Senate passes historic tax credit

By: AP Email
By: AP Email

MADISON, Wis. (AP) -- A tax credit that's used to redevelop historic buildings built before 1936 would double under a bill passed by the Wisconsin state Senate.

Pending projects in Racine, Kenosha, and Green Bay could all benefit from the 20 percent tax credit that's applied to qualified rehabilitation expenses.

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 state Senate passed the bill on a 31-2 vote Tuesday. It cleared the Assembly last month and now heads to Gov. Scott Walker for his consideration.

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