Tax Credit Increase for Historic Preservation Passes in Wisconsin

Lawmakers in Wisconsin passed a landmark (pun intended) bill on February 20 to increase the state's cap on per-project historic rehabilitation tax credits. The increase bumps the credit from $500,000 to $3.5 million. The bill passed the Senate on a bi-partisan vote of 29-3 after unanimously passing the Assembly. The bill now moves on to the desk of Governor Scott Walker, who is expected to sign the bill into law.

A previous budget item would have set the limit at $500,000 as of July 1.

Advocates say the lower tax credits jeopardized numerous projects across the state. The increase will have a direct effect on the restoration of Old Main, the Edward Townsend Mix designed building that is the face of the Old Soldier's Home in Wood, Wisconsin.

The increase is considered to be a stimulant for restoration and development all across the state.

Link: State Legislature approves increase to historic tax credit cap from the Milwaukee BizTimes.


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