U.S. Sen. Shelley Moore Capito (R-WV) on Aug. 17 hosted U.S. Sen. Tim Scott (R-SC) for a local home-state tour of three Opportunity Zones, developed as part of a federal tax incentive program that encourages private investment in economically distressed areas.
“It was so great to hear directly from city leaders how Opportunity Zones can shape growth in Huntington, across West Virginia, and around the country,” Sen. Capito said. “I’m grateful to Senator Scott for making this trip and excited West Virginia community leaders are ready to get moving with Opportunity Zones in their hometowns.”
The lawmakers visited Huntington, W.Va., which is home to three Opportunity Zones. Sen. Scott’s visit was part of a nationwide Opportunity Tour he’s conducting to highlight the Investing in Opportunity Act, S. 293, which he and Sen. Capito introduced last February.
S.293 amends the Internal Revenue Code to authorize the designation of Opportunity Zones in low-income communities and provides tax incentives for investments in the zones, including deferring the recognition of capital gains that are reinvested in the zones, according to the congressional record summary. The measure became law as part of the 2017 Tax Cuts and Jobs Act reform package.
“West Virginia truly is ripe for opportunity,” said Sen. Scott following the Huntington tour, the eighth stop on his nationwide tour that also included several meetings with local business and government leaders.
“Today’s four stops in Huntington with Senator Capito brought to life so much of what my Investing in Opportunity Act can do,” said Sen. Scott, adding that Americans “are finding purpose, jobs are being produced, and ideas are becoming reality” since the new tax law was enacted this year.
“I can’t wait to see how this community continues to fulfill their potential through the Opportunity Zones and look forward to seeing it prosper,” he said.
Huntington Mayor Steve Williams said the senators were able “to observe firsthand what we have been able to do to attract investment into our city and to also observe what we aspire to become in the coming decades.”
Williams also thanked the lawmakers for diligently working to create the innovative Opportunity Zones, which “enable small cities like Huntington to aggressively seek investment that will establish 21st Century opportunities for our families.”
Sens. Capito and Scott joined Williams to wrap up the Opportunity Tour with a visit to Coalfield Development Corp.’s West Edge Factory, where they learned how the factory has helped expand job training programs in West Virginia.