| 1 | | - | Date of enactment: March 21, 2024 |
|---|
| 2 | | - | 2023 Senate Bill 880 Date of publication*: March 22, 2024 |
|---|
| 3 | | - | 2023 WISCONSIN ACT 136 |
|---|
| 4 | | - | AN ACT to amend 66.0602 (1) (d), 66.0602 (3) (dq) 1. (intro.) and 66.0602 (3) (dv); and to create 66.1105 (6) (g) |
|---|
| 5 | | - | 4. and 66.1105 (17) (g) of the statutes; relating to: requirements related to a tax incremental financing district created |
|---|
| 6 | | - | in the city of Stevens Point. |
|---|
| 7 | | - | The people of the state of Wisconsin, represented in |
|---|
| 8 | | - | senate and assembly, do enact as follows: |
|---|
| 9 | | - | SECTION 1. 66.0602 (1) (d) of the statutes, as affected |
|---|
| 10 | | - | by 2023 Wisconsin Act 12, is amended to read: |
|---|
| 11 | | - | 66.0602 (1) (d) “Valuation factor” means a percent- |
|---|
| 12 | | - | age equal to the greater of either the percentage change |
|---|
| 13 | | - | in the political subdivision’s January 1 equalized value |
|---|
| 14 | | - | due to new construction less improvements removed |
|---|
| 15 | | - | between the previous year and the current or 0 percent. |
|---|
| 16 | | - | For a tax incremental district created after December 31, |
|---|
| 17 | | - | 2024, and for Tax Incremental District Number 14 cre- |
|---|
| 18 | | - | ated by the common council of the city of Stevens Point, |
|---|
| 19 | | - | the valuation factor includes 90 percent of the equalized |
|---|
| 20 | | - | value increase due to new construction that is located in |
|---|
| 21 | | - | a tax incremental district, but does not include any |
|---|
| 22 | | - | improvements removed in a tax incremental district. |
|---|
| 23 | | - | SECTION 2. 66.0602 (3) (dq) 1. (intro.) of the statutes, |
|---|
| 24 | | - | as created by 2023 Wisconsin Act 12, is amended to read: |
|---|
| 25 | | - | 66.0602 (3) (dq) 1. (intro.) For a tax incremental dis- |
|---|
| 26 | | - | trict created after December 31, 2024, and for Tax Incre- |
|---|
| 27 | | - | mental District Number 14 created by the common coun- |
|---|
| 28 | | - | cil of the city of Stevens Point, if the department of |
|---|
| 29 | | - | revenue does not certify a value increment for the tax |
|---|
| 30 | | - | incremental district for the current year as a result of the |
|---|
| 31 | | - | district’s termination, the levy increase limit otherwise |
|---|
| 32 | | - | applicable under this section in the current year to the |
|---|
| 33 | | - | political subdivision in which the district is located is |
|---|
| 34 | | - | increased by all of the following amounts: |
|---|
| 35 | | - | SECTION 3. 66.0602 (3) (dv) of the statutes, as created |
|---|
| 36 | | - | by 2023 Wisconsin Act 12, is amended to read: |
|---|
| 37 | | - | 66.0602 (3) (dv) For a tax incremental district created |
|---|
| 38 | | - | after December 31, 2024, and for Tax Incremental Dis- |
|---|
| 39 | | - | trict Number 14 created by the common council of the |
|---|
| 40 | | - | city of Stevens Point, if the department of revenue recer- |
|---|
| 41 | | - | tifies the tax incremental base of a tax incremental district |
|---|
| 42 | | - | as a result of the district’s subtraction of territory under |
|---|
| 43 | | - | s. 66.1105 (4) (h) 2., the levy limit otherwise applicable |
|---|
| 44 | | - | under this section shall be adjusted in the first levy year |
|---|
| 45 | | - | in which the subtracted territory is not part of the value |
|---|
| 46 | | - | increment. In that year, the political subdivision in which |
|---|
| 47 | | - | the district is located shall increase the levy limit other- |
|---|
| 48 | | - | wise applicable by an amount equal to the political subdi- |
|---|
| 49 | | - | vision’s maximum allowable levy for the immediately |
|---|
| 50 | | - | preceding year, multiplied by a percentage equal to 10 |
|---|
| 51 | | - | percent of the amount determined by dividing the equal- |
|---|
| 52 | | - | ized value increase, calculated as provided in par. (dq) 2., |
