GREEN BAY, WI (WTAQ) - Hoping to spur job growth through the revitalization of historic Wisconsin buildings, Governor Scott Walker signed into a law an increase in the restoration tax credit.
“The passing of this legislation with revitalize downtown districts across the state,” Governor Walker said. “Restoring these buildings will create a temporary and permanent economic increase for local and state economies."
It doubles the incentive to preserve historic structures built before 1936 by increasing state tax credits from 10 percent to 20 percent of the restoration budget.
Walker says it puts Wisconsin on par with other state’s historical building restoration credits.
One success story is Titletown Brewing Company, who will expand through renovating the old Larsen Cannery building in the Broadway District.
"It's going to help us out a lot, to deal with some of the issues that – cleaning up some of the environmental issues, dealing with things you don't normally deal with in construction," said Titletown Brewing Company owner Brent Weycker.
The location of Wednesday's signing was the Hotel Northland. Developer Mike Frantz says this bigger tax credit helped get this project over the goal line.
"It enables us to truly go downtown and help renovate downtowns, through historic re-purposing," said Frantz.
The National Trust for Historic Preservation cites the national average between 20 percent and 25 percent.