Wisconsin Senate Bill SB787

Wisconsin 2023-2024 Regular Session

• Introduced: 12/8/23
• Refer: 12/8/23
• Report Pass: 2/6/24
• Engrossed: 2/13/24
• Refer: 2/14/24
• Refer: 2/20/24
• Enrolled: 3/5/24
• Chaptered: 3/22/24
• Passed: 3/22/24

Caption

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

Impact

The proposed changes will directly amend statutes regarding levy limits and property valuations associated with TIF districts. By introducing these limitations, SB787 seeks to streamline the procedure for local governments when assessing property values and establishing fiscal capabilities within TIF districts. This is particularly significant for the city of Evansville, as the bill includes specific provisions that cater to the unique context and needs of the city, potentially enhancing its ability to harness TIF revenues while also adhering to state regulations.

Summary

Senate Bill 787 (SB787) introduces amendments to the existing statutes relating to tax incremental financing (TIF) districts in Wisconsin, particularly affecting the city of Evansville. The bill aims to establish explicit limitations on the total value of taxable property that may be included within a TIF district, which is designed to optimize how local governments can finance projects aimed at enhancing economic development through increased property values. This bill reflects legislative intent to balance local governmental needs with broader financial constraints imposed by the state.

Sentiment

The sentiment surrounding SB787 appears to be largely positive among local government officials and supporters who view the bill as a practical approach to updating outdated financing frameworks. While there is recognition of the need for fiscal disciplines, stakeholders believe that tailored legislation like SB787 empowers local authorities to effectively manage development projects. However, caution exists about the implications these changes might have on future expansions or alterations of existing TIF districts, showing a careful consideration of community concerns.

Contention

Notable points of contention regarding this bill center around the balance of power between state oversight and local autonomy. Critics might argue that while the bill facilitates local financial management, it does raise questions about the overarching state control over local funding mechanisms. The tension reflects broader debates about the role of state government in local economic decision-making and whether limitations effectively serve the needs of specific communities without undermining overall growth potential.