Bill
SB 382
Overview: SB 382 - Relating to: modifications to the historic rehabilitation tax credit.Purpose and Intent: The bill aims to modify several aspects of Wisconsin's Historic Rehabili
Overview: SB 382 - Relating to: modifications to the historic rehabilitation tax credit.
Purpose and Intent: The bill aims to modify several aspects of Wisconsin's Historic Rehabilitation Tax Credit (HTC) program, which provides tax incentives for the rehabilitation of certified historic structures.
Key Provisions:
- Removes certain federal requirements for taxpayers claiming only the state-level HTC, simplifying the eligibility criteria
- Allows the full state HTC to be claimed in a single tax year, rather than spread over 5 years
- Formally repeals the credit for non-historic buildings placed into service before 1936
- Replaces the $3.5 million lifetime per-parcel credit limit with a $3.5 million limit every 10 years
Affected Parties and Impacts: The changes would primarily impact taxpayers and entities undertaking historic rehabilitation projects in Wisconsin. The modifications are intended to increase utilization of the state HTC program.
Procedural and Timeline Considerations: The bill has been introduced and referred to the Senate Committee on Agriculture and Revenue. Senate Amendment 1 has been adopted, which further clarifies the per-parcel credit limit calculation.
Compiled from official sources — confirm details with the bill’s official record.
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