Local governments hoping to spark the redevelopment of historic buildings could get a little extra help from the state.
The Wisconsin state Assembly on Thursday approved a bill that doubles a tax credit for rehab projects on buildings built before 1936, increasing it from 10 percent to 20 percent. State Representative Chad Weininger (R-Green Bay) says it will encourage redevelopment projects around the state, noting that similar credits in other states have brought in hundreds of millions of dollars in investments to help revitalize key properties.
Lawmakers already increased the credit from five to ten percent earlier this year, but Weininger says Wisconsin is still at a competitive disadvantage for attracting redevelopment when compared to the credits available in neighboring states. It’s estimated the credits could cost the state at least $8.6 million over the next two years, but Weininger say the extra revenue generated because of redevelopment projects could more than offset the loss.
The bill received broad support in the Assembly, passing 88-4. It now heads to the state Senate.
