SB 293

Current law designates certain areas in the state, usually confined to a city, as

development opportunity zones. Taxpayers that conduct business or intend to

conduct business in a development opportunity zone may receive certain tax credits

after submitting a qualifying project plan to the Wisconsin Economic Development

Corporation (WEDC).

This bill authorizes WEDC to designate as a development opportunity zone an

area in a county in this state that experiences a mass layoff or business closing.

Under the bill, the mass layoff or business closing must affect at least 25 percent of

the employer's workforce or 100 employees, whichever is greater, at an employment

site or within a county, not including new or low-hour employees. The bill also

authorizes WEDC to reallocate unallocated tax credits from the existing

development opportunity zones in the cities of Janesville, Kenosha, and Beloit for

use in a development opportunity zone that WEDC designates in connection with a

mass layoff or business closing.