Today Governor Scott Walker signed October Special Session Assembly Bill 4 into law, allowing for an increase in tax credits for the restoration of historical buildings. This measure doubles the incentive to preserve historic structures built before 1936 by increasing state tax credits from 10 percent to 20 percent of the restoration budget.
"The passing of this legislation will revitalize downtown districts across the state," Governor Walker said. "Restoring these buildings will create a temporary and permanent economic increase for local and state economies. I want to thank Senator Scott Fitzgerald (R-Juneau) and Representative Robin Vos (R-Rochester) for their work on this bipartisan bill."
This legislation helps lessen the burden of increasing rennovation and revitalization costs which have prevented rebuilding projects in the past. It is expected to have immediate and long-term fiscal impacts in the form of temporary and permanent job creation along with increased property values and tourism revenue.
Governor Walker signed October Special Session Assembly Bill 4 in Hotel Northland in historic downtown Green Bay. The Hotel Northland, built in 1920, was the largest hotel in the Wisconsin at the time of construction, but has been vacant for many years. The City of Green Bay plans to utilize the historic tax credit in a $35 million rennovation project.
This measure puts Wisconsin on par with other state's historical building restoration credits. The National Trust for Historic Preservation cites the national average between 20 percent and 25 percent.
October Special Session Assembly Bill 4 passed the Senate on 31-2 vote and the Assembly on a 88-4 vote. The bill is Act 62.