Senate to vote on approving historic tax credit - WQOW TV: Eau Claire, WI NEWS18 News, Weather, and Sports

UPDATE: Senate approves historic tax credit

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MADISON (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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MADISON (WKOW) -- 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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