LURAY, Va. — A section of Page County that includes parts of Luray and nearby areas has received federal approval as an Opportunity Zone, a designation intended to attract private investment through tax incentives.
On Friday, Governor Abigail Spanberger announced that the U.S. Department of the Treasury approved all 153 areas recommended by her administration, including Census Tract 302 in Page County.
The Opportunity Zone program offers tax benefits to investors who put eligible capital gains into qualifying funds that invest in businesses and real estate within designated communities.
The program aims to encourage investment in areas that have experienced uneven economic growth.
Depending on program requirements and how long an investment is held, investors may qualify to delay or reduce certain capital gains taxes or avoid taxes on some investment gains, according to the announcement.
In June, Spanberger identified four priorities for selecting the zones: housing development, downtown improvements, sites ready for business investment and projects that build on regional resources.
Local governments ranked their eligible census tracts and submitted information about proposed development, zoning, community support and investor interest.
Virginia submitted its nominations in October.
The Virginia Department of Housing and Community Development and the Virginia Economic Development Partnership reviewed the proposals, with input from local governments, developers, housing organizations, regional groups and businesses.
The designations take effect Jan. 1, 2027.
To view a map of all of Virginia’s 153 Opportunity Zones, visit: Virginia’s Opportunity Zones
For additional information on Virginia’s Opportunity Zone process, visit: https://www.dhcd.virginia.gov/opportunity-zones-oz