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NEW INFORMATION: Walker signs historic tax credit bill

By: AP Email
By: AP Email

MADISON, Wis. (AP) -- Gov. Scott Walker says a historic tax credit bill he has signed into law will help revitalize downtowns across Wisconsin.

Walker signed the measure Wednesday at the Hotel Northland in Green Bay. Redevelopment of that 1920s-era hotel is among the projects expected to benefit from the bill that doubles a tax credit available for such expenses.

The new law extends a 20 percent tax credit to all qualified rehabilitation expenses done to buildings built before 1936.

Walker says the tax credit will help lessen renovation and rehabilitation costs that have hampered rebuilding projects in the past.

The city of Green Bay plans to use the tax credit as part of its $35 million renovation of the Hotel Northland, which has been vacant for many years.
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MADISON, Wis. (AP) --Gov. Scott Walker plans to sign into law a bill that backers say will help several historic redevelopment projects around the state.

Walker was scheduled to sign the measure Wednesday at the Hotel Northland in Green Bay. Redevelopment of that 1920s-era hotel is among the projects expected to benefit from the bill that doubles a tax credit available for such expenses.

The new law extends a 20 percent tax credit to all qualified rehabilitation expenses done to buildings built before 1936.

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. Supporters also say the projects will lead to new jobs.

The bill had bipartisan support.


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