| 1 | 1 | | 2025 - 2026 LEGISLATURE |
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| 2 | 2 | | LRB-1194/1 |
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| 3 | 3 | | EVM:cdc |
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| 4 | 4 | | 2025 SENATE BILL 24 |
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| 5 | 5 | | February 5, 2025 - Introduced by Senators TESTIN, HESSELBEIN, RATCLIFF and |
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| 6 | 6 | | SPREITZER, cosponsored by Representatives KURTZ, NOVAK, JOERS, BARE, |
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| 7 | 7 | | ARMSTRONG, ARNEY, DESMIDT, HYSELL, PALMERI, TENORIO, UDELL and ROE. |
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| 8 | 8 | | Referred to Committee on Government Operations, Labor and Economic |
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| 9 | 9 | | Development. |
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| 10 | 10 | | AN ACT to create 66.1105 (6) (g) 7. and 66.1105 (17) (h) of the statutes; relating |
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| 11 | 11 | | to: limitations on the total value of taxable property that may be included in, |
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| 12 | 12 | | and the lifespan of, a tax incremental financing district created in the city of |
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| 13 | 13 | | Middleton. |
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| 14 | 14 | | Analysis by the Legislative Reference Bureau |
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| 15 | 15 | | Under current law, the equalized value of taxable property of a new or |
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| 16 | 16 | | amended tax incremental district (TID) plus the value increment of all existing |
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| 17 | 17 | | TIDs in a city or village may not exceed 12 percent of the total equalized value of |
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| 18 | 18 | | taxable property in the city or village. Under this bill, the 12 percent rule does not |
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| 19 | 19 | | apply to TID Number 6 created by the city of Middleton if the district is created |
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| 20 | 20 | | before June 1, 2025. |
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| 21 | 21 | | Also under current law, a city or village may extend the life of a TID for up to |
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| 22 | 22 | | one year for housing stock improvement if all of the following occur: |
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| 23 | 23 | | 1. The city or village pays off all of the TID[s project costs. |
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| 24 | 24 | | 2. The city or village adopts a resolution stating that it intends to extend the |
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| 25 | 25 | | life of the TID, the number of months it intends to do so, and how it intends to |
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| 26 | 26 | | improve housing stock. |
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| 27 | 27 | | 3. The city or village notifies DOR. |
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| 31 | 31 | | 4 2025 - 2026 Legislature |
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| 32 | 32 | | SENATE BILL 24 |
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| 33 | 33 | | - 2 - LRB-1194/1 |
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| 34 | 34 | | EVM:cdc |
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| 35 | 35 | | Under the bill, a housing stock improvement extension may not be exercised |
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| 36 | 36 | | with regard to TID Number 6 in the city of Middleton. |
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| 37 | 37 | | For further information see the state and local fiscal estimate, which will be |
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| 38 | 38 | | printed as an appendix to this bill. |
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| 39 | 39 | | The people of the state of Wisconsin, represented in senate and assembly, do |
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| 40 | 40 | | enact as follows: |
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| 41 | 41 | | SECTION 1. 66.1105 (6) (g) 7. of the statutes is created to read: |
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| 42 | 42 | | 66.1105 (6) (g) 7. This paragraph does not apply to Tax Incremental District |
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| 43 | 43 | | Number 6 in the city of Middleton. |
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| 44 | 44 | | SECTION 2. 66.1105 (17) (h) of the statutes is created to read: |
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| 45 | 45 | | 66.1105 (17) (h) City of Middleton exception. The 12 percent limit described |
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| 46 | 46 | | under sub. (4) (gm) 4. c. does not apply to the creation of Tax Incremental District |
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| 47 | 47 | | Number 6 that is created by the common council of the city of Middleton if the |
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| 48 | 48 | | district is created on or before June 1, 2025. |
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| 49 | 49 | | (END) |
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