Wisconsin 2023-2024 Regular Session

Wisconsin Senate Bill SB915 Compare Versions

Version 1 (Old)

Version 2 (New)

Old	New		Differences
1		-	Date of enactment: March 21, 2024
2		-	2023 Senate Bill 915 Date of publication*: March 22, 2024
3		-	2023 WISCONSIN ACT 137
4		-	AN ACT to amend 66.1105 (7) (ak) 2. and 66.1105 (7) (am) 4. a.; and to create 66.1105 (6) (a) 21., 66.1105 (6) (g)
5		-	4. and 66.1105 (7) (ak) 6. of the statutes; relating to: the maximum life and allocation period for Tax Incremental
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	2	+	EVM:amn
	3	+	2023 - 2024 LEGISLATURE
	4	+	2023 SENATE BILL 915
	5	+	January 11, 2024 - Introduced by Senator FELZKOWSKI, cosponsored by
	6	+	Representative CALLAHAN. Referred to Committee on Government
	7	+	Operations.
	8	+	*AUTHORS SUBJECT TO CHANGE*
	9	+	AN ACT to amend 66.1105 (7) (ak) 2. and 66.1105 (7) (am) 4. a.; and to create
	10	+	66.1105 (6) (a) 21., 66.1105 (6) (g) 4. and 66.1105 (7) (ak) 6. of the statutes;
	11	+	relating to: the maximum life and allocation period for Tax Incremental
6	12		District Number 4 in the city of Antigo.
7		-	The people of the state of Wisconsin, represented in
8		-	senate and assembly, do enact as follows:
9		-	SECTION 1. 66.1105 (6) (a) 21. of the statutes is cre-
10		-	ated to read:
11		-	66.1105 (6) (a) 21. Thirty−two years after the tax
12		-	incremental district is created if the district is Tax Incre-
13		-	mental District Number 4 in the city of Antigo.
14		-	SECTION 2. 66.1105 (6) (g) 4. of the statutes is created
15		-	to read:
16		-	66.1105 (6) (g) 4. This paragraph does not apply to
17		-	Tax Incremental District Number 4 in the city of Antigo.
18		-	SECTION 3. 66.1105 (7) (ak) 2. of the statutes is
19		-	amended to read:
20		-	66.1105 (7) (ak) 2. Except as provided in par. (am) 4.,
21		-	for a district that is created after September 30, 1995, and
22		-	before October 1, 2004, and that is not subject to subd. 1.,
23		-	4., or 5., or 6., 23 years after the district was created, and,
24		-	except as provided in subd. 3., for a district that is created
25		-	before October 1, 1995, 27 years after the district is cre-
26		-	ated.
27		-	SECTION 4. 66.1105 (7) (ak) 6. of the statutes is cre-
28		-	ated to read:
29		-	66.1105 (7) (ak) 6. Except as provided in par. (am) 4.,
30		-	for Tax Incremental District Number 4 in the city of
31		-	Antigo, 32 years after the district is created.
32		-	SECTION 5. 66.1105 (7) (am) 4. a. of the statutes is
33		-	amended to read:
34		-	66.1105 (7) (am) 4. a. At any time during the district’s
35		-	existence, but subject to sub. (8) (e), the city that created
36		-	the district described under subd. 1., 2., or 3. or par. (ak)
37		-	1. or, 2., or 6. may request that the joint review board
38		-	extend the life of the district for an additional 3 years in
39		-	addition to an extension authorized under subd. 1., 2., or
40		-	3., if during the district’s existence, the annual and total
41		-	amount of tax increments to be generated over the life of
42		-	the district are adversely impacted by 2013 Wisconsin
43		-	Act 145.
44		-	* 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
45		-	partial veto which does not expressly prescribe the time when it takes effect shall take effect on the day after its date of publication.”
	13	+	Analysis by the Legislative Reference Bureau
	14	+	This bill increases the maximum life and tax allocation period for Tax
	15	+	Incremental District (TID) Number 4 in the city of Antigo.
	16	+	Under current law, cities and villages may use tax incremental financing (TIF)
	17	+	to encourage development in the city or village. In general, under TIF, a city or
	18	+	village pays for improvements in a TID then collects tax moneys attributable to other
	19	+	taxing jurisdictions for a period of time on the increased property value in the TID
	20	+	to pay for the improvements. Ideally, after a period of time, the city or village has
	21	+	been repaid for its initial investment and the property tax base in the TID has
	22	+	permanently increased in value.
	23	+	In general and in brief, a city or village makes use of TIF using the following
	24	+	procedure:
	25	+	1. The city or village designates an area as a TID and creates a project plan
	26	+	laying out the expenditures that the city or village will make within the TID.
	27	+	2. The Department of Revenue establishes the “base value” of the TID. This
