TWENTY-ONE COUNTIES COULD GET ECONOMIC BREAKS - Calhoun Could Qualify For Incentives

(03/18/2003)

Twenty-one West Virginia counties could benefit under federal legislation that would offer tax credits and other incentives to entice city dwellers to move to rural areas. Calhoun is reportedly one of the approved counties. West Virginia Senator Jay Rockefeller says the measure would help ease the population drain that many rural areas have experienced. Population has been declining for several years in central West Virginia, in addition to southern counties. The Census Bureau forecast for Calhoun indicates stagnant population growth during the next ten years, with a likelihood of some decline. The federal legislation, if approved, would provide a five-thousand-dollar tax credit for home purchases. It would establish a new venture capital fund for business investment and provide tax credits to businesses in rural areas. A college graduate who agreed to live and work in a rural area for five years could get up to ten-thousand dollars in student loans paid by the federal government. To qualify, a city dweller would have to move to a county whose population has dropped by ten percent or more over the last two decades. Twenty-one of West Virginia's 55 counties meet the requirements for the breaks.

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