A tract of land in Wyoming County for development opportunities that include the John D. Rockefeller IV Industrial Park has been certified as an "Opportunity Zone" by the U.S. Department of Treasury.
Gov. Jim Justice and U.S. Sen. Shelley Moore Capito, R-W.Va., announced Friday in a news release that the U.S. Treasury Department had certified 55 locations 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 the Tax Cuts and Jobs Act of 2017 that was approved by Congress on Dec. 22, 2017.
"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," Justice said in the release. "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," Capito said in the release. "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. 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."
Other census tracts selected included three neighborhoods in Huntington; one tract in Williamson's centralized downtown business district; one tract in the town of Gilbert; one tract in Mason County at Apple Grove; and a former Boone County mine site with mountaintop development opportunities.
A full list of West Virginia's 55 Opportunity Zone designations can be found at https://governor.wv.gov/News/Docu ments/OpportunityZones.pdf.