WI SB382

Wisconsin's historic rehabilitation tax credit of 20% continues for certified historic structures with qualified expenditures of at least $50,000, but removes the federal requirement that expenditures exceed the taxpayer's adjusted basis in the property or $5,000

Sunsets the credit for non-certified historic structures (qualified rehabilitated buildings not on state or national historic registers) effective January 1, 2026

Allows taxpayers claiming only the state credit to obtain State Historic Preservation Officer approval without needing federal approval recommendation from the U.S. Secretary of the Interior

Changes credit timing so the full amount can be claimed in one year when the building is placed in service, rather than spread over five years as required by federal law since the 2017 Tax Cuts and Jobs Act

Modifies the $3,500,000 per-parcel cap on WEDC tax credit certifications to apply within a single 10-year period rather than as a lifetime limit