Section Of Beaver Dam Recommended As An Economic Opportunity Zone

(Beaver Dam) The governor is recommending that a portion of Beaver Dam be designated as an Economic Opportunity Zone. The recommendations cover 44 counties throughout the state in rural, urban, and tribal areas. These zones present an opportunity for private, tax-free investment into areas of economic need, benefiting both residents living in the zones and the private investor. The zones were created in the federal Tax Cuts and Jobs Act of 2017. Governors nationwide can nominate up to 25-percent of impoverished areas in their state for inclusion in the zone. If Beaver Dam is designated, taxpayers would be allowed to sell stocks or other profitable capital assets at a gain while deferring tax payments through the year 2026. The proceeds from the gains would be directed to the fund for use in the designated areas. In Beaver Dam, the eligible zone would cover the southern portion of the city, bordered on the east and south by Highway 151 and on the west by Madison Street and the lake. The northern border is staggered, ending at Oneida Street, West Street, East Mackie Street, Prospect Avenue, Cleveland Street and Park Avenue. The US Department of the Treasury will make the final selection in Wisconsin based on the governor’s recommendations.