Treasury Designates 52 West Virginia Areas as New Opportunity Zones

Federal officials have identified 52 areas in dozens of West Virginia counties as “opportunity zones” for increased private investment. West Virginia Gov. Patrick Morrisey announced Thursday that the U.S. Department of the Treasury identified the census tracts for new federal tax incentives to attract private investment, support business expansion, create jobs and revitalize communities, according to a news release from the governor’s office.

The designated census tracts are located in the following counties: Berkeley, Boone, Braxton, Brooke, Cabell, Calhoun, Greenbrier, Hampshire, Hancock, Harrison, Jackson, Jefferson, Kanawha, Lewis, Marshall, McDowell, Mercer, Mineral, Mingo, Monongalia, Morgan, Nicholas, Ohio, Pocahontas, Putnam, Raleigh, Roane, Summers, Upshur, Wayne, Wood and Wyoming.

State Coordinated Selection Process

The West Virginia Division of Economic Development coordinated the state’s selection process, reviewing nominations from local economic development authorities, county commissions and regional planning councils. Priority was given to areas with strong potential for business investment, infrastructure development and long-term job creation.

Governor Patrick Morrisey announces that the U. S. Department of the Treasury has certified 52 census tracts across 32 West Virginia counties as Opportunity Zones, providing new federal tax incentives to attract private investment, support business expansion, create jobs, and…

— https://x.com/wvgovernor/status/2118351652222607750

Tax Incentives for Investors

Under the Opportunity Zones 2.0 program, investors who reinvest eligible capital gains through Qualified Opportunity Funds can receive federal tax benefits designed to encourage long-term investment in designated communities. The program also provides enhanced incentives for qualifying rural investments. Investments through Qualified Rural Opportunity Funds can receive a 30% basis increase after five years, compared with 10% for standard Qualified Opportunity Funds, the news release said. Qualifying rural properties also benefit from a reduced substantial improvement requirement of 50%, rather than 100%.

Goal of Revitalization

“West Virginia is attracting record levels of private investment, and we want to make sure communities in every corner of our state have an opportunity to share in that growth,” Morrisey said in the news release. “These new Opportunity Zones give us another tool to bring investment into communities that need it, create good-paying jobs, and help local businesses grow. We’re building an economy where more West Virginians can find opportunity close to home.”

The new designations will help attract additional private capital into communities across the state, supporting industrial development, business expansion, housing, and infrastructure improvements.