Tax Credits for Wisconsin`s Historic Businesses & Homeowners Madison, Appleton, Green Bay, Janesville WI Apply Now

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Tax Credits for Wisconsin`s Historic Businesses and Homeowners

Market Conditions  \  July 30, 2014 10:00 am

Tax Credits for Wisconsin`s Historic Businesses and Homeowners

Per the program, owners of these historic business buildings can receive a state income tax credit for 20% of the costs it takes to rehabilitate the property. The cost of renovations or building improvements must be of $50,000 or more to be considered eligible. 

Tax Credits for Historic Businesses and Historic Homeowners:

There are two separate tax credits to note here;Tax credits for rehabilitation of historic business properties AND tax credits for the rehabilitation of historic homes.

Historic Preservation Tax Credits in Madison WisconsinThe Historic Preservation Tax Credit

The Historic Preservation Tax Credit applies towards “income-producing buildings”. These types of properties would be business properties like hotels or bed and breakfast businesses or any other historic type property that is a business. The tax credit for this type of property is 20%.

Historic Homeowners Tax Credit

The other tax credit available is for homeowners in Wisconsin. The Historic Homeowners Tax Credit applies to the owner-occupied historic properties in the area. The tax credit for this type of property rehabilitation is 25%. 

A hold was placed on the program in late June to re-assess the economic impact of the program, but has been lifted as of July 14th. Originally this program was only expected to impact the WI budget by about $4 million. However, due to the incredible success of the program, that $4 million has grown more than 8 times this amount. To date, $35 million dollars in tax credits have been awarded to business owners and historic home owners by the state of Wisconsin’s Economic Development Corporation.

Interested? Things to Note About the Historic Preservation Tax Credits:

  • Slightly different tax credit amounts for the two property types; businesses get 20%, homes get 25%.
  • The tax credits only apply to work or renovations done on the properties after being approved by the State Historic Preservation Officer (SHPO).  You will be awarded a certification on your proposed rehabilitation project.
  • Once the SHPO has approved your proposed project, you will be awarded a funding certification for the project.
  • Certifications are good for 3 years from the date of certification and the tax credits must be claimed before the 3 years end.
  • Upon the WEDC’s discretion, this 3 year window can be extended a few years if there is substantial rehabilitation which will be occurring in phases. Contact your local Community Account Manager for further information.

Contact us here at Lendem Financial Lending Services  if we be of any assistance to you!

Have a great week Wisconsin!

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