Governor signs law doubling tax credit for redevelopment - WQOW TV: Eau Claire, WI NEWS18 News, Weather, and Sports

Governor signs law doubling tax credit for some redevelopment

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MADISON (WKOW) -- Governor Scott Walker signed a bill into law Wednesday morning he says will help historic redevelopment projects across the state.

Redevelopment of the 1920s-era Hotel Northland, where Gov. Walker signed the bill, is among the projects expected to benefit from the bill that doubles a tax credit available for such expenses.

The new law, which had bipartisan support in the legislature, extends a 20 percent tax credit to all qualified rehabilitation expenses done to buildings built before 1936.

"The passing of this legislation with revitalize downtown districts across the state," Governor Walker said in a written statement.  "Restoring these buildings will create a temporary and permanent economic increase for local and state economies."

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 say the projects will lead to new jobs.

 
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