West Virginia continues to focus on collaborative efforts to advance Opportunity Zones. WV Forward's spring Invest Forward panels increased enthusiasm among investors and communities to consider this new economic development tool to drive investment in designated areas. Thanks to US Senator Shelley Moore Capito, the WV Department of Commerce, the Claude Worthington Benedum Foundation, Federal Reserve Bank of Richmond, EDA and SBA for working with West Virginia leaders and statewide organizations for nearly a year to strategize and discover opportunities. Meanwhile, Governor Justice just signed into law bold legislation that adds to the federal opportunity zone legislation.
Wes White, Deputy Cabinet Secretary of the WV Department of Commerce, also received positive feedback firsthand on West Virginia's efforts at the two-day National Governors Association Opportunity Zones Summit in Annapolis.
“West Virginia is very focused on Opportunity Zone investment,” said White. “Many participants asserted that West Virginia has the best state incentives in the nation attributed to our new legislation, which will ultimately attract a higher-quality workforce in these designated areas.
“And while we work at the state level to encourage economic development, we know the true value of keeping an ear to the ground and collaborating broadly to ensure we can stack local, state and federal opportunities to maximize investment. A lot of states have not collaborated the way we have. Thanks to working with federal and state government officials, regional reps from the EDA and SBA, nonprofit leaders and WV Forward, we now have a jumpstart compared to our neighboring states when it comes to driving greater economic opportunities statewide.” |
- To learn more about the new state legislation, which makes corporate and personal income generated from newly-formed West Virginia Opportunity Zone-located businesses tax-exempt for ten years, click here.
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