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 the State Historic Preservation Officer's recommendation for federal approval if the taxpayer is only claiming the state credit.

The bill also changes the timing for claiming the credit, allowing taxpayers to claim the full credit in one year instead of spreading it over five years as required by federal law. It introduces a new provision that sunsets the credit for rehabilitating non-certified historic structures and modifies the cap on total tax credits that can be claimed for projects on the same parcel to apply only within a single 10-year period. Furthermore, the bill creates new sections to define the credit for future taxable years and clarifies the certification process with the Wisconsin Economic Development Corporation. Overall, these changes aim to enhance the accessibility and efficiency of the historic rehabilitation tax credit for taxpayers 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