State Assembly Approves Beloit DOZ Bill
 
Madison, WI …. Representative Amy Loudenbeck (R-Clinton) voted with her Assembly colleagues today to pass Assembly Bill 13, a bill she authored that designates a Development Opportunity Zone in the City of Beloit. The bill passed by a vote of  89 - 4.
 
In her Assembly floor speech today, Loudenbeck stated, “The prior DOZ was only available to companies locating in the Gateway Business Park, whereas this bill would allow the City to include the entire corporate limits of the City, allowing existing business to use the credits for expansion and providing additional incentives for potential users of vacant properties in the City Center and the Beloit Industrial Park.” 
 
Loudenbeck encouraged all of her colleagues to support passage of the bill, reminding them that, “Beloit is still working to diversify its economy to make up for lost jobs in the manufacturing sector.  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 all submitted testimony in favor of this bill to bring jobs to Rock County,” Loudenbeck said.
 
Under the bill, $5 million in tax credits would be available over 5 years, with an option of extending the DOZ for another 5 years and $5 million.  Eligible activities include job creation, environmental remediation, and capital investment.  A qualified project plan must be submitted and jobs for which tax credits are granted must be held by Wisconsin residents.
 
Representative Joe Knilans (R-Janesville) and Representative Evan Wynn (R-Whitewater) are Assembly co-authors of the bill and Senator Tim Cullen (D-Janesville) is a Senate co-sponsor of the bill.
 
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