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Thursday, October 17, 2013

 5:19 PM 

Assembly passes increase in historic rehabilitation tax credit

The Assembly has passed legislation to increase the state’s historic rehabilitation tax credit 88-4, with one paired vote.

The bill -- which would increase the credit for qualified expenditures from 10 percent to 20 percent -- was amended to allow the Joint Finance Committee to reexamine the program in 2015 following a report on the credit from the Wisconsin Economic Development Corporation, the Department of Revenue and the State Historical Society.

It would then be allowed to sunset in 2017 unless the program is continued during that year’s budget process.

“In four years, this bill should pay for itself or be sunset,” Rep. Chad Weininger, R-Green Bay, said in a press conference prior to the session. He predicted that the credit would far exceed that requirement, noting Minnesota takes in $9 for every dollar spent in a similar program.

Unlike the other special session bills passed by the Assembly today, the historic credit measure was not taken up by the Senate earlier this week.

With that, we’re now back to the Assembly’s regular calendar.


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