In his biennial state budget, Wisconsin Governor Scott Walker proposed capping the state’s popular historic tax credit program at $10 million. The proposal has been met with significant opposition. Gov. Walker attempted to cap at the program back in 2015, but a coalition of developers, municipal leaders and historic preservation groups successfully rallied behind the program and the proposal was blocked by the legislature. Wisconsin’s historic rehabilitation tax credit, provides a 20% tax credit on qualified rehabilitation expenses and is un-capped. In 2016, $51.6 million in tax credits were awarded to 34 projects. A cap at $10 million would significantly impact the historic structures from across Wisconsin that are being revitalized and turned into community assets.
The same coalition of preservationists, developers, and others are regrouping and planning to push back against this proposal. Gov. Walker argues that the program needs to be limited so it does not crowd out other economic development priorities. Advocates for the state’s historic tax credit say the program is vital to insuring the integrity of historic neighborhoods and structures, all while increasing revenue to the state and spurring economic development.
