Contact: Cullen Werwie, 608-267-7303
Beloit – Governor Scott Walker signed Act 37 into law today which relates to the creation of a development opportunity zone in Beloit. Development opportunity zones are used to attract and retain businesses in specific areas of the state by offering tax incentives to firms conducting economic activity within the boundaries of the zone.
“Creating a development opportunity zone in Beloit will create incentive for businesses to grow and relocate in a place that has been hit hard by the national recession,” Governor Scott Walker said. “We are going to use all means necessary to help the private sector create 250,000 jobs by 2015. I thank Senator Tim Cullen and Representative Amy Loudenbeck for their leadership, and I thank the members of Legislature for their overwhelming bipartisan support for this job creation bill.”
The Beloit development opportunity zone will remain effective for 60 months and would offer a total of $5 million in tax benefits. Additionally, the Department of Commerce (soon to be the Wisconsin Economic Development Corporation), may extend the opportunity zone for an additional 60 months and $5 million if it determines the extension will continue to benefit the city.
