Historic Tax Credit Moratorium Lifted - WBAY

Historic Tax Credit Moratorium Lifted

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Wisconsin - The Wisconsin Economic Development Corporation will lift the moratorium on the Historic Preservation Tax Credit, according to an announcement from Gov. Scott Walker.

On June 23, WEDC placed a moratorium on applications for the program so they could review ways to continue the credit, which proved to be so popular it grew from the estimated $4 million to $35 million.  The program makes 20 percent tax credits available to qualified buildings built before 1936.

“The Historic Preservation Tax Credit has proven to be a successful economic development tool,” said Governor Walker. “While it was necessary for the Wisconsin Economic Development Corporation to determine the best method to continue the program, worthwhile projects can now move forward to help grow local economies and revitalize communities throughout our state.”

WEDC says it was able to lift the moratorium due to the "rigorous application process" required by State Historic Preservation Officer and the National Park Service.

Gov. Walker signed the Historic Tax Credit bill into law at the Hotel Northland in Green Bay, one of the projects expected to be helped by program.

Green Bay's Northland Hotel has submitted its application and hopes to receive the tax credits from the program to help restore the building in downtown Green Bay.
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