Historic Tax Credit legislation was at risk in the latest State budget. A coalition joined forces to defeat the proposed changes. This in addition to many other initiatives are examples of current WRA-supported legislation that preserves and protects a healthy real estate economy.
The 2015-17 state budget maintains the 20 percent state tax credit with no overall caps for historic rehabilitation projects, which have generated an estimated 2,800 jobs statewide and $353 million in revenues for Wisconsin’s economy since the tax credit was increased from 5 percent to 20 percent in 2013.
- The HTC program benefits the state and local economies by creating jobs, generating tax revenue, and revitalizing local communities.
- Since January 2014, $35 million in tax credits has leveraged $278 million in direct spending related to 25 historic tax credit projects.
- The HTC program is the closest thing to a sure bet in the economic development world.
Proposal: A budget amendment that maintained the current 20 percent HTC with no overall caps or per-project caps for historic rehabilitation projects in Wisconsin.
Bill status: The 20 percent HTC amendment was passed as part of the state budget signed into law by Gov. Walker.
Introduced by: Sen. Rick Gudex (R—Fond du Lac), Rep. Andre Jacque (R—De Pere), and Rep. Rob Brooks (R—Saukville).
