In addition to providing more take home pay for millions of hard working Americans, the Republican-backed tax bill that was signed into law earlier this year by President Donald Trump also includes an important job-creation provision. Specifically, the new tax law designates “Opportunity Zones” in localities across West Virginia.
The zones consist of cities, communities and other locations where a new federal tax incentive will be made available to help drive economic growth and private investment.
Areas designated as Opportunity Zones include parts of Bluefield, all of Oakvale, both sides of Interstate 77 Exit 1 near Bluefield, both sides of Exit 9 in Princeton, and the John Nash Boulevard development area, along with the Ceres, Green Valley, Maple Acres and Glenwood communities. The Mercer Mall, several existing industrial parks, and the Hunnicutt Sports complex in Princeton also are all designated as Opportunity
“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,” U.S. Senator Shelley Moore Capito, R-W.Va., said. “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.”
The Opportunity Zone program is designed to incentivize capital investments in low-income communities nationwide.
Economic development officials in our region should actively use the Opportunity Zones as a new economic development tool to help with marketing the area to prospective businesses and industries.
All efforts must be focused on job creation, and having these new federal tax incentives in place will certainly help.