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Feds OK 55 West Virginia ‘Opportunity Zones’ Under Tax Law
By: Associated Press
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CHARLESTON, W.Va. (AP) — Federal officials have approved 55 locations across West Virginia to become “opportunity zones,” an economic development designation created under President Donald Trump’s tax law.
In a news release Friday, Gov. Jim Justice and U.S. Sen. Shelley Moore Capito announced that the U.S. Department of Treasury certified the 55 areas, which will be eligible for a federal tax incentive designed to encourage private investors to make capital investments.
The opportunity zones range from a former coal mine site in Boone County with mountaintop development opportunities to many downtown areas across the state.
Qualified opportunity zones maintain the designation for 10 years.