FAIRMONT — A Fairmont City Council member said he was thrilled about an announcement Friday by Gov. Jim Justice and U.S. Sen. Shelley Moore Capito that the U.S. Department of Treasury’s certification of 55 “Opportunity Zones” across West Virginia includes two in Fairmont.
According to a news release, the zones will now be eligible for a new federal tax incentive designed to encourage private investors to make capital investments in those areas.
The areas listed for the City of Fairmont were described as “business development sites with large acreage near the I-79 corridor” and Fairmont’s downtown historic district.
“This is all just terrific news,” city council member Philip Mason said, when asked for comment. Mason said he was “absolutely” sure the city will be discussing how to take advantage of the program.
“We are on the cusp of Fairmont moving to the next level,” he said. “The Opportunity Zone program will help us do just that.”
Mason commended both Gov. Justice and Sen. Capito, as well as President Trump, who he said “is taking care of West Virginia.”
According to the news release, 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, which was approved by Congress on Dec. 22, 2017.”
Qualified Opportunity Zones keep the designation for a period of 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,” Gov. Justice said in the news 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,” Senator Capito said in the news 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.”
Fairmont City Manager Robin Gomez could not be immediately reached for comment.