UPDATE: Historic tax credit program partially restored

UPDATED Monday, July 14, 2014 --- 11:11 a.m.

MADISON, Wis. (AP) -- A moratorium on a historic tax credit program in Wisconsin announced three weeks ago over concerns about how expensive it had become is being partially lifted.

The Wisconsin Economic Development Corporation placed a moratorium on the program after costs for the tax credits grew from the original estimate of $4 million to more than $35 million.

WEDC spokesman Mark Maley said Monday that the moratorium will remain in place for non-historic buildings built before 1936. Lawmakers last year expanded the program to those buildings.

However, the moratorium will be lifted for buildings that meet more rigorous criteria to be designated as historic. WEDC Secretary Reed Hall says the agency is considering further changes to the program for the Legislature to consider next year.

Copyright Associated Press 2014

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UPDATED Monday, July 14, 2014 --- 10:43 a.m.

MADISON, Wis. (AP) -- A moratorium on a historic tax credit program in Wisconsin announced three weeks ago over concerns about how expensive it had become is being lifted.

Gov. Scott Walker said Monday that the Wisconsin Economic Development Corporation will be once again approving tax credits under the program.

The moratorium came after costs for the tax credits grew from the original estimate of $4 million to more than $35 million.

Walker says WEDC completed a review an determined it can lift the moratorium "due to the rigorous application process" required by State Historic Preservation Officer and the National Park Service for projects before they seek the state tax credit.

Walker's release did not explain in detail how that process would differ from what was in place originally leading to the cost concerns.

Copyright Associated Press 2014

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Posted: Wednesday, June 25, 2014 --- 1:02 p.m.

MADISON, Wis. (AP) -- The state's chief jobs agency has hit the pause button on a historic tax credit program because it's proving to be more popular, and therefore more expensive, than predicted.

The Wisconsin Economic Development Corp. notified co-chairs of the Legislature's budget committee on Monday that the program would be put on hold while a review is undertaken.

Gov. Scott Walker in December signed a bill into law that expanded the program but did not place a cap on how many credits could be handed out in any given year.

It was estimated that credits would hit $4 million in the first year. But Reed Hall, secretary and CEO of WEDC, says that projects for more than $35 million have come in for certification.

Copyright Associated Press 2014


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