Bill > SB24

This bill modifies tax incremental financing (TIF) district regulations specifically for the city of Middleton. Currently, tax incremental districts are limited so that their total value cannot exceed 12 percent of a city's total taxable property value. This bill creates a special exception for Middleton's TID Number 6, exempting it from the standard 12 percent value limit if the district is created before June 1, 2025. Additionally, the bill eliminates Middleton's ability to extend TID Number 6's lifespan for housing stock improvement purposes, which under existing law would typically allow a city to extend a TIF district's life for up to one year after completing its project costs if certain conditions are met. By creating these specific carve-outs for Middleton's TID Number 6, the bill provides unique flexibility for this particular tax incremental financing district, potentially allowing for different development or financing strategies that deviate from standard municipal TIF regulations. The bill appears to be a targeted, locally-specific piece of legislation designed to address particular economic development needs or constraints in the city of Middleton.

Budget and Finance, Business and Industry

https://docs.legis.wisconsin.gov/2025/proposals/reg/sen/bill/sb24