WRA Legislative Alert: The WRA Seeks to Maintain Historic Preservation Tax Credits


 May 09, 2017
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The 2017-19 state budget bill proposes changes to the historic rehabilitation tax credit (HTC) program, including a $10 million cap on credits, a competitive grant process and a clawback provision. These proposals would have a crippling effect on one of Wisconsin’s most successful economic development programs. The WRA opposes these proposed changes to the HTC program.

What's in play

Proposal: The WRA will work with legislators and allies to maintain the current HTC program and defeat this proposal.  

Background

  • In 2014, the HTC generated $277.7 million in private investments, created 2,185 new jobs, provided $22 million in state income, sales and payroll tax revenues, and $2.11 million in annual local property tax revenues.¬†
  • The low $10 million cap on total credits available, the unnecessary competitive grant process, and the clawback provision would mean fewer jobs, make smaller projects ineligible, and make financing for many projects difficult.¬†
  • The HTC program is a low-risk program where tax credits are awarded only after the project is finished.

Bill status

Currently in committee review.

The WRA engages in advocacy on behalf of REALTORS¬ģ¬†and property owners through a variety of programs including the REALTORS¬ģ¬†Political Action Committee and the Wisconsin Homeowners Alliance.¬†¬†

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