I attended the annual Region 4 Meeting at the Hawks Nest Conference Room July 17. The R4 Financial Status looks good going forward. An annual Budget was presented and approved. The current total Project Overview consists of 120 active projects with a portfolio of over $500million.
The GVEDC has been working with Region 4 to submit nominations from census tracts for a program known as the Opportunity Zone Program 2.0. Opportunity Zones (OZs for short) are federally designated census tracts where private investors can receive significant tax advantages for investing in long-term projects that drive economic and community development.
Investors who place capital into a Qualified Opportunity Fund (QOF) that, in turn, invests in a designated OZ tract may access three primary federal tax benefits: tax deferral, partial tax exclusion, and a step-up in basis on eligible gains. Opportunity Zones 2.0 builds on the first program, adding enhancements that strength-en its impact. This presents greater rewards for both investors and communities. Even better, Opportunity Zones are now permanent, and the designations are refreshed every 10 years to keep pace with investor interest and community needs.
GVEDC and Region 4 Planning and Development Council worked to identify the most appropriate place in each of their counties for the required designation. The most investment ready of the eligible tracts identified in Pocahontas County include Marlinton.
