In addition to the federal program, the Wisconsin Supplemental Historic Preservation Tax Credit returns an additional 20% of the cost of rehabilitation to owners as a credit on their Wisconsin state income taxes (up to $3.5 million per parcel).
Project cap: $3.5 million per parcel
Owners that qualify for the federal tax credit program automatically qualify for the Wisconsin supplement if they get National Park Service (NPS) approval before beginning work. Eligible rehabilitation expenses follow those set by the NPS, and all work must follow the Secretary of the Interior’s Standards for Rehabilitation. Owners seeking the state supplemental credit are required to complete and submit a “Wisconsin Economic Development Corporation (WEDC) Supplemental Information” form concurrently with the federal HPCA Part 2 application.
Who can use the credit?
The Wisconsin Historic Preservation Tax Credit is transferable to anyone who pays Wisconsin state income tax with the proper transfer documentation.
Eleven25 at Pabst
Client: Blue Ribbon Suites, LLC
Project Costs: $41.8 million
HTC equity: Over $7.5 million
Client: Artist Lofts, LLC
Project Costs: $9.2 million
HTC equity: Over $1.6 million