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Fifty-two locations across 32 West Virginia counties have received special recognition from the U.S Department of Treasury called Opportunity Zones.
This designation provides federal tax incentives to attract private investment, support business expansion, create jobs, and revitalize communities, according to a press release from Gov. Patrick Morrisey.
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.
The designations take effect Jan. 1, 2027, and will remain in place for 10 years as part of the permanent Opportunity Zones program, providing communities and investors with long-term opportunities for economic development.
“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. “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 zones are in 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.
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. Qualifying rural properties also benefit from a reduced substantial improvement requirement of 50%, rather than 100%.
For more information about Opportunity Zones 2.0, including census tract maps and program details, visit westvirginia.gov/opportunity-zones.