Raising tax credit for historic projects passes

Raising tax credit for historic projects passes

The Wisconsin Senate has passed a bill increasing the limit on tax credits for historic rehabilitation projects in Wisconsin from $500,000 to $3.5 million.

The Assembly is also scheduled to vote on the measure Tuesday.

Raising the cap comes just months after the Legislature voted to set it at $500,000.

Proponents for the higher cap say limiting the tax credit will cripple the program and result in fewer historic properties, especially in small towns, being saved and used as tools to spur economic development.

A broad coalition supports the bill including the Wisconsin League of Municipalities, historic preservation groups, real estate agents, and builders.

Republican Sen. Duey Stroebel voted against it, saying the tax incentive was too rich and not necessary. It passed 29-3.