The State of Wisconsin has 120 Qualified Opportunity Zones – created by the 2017 Tax Cuts and Jobs Act. The zones are designed to spur economic development and job creation in distressed communities throughout the county and US by providing tax benefits to investors who invest eligible capital into these communities. Taxpayers may defer tax on eligible capital gains by making an appropriate investment in a QOF and meeting other requirements.
On Tuesday March 3rd, Governor Evers signed Assembly Bill 532 into law, making it 2019 Wisconsin Act 136. This act enhances the Opportunity Zones tax incentives in Wisconsin that were initially implemented under the Federal Opportunity Zones legislation and encourages investors to re-invest their capital gains in Wisconsin. Act 136 will drive private investment into economically distressed areas to strengthen our Wisconsin communities.
CARW CEO Tracy Johnson weighed in on this on WPR News: https://www.wpr.org/wisconsin-could-be-first-state-expand-opportunity-zone-tax-incentives
Follow more information on Opportunity Zones HERE