Opportunity Zones: How this federal tax initiative is impacting Madison

MADISON, Wis. (WMTV) Opportunity Zones are a federal initiative meant to help poor communities. Instead, NBC15’s National Investigative Team, InvestigateTV , found thriving areas and rich investors benefiting from this new law. NBC15 decided to dig a little deeper and find out if that is happening locally.

Opportunity Zones are a new federal economic development program that was passed as part of the 2017 tax law. Starting in 2019, it was designed to give tax incentives to encourage businesses to invest in designated areas. Essentially, investors can temporarily defer and reduce taxes on capital gains from their original investment if the property is held for 10 years.

In Dane County, there are four, this according to Dan Kennelly, the Business Resources Manager for the City of Madison...

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Ken Notes: Like any Tax incentive the "Devil is in the Details", in this case Madison and Sun are watching this closely. It is a program for the wealthy to defer federal taxes on capital gains, the question is are we using this to get the development we want at the local level. There are a lot of great links in this article you may want to save it. My 11-9-19 – Development Matters with Jason Kadow CEO @ KMA Bodilly covered this in detail...