Posted at: 07/14/2014 10:44 AM
Updated at: 07/14/2014 11:18 AM
MADISON, Wis. (AP) - A moratorium on a historic tax credit program in Wisconsin announced three weeks ago over concerns about how expensive it had become is being partially lifted.
The Wisconsin Economic Development Corporation placed a moratorium on the program after costs for the tax credits grew from the original estimate of $4 million to more than $35 million.
WEDC spokesman Mark Maley said Monday that the moratorium will remain in place for non-historic buildings built before 1936. Lawmakers last year expanded the program to those buildings.
However, the moratorium will be lifted for buildings that meet more rigorous criteria to be designated as historic. WEDC Secretary Reed Hall says the agency is considering further changes to the program for the Legislature to consider next year.
(Copyright 2014 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)