Historic preservation tax credits put on hold

Credit gives owners 20 percent of total restoration costs
Historic preservation tax credits put on hold
Reed Hall, CEO of the Wisconsin Economic Development Corp.

After approving 29 projects as of Monday, the Wisconsin Economic Development Corporation is putting a hold on historic preservation tax credits.

Those 29 projects equal about $35 million in credits.

“While this is certainly a testament to the program’s success and need in Wisconsin, it also underscores the necessity to review the fiscal impact to the state budget,” WEDC CEO Reed Hall said.

The tax credit gives owners 20 percent of what it costs to restore historic buildings.

WEDC officials estimated the credit could result in $180 million in economic development, but they will review the credit’s impact and reports back for the state’s next budget.

“Throughout the process of approving these applications, we have sought to balance the economic benefit of the restoration work planned and the budget implications of the program,” WEDC Marketing Vice President Kelly Leitz said.