Wisconsin Representative Chad Weininger (R-Green Bay) recently introduced legislation that streamlines and expands Wisconsin’s current historic tax credit program and raises the state match of the supplemental historic preservation credit from 5 percent to 20 percent. The legislation also offers a 5 percent state match tax credit for those buildings built pre-1936, but do not qualify for the
Federal Historic Tax Credit. The goal of the legislation is to increase the reinvestment and rehabilitation of historic buildings in Wisconsin’s aging Main Streets and Downtowns. Redeveloping historical buildings will help spark new life by attracting boutique firms, shops and entrepreneurs that have traditionally been the backbone of Wisconsin’s economy. The legislation also makes minor changes to current law, including decoupling the state and federal historic preservation credits, and allowing building owners whose renovation projects would cost $50,000 or more to apply for only the state tax credit, freeing them from federal adjusted cost basis requirements. The bill has not yet been assigned a number but is currently being circulated for co-sponsors and will be sent to committee for a public hearing.
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