Senate Bill 382 proposes significant modifications to the historic rehabilitation tax credit in Wisconsin, which allows taxpayers to claim a credit for expenses incurred in rehabilitating certified historic structures. The bill repeals certain existing provisions and amends others to streamline the process for claiming the credit. Notably, it removes the federal requirement that rehabilitation expenditures exceed the greater of the taxpayer's adjusted basis in the property or $5,000, while maintaining a minimum expenditure threshold of $50,000. Additionally, the bill eliminates the requirement for a recommendation from the State Historic Preservation Officer (SHPO) for federal approval if the taxpayer is only claiming the state credit. The timing for claiming the credit is also modified, allowing taxpayers to claim the full credit in one year instead of spreading it over five years as required by federal law.

Furthermore, the bill introduces new provisions, including a sunset clause for credits related to non-certified historic structures and a revised cap on the total amount of tax credits that can be claimed for projects on the same parcel within a ten-year period. The bill also creates new sections to define the credit for rehabilitated buildings placed in service after December 31, 2025, and establishes requirements for certification by the Wisconsin Economic Development Corporation (WEDC). Overall, these changes aim to enhance the accessibility and efficiency of the historic rehabilitation tax credit program, encouraging investment in the preservation of historic properties in Wisconsin.

Statutes affected:
Bill Text: 71.07(9m)(a)1m, 71.07, 71.07(9m)(a)2m, 71.07(9m)(a)3, 71.07(9m)(c)(intro.), 71.07(9m)(c)1, 71.07(9m)(cm), 71.07(9m)(cn)(intro.), 71.07(9m)(g)1, 71.07(9m)(h), 71.28(6)(a)1m, 71.28, 71.28(6)(a)2m, 71.28(6)(a)3, 71.28(6)(c)(intro.), 71.28(6)(c)1, 71.28(6)(cm), 71.28(6)(cn)(intro.), 71.28(6)(g)1