Opportunity Zones in West Virginia coming into focus
The full extent of the federal and state Opportunity Zones program is coming into focus. Although originally designed as a business investment tool in targeted areas, the scope of available resources is growing as the federal government announces aligned grant and assistance resources for homeowners, business owners, non-profits and municipalities in Opportunity Zones. For instance, an upcoming lenders forum hosted by the Small Business Administration and the US Department of Agriculture that's targeted toward West Virginia banks, commercial lenders, CDFIs and non-profit lenders will include a session focused on Opportunity Zone incentives for borrowers and lenders. Information on the event in Bluefield is here.
At the state level, SB 1014 is up for third reading today in the West Virginia House of Delegates special session convening in Charleston. The bill would exempt personal and corporate state income from being taxed if they utilize the federal Opportunity Zones program. During our Invest Forward panel series, a national expert on Opportunity Zone policy said this bill is one of the most aggressive state level Opportunity Zone incentives designed to compete for a national pool of investment dollars.
Stay tuned for updates on state and federal legislation as well as information about how banks are addressing this emerging opportunity.