Support for SB 132
Thursday, September 19, 2013
Posted by: Megan Purtell
TO: Members, Senate
Committee on Workforce Development, Forestry, Mining,
FROM: Carol Karls, President,
Wisconsin Economic Development
DATE: September 18, 2013
RE: Support for SB 132 – Increasing the amount of the supplement to the federal historic rehabilitation tax credit
The Wisconsin Economic Development Association is a
statewide association consisting of over 450 economic development
practitioners. WEDA supports
state policies that strengthen our economy and
create jobs. WEDA supports Senate Bill 132 which would
increase the Wisconsin Supplemental
Preservation Credit from 5 percent to 20 percent of qualified rehabilitation expenses.
The preservation tax credit
can benefit every corner of the state as there is at least one site listed on the National
Register of Historic Places in every Wisconsin county.
Empty storefronts and deteriorating
buildings in both
urban and rural areas
can be rehabilitated to help revitalize the local economy and provide more intangible benefits such as community pride and a historical consciousness.
Historic preservation is about more than conserving old buildings,
it is an economic development tool that stimulates the economy in
both the short term and in
the long run.
short term, the local economy benefits
from the purchase of
supplies and materials used in the restoration and in the
creation of construction jobs.
The tax credit plays
an essential role in spurring this
activity because the guidelines for restoration specify what
sort of material
and tools may be
used, which increases the expense of
the project to a degree
that some projects would not be feasible
without the tax credit freeing up capital.
Over a longer period, the community benefits from increased commercial
activity (as the property must
used for income-producing activity to qualify for
federal designation), higher property values, and increased tourist activity in some cases.
Thank you for your
SB 132. The association looks forward to your support.