Press Releases

The U.S. Department of Treasury approved Virginia’s nomination of 153 new Opportunity Zones (OZs) as proposed by Virginia Governor Abigail Spanberger. A map of the new OZs in Virginia, which are set to take effect in January 2027, is available here.

The OZ program is meant to incentivize private investment capital in economically distressed communities. This federal initiative, which was permanently extended through the 2025 reconciliation bill, H.R. 1 - the Working Families Tax Cuts Act, now includes boosted tax incentives for OZs in rural communities. Capital gains placed into rural investments are subject to a discount three times that of non-rural investments. In addition, the investment threshold for improving a facility is reduced. U.S. Congressman Morgan Griffith (R-VA) voiced his support for boosted OZ tax incentives for rural communities as he voted in favor of the Working Families Tax Cuts Act.

In response to this announcement, Congressman Griffith released the following statement:

“As an original supporter of Opportunity Zones, this policy helps attract investments, generate economic growth and create jobs in communities that need it. In 2025, I supported the expansion of this program to allow more rural communities to potentially access private investment. 

“Today’s announcement confirms that Virginia’s Ninth District will have more rural Opportunity Zones than any other Congressional District in Virginia.

“I am glad to have secured this outcome for our rural communities by voting for the Working Families Tax Cuts. I will continue to support policies that strengthen economic opportunity in rural America.”

BACKGROUND

According to the Economic Innovation Group, $1.9 billion in OZ investments supported Virginia communities through the end of 2024.

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