tax incentive designed to encourage private investors to make investments in those areas.
Opportunity Zones were created by a legislative provision co-sponsored by Senator Capito in the Tax Cuts and Jobs Act. Qualified Opportunity Zones will retain the designation for 10 years.
“Congress passed and President Trump signed the Tax Cuts and Jobs Act last year to provide tax relief, benefits, and opportunities to families, workers, and small businesses in West Virginia and across the country. These Opportunity Zones are yet another way tax reform is going to help West Virginians create jobs, drive economic growth, and attract investment in areas that need it most,” Senator Capito said. “I was proud to co-sponsor the provision in the new tax law that makes Opportunity Zones possible, and I look forward to continuing to work with state and local leaders to make the most of this new economic development tool.”
“These Opportunity Zones will help to revitalize many areas across West Virginia and spur private investments that will create economic growth, new development and job opportunities for our citizens,” Governor Justice said. “This is more great news for our state. It continues our movement forward and the hope for brighter days ahead.”
A list of West Virginia’s 55 Opportunity Zone designations is available here.
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