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WEDC partially ends moratorium on historic preservation tax credit

The Hotel Northland is seen in this Nov. 2013 file photo. (Photo from: FOX 11).
The Hotel Northland is seen in this Nov. 2013 file photo. (Photo from: FOX 11).

MADISON, WI (WTAQ) - Wisconsin's job creation agency has partially ended a three-week-old moratorium on giving developers state income tax breaks for historic preservation.

The Wisconsin Economic Development Corporation placed the program on hold last month, after the amount of tax credits mushroomed to $35 million.

The governor and Legislature thought the added cost would only be around $4 million.

Monday morning, WEDC spokesman Mark Maley said the moratorium would stay in place for non-historic structures built before 1936. The most recent law included those buildings.

However, the moratorium will end for buildings that can meet the state's criteria for being historic.

Also, agency director Reed Hall said his department will consider asking lawmakers to approve further changes to the historic preservation tax credits next year.

(Story courtesy of Wheeler News Service)