Help get this legislation to the 10 yard line (and beyond)
Opportunity Zone bills in Madison need your encouragement to get schedule before the full Senate and Assembly.
- Senate Bill 440 is currently in the Senate Committee on Senate Organization, which means that it needs to be scheduled for a floor vote by the entire Senate now.
- NEW: Assembly Bill 532 passed out of committee and needs to be scheduled for a floor vote by the entire Assembly.
Local Impact of AB 532 and SB 440
A significant portion of the north side of La Crosse is in an opportunity zone because of its lower income levels. The property values are suppressed because of its 100-year flood plain designation. We need development on the north side to increase the property tax base for the city and provide needed services to our region’s core. Opportunity Zones is a tool to attract developers to invest in this area by providing tax incentives to do so. This is why we need your help moving this latest tool through its final steps at the capitol in Madison.
Other Talking Points
- The opportunity zones program offers tax incentives to encourage investors to reinvest their unrealized capital gains into Opportunity Zones projects.
- This is essentially an add-on to the Federal Opportunity Zones program, which allows individuals who invest in Opportunity Zones, through qualified Opportunity Funds, to receive tax incentives including tax deferral on the invested capital gains and tax-free growth on the Opportunity Fund investment earnings if the investment is held for at least 10 years. In addition, investors receive a 10% reduction in the original capital gains tax if the Opportunity Fund investment is held for at least five years and a 15% reduction after seven years.
- The bill would double the Opportunity Zones tax reduction at the state level for investors who invest in Wisconsin Qualified Opportunity Funds, which are required to hold at least 90% of their assets in Wisconsin Opportunity Zone projects
- Specifically, it will let investors receive a 20% state capital gains tax reduction if they hold an investment in a Wisconsin Qualified Opportunity Fund for at least five years, and a 30% reduction after seven years.
- By leveraging the federal program and utilizing private investment (and not taxpayer dollars), the Wisconsin Opportunity Zones Development Act will encourage Wisconsin investors to keep their investment dollars in Wisconsin – accelerating economic growth and job creation in communities across the state.
- This would be a major benefit for projects like residential development and business expansion in communities that have eligible areas of land, such as the city of La Crosse
- There are 120 Opportunity Zones across 44 counties in Wisconsin
What We Need You to Do by Feb. 26
Email or call the following electeds. REMEMBER: they will log you for/against a bill, however customizing goes a long way. You want to review the talking points and add to your message.
Copy and paste all of these senators into your Blind copy (BCC:) expressing that you support Senate Bill 440 that supports adding a Wisconsin Incentive to the Opportunity Zones. It is important to La Crosse, and you want to see it moved to the Senate Floor.
Senator Shilling (Minority Leader, our senator): (608) 266-5490
Senator Bewley (Assistant Minority Leader) (608) 266-3510
Senator Fitzgerald (Senate Majority Leader) (608) 266-5660
Senator Roth (Senate President) (608) 266-0718
Senator Feyen (Author of the bill (608) 266-5300