WASHINGTON, D.C. (WTAP) – US Senator Shelley Moore Capito is reintroducing legislation in an effort to encourage investment in communities that are facing economic challenges.
It's called the CORE Act, Creating Opportunities for Rural Economies, and it encourages new development by using new markets tax credits to invest in undeserved, low income communities.
Since 2000, only 17 projects have been invested in West Virginia, which is far less than neighboring states. West Virginia has suffered from severe job loss in the coal industry, and with the CORE Act, Senator Capito hopes to support more local projects.
"I know in Parkersburg you've been working a lot on your downtown redevelopment," Capito said. "This is something that if somebody has a big project, I would hope they would approach our office and we could help them figure out a way to possibly access a new market tax credit."
This is the first piece of legislation Senator Capito has introduced in the 115th Congress.