	28	+	value is the equalized value of all taxable property within the TID at the time of its
	29	+	creation.
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	35	+	SENATE BILL 915
	36	+	3. Each year thereafter, the “value increment” of the property within the TID
	37	+	is determined by subtracting the base value from the current value of property
	38	+	within the TID. The portion of taxes collected on any positive value increment is
	39	+	collected by the city or village for use solely for the project costs of the TID. The taxes
	40	+	collected by the city or village on positive value increments include taxes that would
	41	+	have been collected by other taxing jurisdictions, such as counties or school districts,
	42	+	were the TID not created.
	43	+	4. Tax increments are collected until the city or village has recovered all of its
	44	+	project costs or until the TID reaches its statutory termination date. The statutes
	45	+	provide several different termination dates for different types of TIDs. In most cases,
	46	+	TIDs must terminate 23 years or 27 years after the TID is created.
	47	+	TID Number 4 in the city of Antigo was created as an industrial TID in
	48	+	September of 1999. Under current law, the unextended termination date of TID
	49	+	Number 4 in the city of Antigo is 23 years, because the TID is an industrial TID for
	50	+	which no finding of blight was made and the TID was created after September 30,
	51	+	1995, and before October 1, 2004.
	52	+	Under this bill, the life of TID Number 4 in the city of Antigo is extended, and
	53	+	tax increments may continue to be allocated, for up to 29 years after the TID's
	54	+	creation.
	55	+	Also under current law, a city or village may extend the life of a TID for up to
	56	+	one year for housing stock improvement if all of the following occur:
	57	+	1. The city or village pays off all of the TID's project costs.
	58	+	2. The city or village adopts a resolution stating that it intends to extend the
	59	+	life of the TID, the number of months it intends to do so, and how it intends to improve
	60	+	housing stock.
	61	+	3. The city or village notifies DOR.
	62	+	Under the bill, a housing stock improvement extension may not be exercised
	63	+	with regard to TID Number 4 in the city of Antigo.
	64	+	For further information see the state and local fiscal estimate, which will be
	65	+	printed as an appendix to this bill.
	66	+	The people of the state of Wisconsin, represented in senate and assembly, do
	67	+	enact as follows:
	68	+	SECTION 1. 66.1105 (6) (a) 21. of the statutes is created to read:
	69	+	66.1105 (6) (a) 21. Twenty-nine years after the tax incremental district is
	70	+	created if the district is Tax Incremental District Number 4 in the city of Antigo.
	71	+	SECTION 2. 66.1105 (6) (g) 4. of the statutes is created to read:
	72	+	66.1105 (6) (g) 4. This paragraph does not apply to Tax Incremental District
	73	+	Number 4 in the city of Antigo.
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	82	+	SECTION 3
	83	+	SENATE BILL 915
	84	+	SECTION 3. 66.1105 (7) (ak) 2. of the statutes is amended to read:
	85	+	66.1105 (7) (ak) 2. Except as provided in par. (am) 4., for a district that is
	86	+	created after September 30, 1995, and before October 1, 2004, and that is not subject
	87	+	to subd. 1., 4., or 5., or 6., 23 years after the district was created, and, except as
	88	+	provided in subd. 3., for a district that is created before October 1, 1995, 27 years
	89	+	after the district is created.
	90	+	SECTION 4. 66.1105 (7) (ak) 6. of the statutes is created to read:
	91	+	66.1105 (7) (ak) 6. Except as provided in par. (am) 4., for Tax Incremental
	92	+	District Number 4 in the city of Antigo, 29 years after the district is created.
	93	+	SECTION 5. 66.1105 (7) (am) 4. a. of the statutes is amended to read:
	94	+	66.1105 (7) (am) 4. a. At any time during the district's existence, but subject
	95	+	to sub. (8) (e), the city that created the district described under subd. 1., 2., or 3. or
	96	+	par. (ak) 1. or, 2., or 6. may request that the joint review board extend the life of the
	97	+	district for an additional 3 years in addition to an extension authorized under subd.
	98	+	1., 2., or 3., if during the district's existence, the annual and total amount of tax
	99	+	increments to be generated over the life of the district are adversely impacted by 2013
	100	+	Wisconsin Act 145.
	101	+	(END)
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