Beloit development designation renewed
In 2009, Janesville and Kenosha were named development opportunity zones where qualifying businesses that make capital investments and/or create or retain jobs can qualify for state income tax credits of up to $5 million over five years, with an option for another five years and $5 million.
Beloit’s previous designation as a development opportunity zone expired in September.
Assembly Bill 13, authored by Rep. Amy Loudenbeck, R-Clinton, passed the Assembly on an 89-4 vote. It now moves on to the Senate.
Loudenbeck said Beloit’s previous opportunity zone targeted the Gateway Business Park, while the new designation would encompass the entire city.
“Beloit is still working to diversify its economy to make up for lost jobs in the manufacturing sector,” she said. “Industry clusters that are growing in Beloit include agri-business, food processing and technology and distribution.
“Greater Beloit and all of Rock County need additional economic development and family-supporting job opportunities to reduce unemployment, add to the local tax base and promote investment in local business and real estate.”
The bill received unanimous, bipartisan support from the Assembly Committee on Jobs, Economy, and Small Business and the Joint Committee on Finance.
The city of Beloit, Rock County Economic Development, Rock County 5.0, Forward Janesville and the Greater Beloit Chamber of Commerce also submitted testimony in support.
Reps. Joe Knilans, R-Janesville, and Evan Wynn, R-Whitewater, were Assembly co-authors. Sen. Tim Cullen, D-Janesville, is a Senate co-sponsor.
Last updated: 4:58 pm Thursday, December 13, 2012