Senate to vote on approving historic tax credit
MADISON, Wis. (AP) – A tax credit that’s used to redevelop historic buildings built before 1936 would double under a bill before the Wisconsin state Senate. Pending projects in Racine, Kenosha, and Green Bay could all be in line to benefit. The nonpartisan Legislative Fiscal Bureau estimates the credit will cost the state $8.6 million over the next two years, but backers say it could cost more if the credits prove as popular as expected. The measure passed the Assembly last month on a bipartisan vote and will head to Gov. Scott Walker once it passes the Senate as expected Tuesday. The move comes after the Legislature earlier this year approved increasing the credit from 5 percent to 10 percent of qualified rehabilitation expenses. The latest measure would double that to 20 percent.
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