An Act to create 66.1105 (6) (a) 22., 66.1105 (6) (g) 7., 66.1105 (7) (am) 10. and 66.1105 (17) (h) of the statutes; Relating to: maximum life and allocation period for Tax Incremental District Number 9 in the village of DeForest and the total value of taxable property that may be included in tax incremental financing districts created in the village of DeForest. (FE)
Impact
The bill seeks to revise existing law which limits the total value of taxable properties that can be included in TIDs within a municipality to 12 percent of the total equalized value. SB133 stipulates that this 12 percent rule will not apply to a single amendment for TID Number 9, permitting a more significant investment in the area. This change is intended to enhance the capacity of DeForest to allocate more resources towards local infrastructure and community improvements without the burden of stringent financial caps.
Summary
Senate Bill 133 proposes amendments to the statutes relating to Tax Incremental District (TID) Number 9 in the village of DeForest, specifically extending its duration and modifying certain financial limits. Under current state law, TIDs have a maximum lifespan of 20 years, which can be used to finance public projects aimed at stimulating economic growth. This legislation would allow TID Number 9 to exist for up to 30 years, thereby providing an additional ten years for tax increment financing. This extension aims to facilitate further economic development in the designated area.
Contention
Prominent points of contention surrounding SB133 focus on local versus state control over financing and development priorities. Supporters argue that the extended timeline for TID Number 9 will allow for greater economic recovery and residential improvements, while critics might express concern over the potential financial risks associated with prolonged reliance on tax increment financing. They may contend that such measures could divert funding from other essential services or unfunded mandates within the local government, thereby impacting community welfare in unforeseen ways.
Crossfiled
An Act to create 66.1105 (6) (a) 22., 66.1105 (6) (g) 7., 66.1105 (7) (am) 10. and 66.1105 (17) (h) of the statutes; Relating to: maximum life and allocation period for Tax Incremental District Number 9 in the village of DeForest and the total value of taxable property that may be included in tax incremental financing districts created in the village of DeForest. (FE)
Maximum life and allocation period for Tax Incremental District Number 9 in the village of DeForest and the total value of taxable property that may be included in tax incremental financing districts created in the village of DeForest. (FE)
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)
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)
Limitations 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)
Limitations 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)
Maximum life and allocation period for Tax Incremental District Number 9 in the village of DeForest and the total value of taxable property that may be included in tax incremental financing districts created in the village of DeForest. (FE)
Requires permit and compensatory reforestation plan for development projects that result in deforestation; establishes grant program for reforestation activities by private landowners; establishes "State Compensatory Reforestation Fund."