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

  • News Tax Credits for Wisconsin`s Historic Businesses and Homeowners

loan-mortgage-loans-low-rate-low-fee Loans Madison WI St Louis MO Denver CO Hannibal MO Online Loan Applications

Home » News » Market Conditions | Tax Credits Wisconsin Historic Property | ‪(970) 585-4546 | Refinance  |   | Tools | | Contact 

Mortgage Loans CO - Estes Park, Denver | Mortgage Loan WI - Madison, Milwaukee | Mortgage Loans MO - Hannibal, O'Fallon

Apply Now              Buy a Home              Refinance

 

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!

fha-loan-purchase-a-new-home-get-approved-home-buying-couples Missouri Wisconsin Illinois Missouri ColoradoMortgage Lending Real Estate Knowledge Base

Questions about buying or selling your existing home?  

Categories:  All | Choose a REALTOR | Working with a REALTOR | Buying | Selling Financial | Homeowners

 «  1 | 2 | 3 | 4 | 5   » 

Mortgage and Real Estate News Categories

Buyers |  | Market Conditions |  |  | Mortgages |  |  | Purchase |  |  | Realtor |  |  | Refinance

Home Financing Archive

August 2013 | September 2013 | October 2013 | November 2013 | December 2013 | January 2014 | February 2014 | July 2014 | August 2014 | September 2014 | October 2014 | November 2014 | December 2014 | January 2015 | February 2015 | March 2015 | April 3015 | May 2015 | June 2015 | July 2015 | August 2015 | September 2015 | October 2015 | November 2015 | December 2015  |  January 2016 | February 2016 | March 2016  

USDA-Loans-100-Refi-No-Downpayment

Real Estate Lending Options

Home Borrower Tools

How Much Can I Borrow? | Mortgage Calculator | Mortgage Rates | Forms

About Lendem Financial

Company | Senior Loan Originators 

Home Purchase Loans in Madison and Milwaukee WI  

Mortgage Loans Springfield, Hannibal, St. Louis, MO

Purchase Real Estate Loans Denver, Boulder, CO

Google Maps: Mortgage Loans Madison WI | O'Fallon MO | Denver CO

Facebook: Mortgage Wisconsin | Mortgage Missouri | Mortgage Colorado

Apply Now              Buy a Home              Refinance



  ‪(970) 585-4546



VA Home LoansFHA  and USDA Home Loans  in ColoradoIllinoisMissouri  and Wisconsin
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.