ELKINS — Two area counties have been recognized as being eligible for a federal tax incentive that could promote economic growth.
Gov. Jim Justice and U.S. Sen. Shelley Moore Capito announced last week 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.
Those areas include the historic downtown area of Elkins, the Elkins Railyard, Davis & Elkins College, the Davis Medical Center campus, a variety of residential neighborhoods and government office buildings in Elkins, as well as Buckhannon’s historic downtown district and “developable sites” in proximity to Corridor H.
“Being chosen as an ‘opportunity zone’ for Elkins is huge. It reflects all the efforts our city council, administrative officers, employees and citizens have made over the last several years in growing and improving our town,” Elkins Mayor Van Broughton said of the designation. “This designation will invite investment and opportunities for people looking in to see how great this area is and will provide much-needed economic growth. This proves that good things happen when everyone works together.”
“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, according to a press release from Justice’s office. 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,” 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. 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,” Capito added. “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.”