Wisconsin lawmakers increased the limit on tax credits for historic rehabilitation projects from $500,000 to $3.5 million on Tuesday.
The bill passed in the state Senate 29-3 and unanimously in the Assembly. It now goes to Governor Scott Walker, who issued a line item budget veto in September, reducing the per-project cap from $5 million to $500,000.
The $500,000 cap was to go into effect on July 1.
A coalition of preservationists, economic development groups, and real estate organizations advocated for the increase.
Proponents of the $3.5 million increase said without the higher cap, hundreds of real estate developments would be in jeopardy and economic development projects across the state could be crippled.
Read more in BizTimes Milwaukee.