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Bill > AB22

WI AB22

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

summary

Introduced
02/06/2025
In Committee
05/09/2025
Crossed Over
Passed
Dead

Introduced Session

2025-2026 Regular Session

Bill Summary

Under current law, the equalized value of taxable property of a new or amended tax incremental district (TID) plus the value increment of all existing TIDs in a city or village may not exceed 12 percent of the total equalized value of taxable property in the city or village. Under this bill, the 12 percent rule does not apply to TID Number 6 created by the city of Middleton if the district is created before June 1, 2025. Also under current law, a city or village may extend the life of a TID for up to one year for housing stock improvement if all of the following occur: 1. The city or village pays off all of the TID[s project costs. 2. The city or village adopts a resolution stating that it intends to extend the life of the TID, the number of months it intends to do so, and how it intends to improve housing stock. 3. The city or village notifies DOR. Under the bill, a housing stock improvement extension may not be exercised with regard to TID Number 6 in the city of Middleton. For further information see the state and local fiscal estimate, which will be printed as an appendix to this bill.

AI Summary

This bill provides specific exceptions for Tax Incremental District (TID) Number 6 in the city of Middleton, which is a special tax financing mechanism used to fund local economic development projects. Currently, Wisconsin law limits cities and villages to creating TIDs that do not exceed 12 percent of the total equalized value of taxable property in the municipality. The bill creates two key exceptions for Middleton's TID Number 6: first, the 12 percent limitation will not apply if the district is created on or before June 1, 2025, and second, the city will be prohibited from using a housing stock improvement extension, which would typically allow a TID to be extended for up to one year after all project costs are paid off. These exceptions are specifically tailored to Middleton's TID Number 6, allowing more flexibility in its creation and management compared to standard TID regulations. The bill appears designed to support a specific local economic development initiative by providing unique regulatory accommodations for this particular tax incremental district.

Committee Categories

Government Affairs

Sponsors (16)

Last Action

Laid on the table (on 05/13/2025)

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