NEW MARKETS TAX CREDITS
In 2007, the City of West Allis formed First-Ring Industrial Redevelopment Enterprise, Inc. (FIRE), a Community Development Entity that has successfully received over $100 million in New Markets Tax Credits from the U.S. Department of Treasury.
WISCONSIN & FEDERAL HISTORIC PRESERVATION TAX CREDITS
Owners of historic income-producing properties in Wisconsin may be eligible for Tax Credits for Historic Income-Producing Buildings that can help pay for their building's rehabilitation. The Wisconsin Historical Society's Division of Historic Preservation (DHP) administers two programs in conjunction with the National Park Service (NPS). The programs are:
- The Federal Historic Preservation Tax Credit program, which returns 20% of the cost of rehabilitating qualified historic buildings to owners as a direct reduction in their federal income taxes.
- The Wisconsin Supplemental Historic Preservation Credit program, which returns an additional 5% of the cost of rehabilitation to owners as a discount on their Wisconsin state income taxes. Owners that qualify for the Federal Historic Preservation Credit automatically qualify for the Wisconsin supplement if they get NPS approval before they begin any work.
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