Historic tax credit becomes law
[Green Bay, Wis.] Today, Governor Walker signed historic tax credit legislation, which became Special Session Assembly Bill (SSAB) 4.
“This initiative gives municipalities a proven tool to redevelop aging downtown buildings, waterfronts and main streets into new businesses and landmarks,” said Weininger. “This new law will enable municipalities to better compete for out of state development and investment dollars. I’d also like to thank my legislative colleague, Senator Gudex, for his support of this important bill, and numerous other legislators who helped pass this bipartisan piece of legislation.”
SSAB 4 raises the Wisconsin historic preservation credit from 5% to 20%, matching the Federal Historic Preservation credit of 20%. This legislation also decouples the Wisconsin credit for the Federal credit, but requires a project minimum of $50,000 in investment. In addition, SSAB 4 offers a state match of 5% for those buildings built prior to 1935, but are considered non-historic, and therefore, don’t qualify for the historic preservation tax credit. The Wisconsin Economic Development Corporation will need to approve projects prior to credits being claimed.
Neighboring states have successfully utilized the historic tax credit to reinvigorate their states’ economy.
In 2011, Minnesota attributed $343 million in investments as well as 1,808 construction jobs to the tax credit. Iowa has a 25% state historic tax credit match, which has created 4,000 permanent jobs in Dubuque, Iowa and leveraged investment of $700 million for the state.