SHEBOYGAN, WI (WHBL) - Sheboygan’s Director of Planning and Development is hoping that a bill to double the tax credit from 10 to 20 percent for rehabbing older buildings will get final approval in the state legislature:
Chad Pelishek says the city has plenty of buildings built before the 1936 limit, when the tax credit can be claimed. Some are still in use for retail space, but he also sees them used as apartments or for other purposes. He adds it’s a good idea and will help cities like Sheboygan, saying some people in the past have used this tax credit to keep older buildings in the downtown in place.
Pelishek said the consultant who recently put together a redevelopment plan for the downtown predicted that because of high building costs, many developers are looking to renovate older, existing buildings.
The bill to increase the credit was approved in the Assembly Thursday and is now headed to the Senate.