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UPDATE: Gov. Walker signs historic tax credit bill

UPDATED Wednesday, December 11, 2013 --- 12:06 p.m.

MADISON, Wis. (AP) -- Gov. Scott Walker says a historic tax credit bill he has signed into law will help revitalize downtowns across Wisconsin.

Walker signed the measure Wednesday at the Hotel Northland in Green Bay. Redevelopment of that 1920s-era hotel is among the projects expected to benefit from the bill that doubles a tax credit available for such expenses.

The new law extends a 20 percent tax credit to all qualified rehabilitation expenses done to buildings built before 1936.

Walker says the tax credit will help lessen renovation and rehabilitation costs that have hampered rebuilding projects in the past.

The city of Green Bay plans to use the tax credit as part of its $35 million renovation of the Hotel Northland, which has been vacant for many years.

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UPDATED Wednesday, December 11, 2013 --- 9:45 a.m.

MADISON, Wis. (AP) -- Gov. Scott Walker plans to sign into law a bill that backers say will help several historic redevelopment projects around the state.

Walker was scheduled to sign the measure Wednesday at the Hotel Northland in Green Bay. Redevelopment of that 1920s-era hotel is among the projects expected to benefit from the bill that doubles a tax credit available for such expenses.

The new law extends a 20 percent tax credit to all qualified rehabilitation expenses done to buildings built before 1936.

The nonpartisan Legislative Fiscal Bureau estimates the credit will cost the state $8.6 million over the next two years, but backers say it could cost more if the credits prove as popular as expected. Supporters also say the projects will lead to new jobs.

The bill had bipartisan support.

Copyright 2013: Associated Press

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UPDATED Tuesday, November 12, 2013 --- 12:48 p.m.

MADISON, Wis. (AP) -- A tax credit that's used to redevelop historic buildings built before 1936 would double under a bill passed by the Wisconsin state Senate.

Pending projects in Racine, Kenosha, and Green Bay could all benefit from the 20 percent tax credit that's applied to qualified rehabilitation expenses.

The nonpartisan Legislative Fiscal Bureau estimates the credit will cost the state $8.6 million over the next two years, but backers say it could cost more if the credits prove as popular as expected. Supporters also say the projects will lead to new jobs.

The state Senate passed the bill on a 31-2 vote Tuesday. It cleared the Assembly last month and now heads to Gov. Scott Walker for his consideration.

Copyright 2013: Associated Press

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UPDATED Thursday, October 17, 2013 --- 5:26 p.m.

MADISON, Wis. (AP) -- The state Assembly has approved doubling a tax credit that's used to redevelop historic buildings built before 1936.

The measure that passed Thursday 88-4 now heads to the Senate, which could take it up next month. The Legislature earlier this year approved increasing the credit from 5 percent to 10 percent of qualified rehabilitation expenses. The latest measure would double that to 20 percent.

The nonpartisan Legislative Fiscal Bureau estimates the credit will cost the state $8.6 million over the next two years, but backers say it could cost more if the credits prove as popular as expected.

Pending projects in Racine, Kenosha, and Green Bay could all be in line to benefit.

The credit would be reviewed by the Legislature's budget committee in 2015.

Copyright 2013: Associated Press

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Posted Thursday, October 17, 2013 --- 1:43 p.m.

MADISON, Wis. (AP) -- The state Assembly is poised to approve doubling a tax credit that's used to redevelop historic buildings built before 1936.

The measure up for a vote Thursday has bipartisan support. The Legislature earlier this year approved increasing the credit from 5 percent to 10 percent of qualified rehabilitation expenses. The latest measure would double that to 20 percent.

The nonpartisan Legislative Fiscal Bureau estimates the credit will cost the state $8.6 million over the next two years, but backers say it could cost more if the credits prove as popular as expected.

Pending projects in Racine, Kenosha, and Green Bay could all be in line to benefit.

The credit would be reviewed by the Legislature's budget committee in 2015.

Copyright 2013: Associated Press


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