An opportunity zone is a special designation by the state which incentivizes job creation through the use of an existing job tax credit program. The OZ as approved:
> Applies to commercial, professional, and industrial areas in the DURA
> Offers a maximum job tax credit allowed under law - $3,500 per job created
> Requires a minimum job creation threshold of any job tax credit program – 2 jobs
> Allows use of job tax credits for 100% of income tax liability and withholding
> Expands the definition of “business enterprise” to include all businesses of any nature
Using this tool, Madison ensures that the best available package of State incentives is available to both new and expanding businesses, thereby encouraging economic development and redevelopment in the targeted area and that the city will remain competitive with surrounding communities.
All About Our Opportunity Zones