|---|
| 53 | | - | attributable to the territory that was subtracted, calcu- |
|---|
| 54 | | - | lated for the previous year, by the political subdivision’s |
|---|
| 55 | | - | equalized value, exclusive of any tax incremental district |
|---|
| 56 | | - | value increments, for the previous year, all as determined |
|---|
| 57 | | - | by the department of revenue. |
|---|
| 58 | | - | * Section 991.11, WISCONSIN STATUTES: Effective date of acts. “Every act and every portion of an act enacted by the legislature over the governor’s |
|---|
| 59 | | - | partial veto which does not expressly prescribe the time when it takes effect shall take effect on the day after its date of publication.” − 2 −2023 Wisconsin Act 136 2023 Senate Bill 880 |
|---|
| 60 | | - | SECTION 4. 66.1105 (6) (g) 4. of the statutes is created |
|---|
| 61 | | - | to read: |
|---|
| 62 | | - | 66.1105 (6) (g) 4. This paragraph does not apply to |
|---|
| 63 | | - | Tax Incremental District Number 14 in the city of Ste- |
|---|
| 64 | | - | vens Point. |
|---|
| 65 | | - | SECTION 5. 66.1105 (17) (g) of the statutes is created |
|---|
| 66 | | - | to read: |
|---|
| 67 | | - | 66.1105 (17) (g) City of Stevens Point exception. The |
|---|
| 68 | | - | 12 percent limit described under sub. (4) (gm) 4. c. does |
|---|
| 69 | | - | not apply to the creation of Tax Incremental District |
|---|
| 70 | | - | Number 14 by the common council of the city of Stevens |
|---|
| 71 | | - | Point if the district is created before October 1, 2024. |
|---|
| 1 | + | LRB-5302/1 |
|---|
| 2 | + | EVM:cjs |
|---|
| 3 | + | 2023 - 2024 LEGISLATURE |
|---|
| 4 | + | 2023 SENATE BILL 880 |
|---|
| 5 | + | January 5, 2024 - Introduced by Senators TESTIN, BALLWEG, SPREITZER and |
|---|
| 6 | + | WANGGAARD, cosponsored by Representatives KRUG, SHANKLAND, CALLAHAN, |
|---|
| 7 | + | JACOBSON, OHNSTAD, PENTERMAN and VANDERMEER. Referred to Committee on |
|---|
| 8 | + | Government Operations. |
|---|
| 9 | + | ***AUTHORS SUBJECT TO CHANGE*** |
|---|
| 10 | + | AN ACT to create 66.1105 (17) (g) of the statutes; relating to: limitations on the |
|---|
| 11 | + | total value of taxable property that may be included in a tax incremental |
|---|
| 12 | + | financing district created in the city of Stevens Point. |
|---|
| 13 | + | Analysis by the Legislative Reference Bureau |
|---|
| 14 | + | Under current law, the equalized value of taxable property of a new or amended |
|---|
| 15 | + | tax incremental district (TID) plus the value increment of all existing TIDs in a city |
|---|
| 16 | + | or village may not exceed 12 percent of the total equalized value of taxable property |
|---|
| 17 | + | in the city or village. Under this bill, the 12 percent rule does not apply to TID |
|---|
| 18 | + | Number 14 created by the city of Stevens Point. The exception expires upon the |
|---|
| 19 | + | termination of that TID. |
|---|
| 20 | + | For further information see the state and local fiscal estimate, which will be |
|---|
| 21 | + | printed as an appendix to this bill. |
|---|
| 22 | + | The people of the state of Wisconsin, represented in senate and assembly, do |
|---|
| 23 | + | enact as follows: |
|---|
| 24 | + | SECTION 1. 66.1105 (17) (g) of the statutes is created to read: |
|---|
| 25 | + | 66.1105 (17) (g) City of Stevens Point exception. The 12 percent limit described |
|---|
| 26 | + | under sub. (4) (gm) 4. c. shall be 15 percent with regard to Tax Incremental District |
|---|
| 27 | + | 1 |
|---|
| 28 | + | 2 |
|---|
| 29 | + | 3 |
|---|
| 30 | + | 4 |
|---|
| 31 | + | 5 |
|---|
| 32 | + | 6 - 2 -2023 - 2024 Legislature LRB-5302/1 |
|---|
| 33 | + | EVM:cjs |
|---|
| 34 | + | SECTION 1 SENATE BILL 880 |
|---|
| 35 | + | Number 14 that is created by the common council of the city of Stevens Point, except |
|---|
| 36 | + | that this paragraph does not apply upon the termination of that district. |
|---|
| 37 | + | (END) |
|---|
| 38 | + | 1 |
|---|
| 39 | + | 2 |
|---|
| 40 | + | 3 |
|---|