Property owners who want to give new life to historic buildings just got a big boost!
Good news for investors and property owners looking to improve old buildings in city centers across Wisconsin! The tax credit for property owners interested in restoring aging and historic structures recently doubled -- from 10 percent to 20 percent of a project's cost.
From the Wisconsin State Journal: "The credit makes it easier for a building owner to make a financial case to take an aging building — a former school or government building, for example — and give it new life for generations to come."
The increase was approved by the Wisconsin Economic Development Corporation.
Jim Draeger, historic preservation officer with the Wisconsin Historical Society, which vets projects before they can receive the tax credit, told the State Journal that "keeping historic buildings intact is positive for a community."
“Something that’s about the character of your community, that is part of how people see themselves -- and part of their sense of rootedness in their communities is based on these historic buildings,” Draeger said.