WI AB375

Tax credit of 20% of qualified rehabilitation expenditures for certified historic structures in Wisconsin continues, with minimum expenditure threshold of $50,000; federal requirement that expenditures exceed adjusted basis or $5,000 is removed for state credit purposes

Credit for rehabilitation of non-certified historic structures (qualified rehabilitated buildings not listed on state or national historic registers) sunsets January 1, 2026, aligning with federal Tax Cuts and Jobs Act changes

Taxpayers claiming only the state credit no longer need to show State Historic Preservation Officer recommended the project for federal approval; only state-level SHPO approval before construction begins is required

Full credit may be claimed in one year when the building is placed in service (for taxable years after December 31, 2025), rather than being spread over five years as required under current federal timing rules

$3,500,000 cap on WEDC-certified tax credits per parcel now applies within a single 10-year period rather than cumulatively for all time