Today the Joint Finance Committee addressed a recommendation in the budget to cap the Historic Tax Credit program at $10 million – an amount that would have drastically reduced the effectiveness of a program that creates local jobs, returns vacant buildings to the tax rolls, and preserves our state’s heritage – and voted to retain the current law! The Joint Finance Committee is to be congratulated for recognizing that the Historic Tax Credit program is a great investment with a return that accrues before the tax credit is even awarded. A wide coalition of advocates representing developers, realtors, architects and municipalities, in addition to preservationists, came together to work for eliminating the proposed $10 million cap. Thank you to all who wrote letters and contacted legislators! This is great news, but our vigilance continues. The budget will now go before both houses of the legislature and then to the Governor. Thank you again for your support! (text courtesy of Milwaukee Preservation Alliance)
See more information about our work on this issue HERE.