Bill
Bill > SB122
WI SB122
WI SB122Limitations on the total value of taxable property that may be included in a tax incremental financing district created in the city of Port Washington. (FE)
summary
Introduced
03/07/2025
03/07/2025
In Committee
03/07/2025
03/07/2025
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 5 created by the city of Port Washington. 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 a specific exemption for the city of Port Washington regarding tax incremental financing (TIF) district regulations. Currently, state law limits the total value of taxable property in tax incremental districts to 12 percent of a city's total equalized property value. Under this bill, this 12 percent limitation will not apply to Tax Incremental District Number 5 (TID #5) created by the Port Washington common council. Tax incremental financing is a development tool that allows municipalities to fund infrastructure or improvements by borrowing against the anticipated increase in property tax revenues that will result from new development within a designated district. By creating this exemption, the bill gives Port Washington more flexibility in establishing and expanding TID #5, potentially enabling additional economic development projects that might have been constrained by the existing 12 percent cap on TIF district property values.
Committee Categories
Business and Industry
Sponsors (6)
Dan Feyen (R)*,
Jodi Habush Sinykin (D)*,
David Armstrong (R),
Robert Brooks (R),
Paul Melotik (R),
Jerry O'Connor (R),
Last Action
Public hearing held (on 04/24/2025)
Official Document
bill text
bill summary
Loading...
bill summary
Loading...
bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://docs.legis.wisconsin.gov/2025/proposals/reg/sen/bill/sb122 |
| Fiscal Note - SB122: Fiscal Estimate From DOR | https://docs.legis.wisconsin.gov/2025/related/fe/sb122/sb122_dor.pdf |
| BillText | https://docs.legis.wisconsin.gov/document/proposaltext/2025/REG/SB122.pdf |
Loading...