The Wisconsin Economic Development Corporation has lifted the previous hold it placed on the Historic Preservation Tax Credit. The Historic Preservation Tax Credit was created to preserve the historic beauty of Wisconsin`s historic buildings and homes. The WEDC’s goal of the program has been to help maintain and further the not only the historic beauty of the area but also ensure the economic vitality of Wisconsin’s historic business properties, homes and commercial areas.
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.
The 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.
TMortgage Loans Colorado Madison WI, Denver CO, St Louis MO | (970) 585-4546 | Mortgage Calculator Options with Loan Quotes. Get Started Now With LF Loans Mortgage! Lock Your Rate - Calculate Payments - Compare Loans - Skip the Bank - Types: FHA Loans, HARP, VA Loans, ARM | Boulder, Ft Collins, Aspen, Pagosa Springs, Colorado Springs, Pueblo, Golden, Grand Junction, Steamboat Springs, Denver CO, Hannibal, Springfield, Troy, O'Fallon, St Louis MO, Chicago, Quincy IL | Home Loans in Armenia WI, Baraboo WI, Beaver Dam WI, Beloit WI, Brooklyn WI, Columbus WI, Deforest WI, Dell Prairie WI, Dodgeville WI, Edgerton WI, Fitchburg WI, Fort Atkinson WI, Germantown WI, Green Bay WI, Green Lake WI, Janesville WI, Lacrosse WI, La Valle WI, Lake Delton WI, Lake Mills WI, Lodi WI, Madison WI, Mauston WI, Mazomanie WI, Merrimac WI, Middleton WI, Milton WI, Milwaukee WI Monroe WI, Montello WI, Mount Horeb WI, Necedah WI, Oregon WI, Platteville WI, Portage WI, Prairie Du Chien WI, Princeton WI, Reedsburg WI, Ripon WI, Rome WI, Spring Green WI, Stoughton WI, Sun Prairie WI, Tomah WI, Verona WI, Watertown WI, Waunakee WI, Windsor WI
Questions about Lendem Financial mortgage loan options? Why you should think about using a mortgage broker vs a bank? Using a Mortgage Loan Officer that has access to all sources of lending institutiuons helps people get the best loan for their situation and offers all options on the market vs the programs at one bank. Call Todd Rubick of Lendem Financial and tell him why the bank said no... If your tax returns do not show your true income, or credit is less than perfect... Full service all source lending strategies will be offered for those that need them.