SB 50 – ACT 256: Makes several technical changes to the TIF law, including the municipality’s equalized value for preceding year excludes value of any TID increments for year TID terminates, planning commission notice changes from a class 2 to class 1 for TID amendments, and changes Joint Review Board review period from 30 days to 45 days to approve municipality’s TID resolution.
SB 51 – Act 257: Makes several changes improving reporting and transparency regarding the performance of TIF districts, including requiring a community to submit an annual report by July 1 describing the status of each existing TID to each overlying taxing jurisdiction as well as to DOR. [This requirement is effective October 1, 2015 for industry –specific town TID sections and October 1, 2016 for other sections.) Requires a standing Joint Review Board for the life of the TID that must meet July 1 annually or as soon as the updated annual report is available to review.
SB 53 – Act 254: Allows for extending the life of a tax incremental district by three years if the district was adversely impacted by 2013 Wisconsin Act 145, the technical college property tax rate buy down legislation.
SB 54 – Act 255: Effective for TIDs created or whose project plan was amended on or after October 1, 2015. Removes the restriction that vacant property may not comprise more than 25%of the area of a newly-created TID, and excludes all tax-exempt city-owned property from the calculation of a TID’s initial tax incremental base value.
For more information go to: https://www.revenue.wi.gov/slf/cotvc/messages/2016/20160309.html