An item in the state budget provides a major boost to redevelop historic buildings, supporters say.
An item in the state budget, recently signed by Gov. Jim Doyle, provides a major boost to redevelop historic buildings, supporters say.
In Wisconsin each partner in a development gets a portion of the state tax credit, based on that partner’s investment.
Under the previous law, if the out-of-state investor did not have a Wisconsin tax liability, that credit would go unused. As a result, out-of-state investors had a disincentive to invest capital in the restoration of a historic Wisconsin property, and the state lost out on potential revenue opportunities that could contribute to Wisconsin’s economy.
Under the new law Wisconsin investors can utilize the Wisconsin historic credit even if the federal credit is utilized by an out-of-state investor
“In many states, the investor who uses the federal credit is different from the investor who uses the state credit. This new law will give developers a chance to attract additional investors, thus maximizing use of the credit provision by achieving a larger pool of investors,” said Michael Stevens, State Historic Preservation Officer and Administrator of the Division of Historic Preservation and Public History at the Wisconsin Historical Society.
“This brings additional capital to historic projects so that more projects will be financially feasible,” said Gary Gorman, president of Oregon, Wis.-based Gorman & Company, Inc..
