Wisconsin Assembly Bill AB983

Wisconsin 2023-2024 Regular Session

• Introduced: 1/24/24
• Refer: 1/24/24
• Report Pass: 2/14/24
• Refer: 2/14/24
• Failed: 4/15/24

Caption

Limitations on the total value of taxable property that may be included in a tax incremental financing district created in the city of Stevens Point. (FE)

Note

AB983 has invoked discussions around its implications for municipal finance and urban development, making it a focal point for stakeholders interested in local economic policy in Wisconsin.

Impact

If enacted, AB983 would modify state statutes regarding tax incremental financing in a way that directly benefits the city of Stevens Point. This change allows the city greater flexibility in funding urban development projects by enabling a larger tax base for one specific TID. The bill is designed to support local economic growth and development initiatives, potentially leading to increased investments in the city.

Summary

Assembly Bill 983 proposes a specific revision to the existing tax incremental financing (TIF) regulations as applied in the city of Stevens Point. Under current legislation, the total taxable property value for new or amended TIF districts, combined with existing ones, cannot exceed 12% of the total equalized value of taxable property in a municipality. This bill seeks to allow an exception for TID Number 14 in Stevens Point, permitting it to surpass the 12% cap, raising it to 15% until the district is terminated.

Contention

While the bill primarily benefits local governance, there could be contention arising from concerns over fiscal responsibility and the long-term implications of extending the TID’s taxable property limits. Opponents may argue that allowing exceptions to the standard limits might set a precedent for future amendments that could lead to unequal treatment of other municipalities, undermining the broader regulatory framework in Wisconsin. This could spark discussions on equity in local fiscal management and the purpose of TIF mechanisms.