BECKLEY, WV (LOOTPRESS) – Kelly Vickers, Executive Director of the New River Gorge Regional Development Authority (NRGRDA), said new U.S. Department of Treasury designated Opportunity Zones in Nicholas, Raleigh and Summers counties are valuable tools that can help enhance community and economic development in those census tracts.
““The designation of Opportunity Zones in our region represents a significant opportunity to attract private investment and stimulate economic growth,” said Vickers. “By offering federal tax incentives for qualifying investments, these designations can help encourage industrial development, business expansion, housing, and infrastructure improvements in designated areas of Nicholas, Raleigh, and Summers counties.”
Governor Patrick Morrisey recently announced the federal approval of 52 census tracts in 32 counties that were recommended for inclusion by the West Virginia Division of Economic Development.
Under the Opportunity Zones 2.0 program, investors who reinvest eligible capital gains through Qualified Opportunity Funds may qualify for federal tax benefits. The program also includes additional incentives for qualifying rural investments. Investments made through Qualified Rural Opportunity Funds may qualify for a 30 percent basis increase after five years, compared with 10 percent for standard Qualified Opportunity Funds. Qualifying rural properties also have a reduced substantial improvement requirement of 50 percent, compared with 100 percent under the standard program.
The new designations take effect January 1, 2027, and will be in effect for 10 years under the permanent Opportunity Zones program. Additional information, including census tract maps and program details, is available at www.westvirginia.gov/opportunity-zones
The Opportunity Zone 2.0 program is enacted under the One Big Beautiful Bill Act (OBBBA), signed into law on July 4, 2025, which amended and made permanent the original statutory framework codified in the Internal Revenue Code (originally established by the Tax Cuts and Jobs Act of 2017).
Vickers expressed appreciation to the Governor and his economic development team for this additional tool to boost economic development, as well as U.S. Senators Shelley Moore Capito and Jim Justice and U.S. Reps. Carol Miller and Riley Moore who voted for the One Big Beautiful Bill Act.
NRGRDA’s mission is to initiate, facilitate and support the economic and community development efforts within the counties of Fayette, Nicholas, Raleigh, and Summers. More on its current projects and 2025 regional impact report can be found at https://nrgrda.org/
