Plans for opportunity zones are being promoted by United States Senator Shelley Moore Capito.
Opportunity zones are distressed communities that have the chance to be revitalized due to the tax cuts bill. These zones were created to attract growth and private investment according to Senator Capito.
“They’re many in the pandhandle where it’s considered to be under developed and un-developed where there can occur great job creation if we can get the investment and the dollars in there,” Capito said.
Capito also believes private investors can also put off capital gain taxes if they were to invest in an opportunity zone. According to the Economic Innovation Group, one in six Americans live in an economically distressed community, and these areas lost 6 percent of their jobs between 2011 and 2015.
On Wednesday, May 1, Senator Capito delivered a floor speech about Opportunity Zones where she discussed how the zones would provide capital to assist in growing new businesses and create jobs in parts of the nation such as West Virginia.