Wisconsin Assembly Approves Historic Tax Credit Increase

By: AP
By: AP

MADISON, Wis. (AP) -- The state Assembly has approved doubling a tax credit that's used to redevelop historic buildings built before 1936.

The measure that passed Thursday 88-4 now heads to the Senate, which could take it up next month. The Legislature earlier this year approved increasing the credit from 5 percent to 10 percent of qualified rehabilitation expenses. The latest measure would double that to 20 percent.

The nonpartisan Legislative Fiscal Bureau estimates the credit will cost the state $8.6 million over the next two years, but backers say it could cost more if the credits prove as popular as expected.

Pending projects in Racine, Kenosha, and Green Bay could all be in line to benefit.

The credit would be reviewed by the Legislature's budget committee in 2015.


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