WEDC to lift historic preservation tax credit moratorium

The Wisconsin Economic Development Corp. will lift the moratorium on the historic preservation tax credit, Gov. Scott Walker announced today.

The state’s historic preservation tax credit, which under new legislation was increased from 10 percent to 20 percent of eligible expenses at the beginning of the year, has been so popular with developers this year that state officials in June decided to temporarily suspend the program to examine its fiscal impact on the state. The moratorium put some redevelopment projects in the state into limbo.

The state Department of Revenue and the Wisconsin Historical Society projected that $4 million in historic preservation tax credits would be allocated this year. But roughly halfway through the year the state had already authorized more than $35 million in historic preservation tax credits.

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“The Historic Preservation Tax Credit has proven to be a successful economic development tool,” said Walker. “While it was necessary for the Wisconsin Economic Development Corporation to determine the best method to continue the program, worthwhile projects can now move forward to help grow local economies and revitalize communities throughout our state.”

After completing a review of historic preservation tax credit, the WEDC determined that it can lift the moratorium on the Certified Historic Buildings program due to the “rigorous application process” required by State Historic Preservation Officer and the National Park Service prior to submitting applications to WEDC, Walker said. The Historic Preservation Tax Credit program provides transferable tax credits to eligible entities rehabilitating certified historic buildings.

In addition, WEDC will begin collecting additional information under the Historic Preservation Tax Credit program regarding the return on investment to the state, Walker said, including projected employment (construction and long-term), wages, leverage of investment, local participation, tax impact, and other relevant information.

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