Tax Credits & Incentives

• WI Department of Natural Resources
• WI Department of Revenue
• US Department of the Treasury
• Local Initiatives Support Corporation
• Wisconsin Historical Society

Department of Natural Resources

• Tools for Managing Delinquent Taxes (75.105 & 75.106, Wis. Stats)
• Federal Brownfields Income Tax Deduction

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Department of Revenue

• Tax Incremental Financing [exit DNR]
• Environmental Remediation Tax Incremental Financing (ERTIF) [exit DNR]
• List of current ERTIFs [PDF 11KB] - updated 7/22/08
• ERTIF differs from other tax incremental financing districts in several ways. They are created specifically to address brownfields, and environmental expenses may be recovered through the increase in property values. Also, ERTIFs are not included in the 12 percent limit on a local governmental unit’s (LGU) equalized value, and unlike other TIFs, the base value of an ERTIF may be $0.
  
  In addition to cities and villages, counties and towns may establish an ERTIF. ERTIFs may fund:
  • planning;
  • property acquisition;
  • Phase I and Phase II environmental site assessments;
  • environmental investigation;
  • removal of underground storage tanks and abandoned containers;
  • environmental cleanup; and
  • demolition, including asbestos abatement.
  
  There is no limit on the value accrued in the ERTIF, as long as the costs incurred are eligible. The DNR must approve the site investigation report and the remedial action plan before the Department of Revenue (DOR) certifies the base value of the property in the ERTIF. The local government can incur some eligible expenses before the DOR certifies the base value and those costs can be paid back by the ERTIF.

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US Department of the Treasury

• New Market Tax Credits [exit DNR] - New Markets Tax Credits are awarded to community development entities in order to attract private capital investment in rural and urban low-income areas. The credits reduce federal income taxes for qualified investments in census tracts with median household income of 80% or less of state or federal median income (see their web site [exit DNR] for census information).

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Local Initiatives Support Corporation

• LISC New Market Tax Credits [exit DNR] - The Local Initiatives Support Corporation(LISC) administers federal New Market Tax Credits through their regional programs. Funds can be applied in a wide variety of ways, including small business lending, financial counseling and real estate development. LISC covers portions of rural Wisconsin and the Milwaukee area.

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Wisconsin Historical Society

• Historic Preservation Tax Credits [exit DNR] - Historic preservation income tax credits are available on both state and federal income taxes for rehabilitation expenses at qualifying properties. Owners of income-producing historic property are eligible following approval from the National Park Service, based on a recommendation from the Historical Society’s Division of Historic Preservation.

For more information on this specific page, contact:

Eric Ballas