Gov. Walker announces list of recommended Opportunity Zones in Wisconsin
Governor Scott Walker yesterday recommended the designation of 120 Opportunity Zones across 44 counties in rural, urban, and tribal areas of the state. Click here to see the Governor’s full list of recommended Opportunity Zones.
The Opportunity Zones Program was created by the federal Tax Cuts and Jobs Act of 2017 to drive long-term investment to low-income urban and rural communities across the country. Under the new community development tax incentive program, investors will receive a temporary tax deferral when they re-invest unrealized capital gains in designated Opportunity Zones.
The program uses low-income community census tracts to determine areas eligible for Opportunity Zone designation. Governors in each state are authorized to designate up to 25 percent of the total number of low-income census tracts in their states as Opportunity Zones. The U.S. Department of the Treasury will make the final decision on designated Opportunity Zones based on submitted recommendations.
Upon releasing his recommendations, Gov. Walker said, “We are excited to embrace Economic Opportunity Zones as a new tool to build on our track record of economic growth. These recommendations reach communities across our state – urban, rural, and tribal – that are positioned for strong and sustained growth.”
Click here for more information on the Opportunity Zone program.