Gov. Justice, Sen. Capito Announce Locations of Opportunity Zones in West Virginia
CHARLESTON, WV - Gov. Jim Justice and U.S. Sen. Shelley Moore Capito announced today 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 capital investments in those areas. Opportunity Zones were created and added to the federal tax code as a result of President Donald J. Trump’s Tax Cuts and Jobs Act of 2017, that was approved by Congress on Dec. 22, 2017. Qualified Opportunity Zones retain the designation for 10 years. “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,” said Gov. Justice. “This is more great news for our state. It continues our movement forward and the hope for brighter days ahead.” “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.” For a list of West Virginia’s 55 Opportunity Zone designations click here.
Butch Antolini, Butch.Antolini@wv.gov