MADISON (WKOW) -- Governor Scott Walker signed a bill into law Wednesday morning he says will help historic redevelopment projects across the state.
Redevelopment of the 1920s-era Hotel Northland, where Gov. Walker signed the bill, is among the projects expected to benefit from the bill that doubles a tax credit available for such expenses.
The new law, which had bipartisan support in the legislature, extends a 20 percent tax credit to all qualified rehabilitation expenses done to buildings built before 1936.
The nonpartisan Legislative Fiscal Bureau estimates the credit will cost the state $8.6 million over the next two years, but backers say it could cost more if the credits prove as popular as expected.
Supporters say the projects will lead to new jobs.
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