Wisconsin Assembly Bill AB1126

Wisconsin 2023-2024 Regular Session

• Introduced: 3/6/24
• Refer: 3/6/24
• Failed: 4/15/24

Caption

A property tax exemption for the Wisconsin Housing and Economic Development Authority headquarters. (FE)

Impact

If enacted, AB1126 will effectively remove property taxes on the designated WHEDA properties starting from assessments made on January 1, 2024. This provision may have significant ramifications for the state’s tax revenue, as it signals a governmental endorsement of the role of WHEDA in promoting economic development. The exemption is seen as a step towards enhancing WHEDA's capability to strengthen housing initiatives and economic growth within the state, thus potentially influencing local economies positively.

Summary

Assembly Bill 1126 proposes a property tax exemption specifically for land and buildings owned by the Wisconsin Housing and Economic Development Authority (WHEDA) that are utilized as its corporate headquarters. This exemption would also extend to parking facilities associated with the headquarters, which is intended to support the functions and economic impact of WHEDA in Wisconsin. The bill has been introduced in the state legislature and is currently under review by the Committee on Ways and Means.

Contention

Despite the apparent benefits of the bill, discussions around its passage might reflect a spectrum of opinions on tax exemptions for government authorities. Some legislators may question the fairness of providing tax breaks to government entities compared to private businesses and how this could set a precedent for other organizations seeking similar status. Additionally, there could be concerns regarding the fiscal implications of reducing tax revenues, especially in local communities that depend on these funds for public services.