LRB-3391/1
EKL:cjs
2021 - 2022 LEGISLATURE
June 10, 2021 - Introduced by Senator Petrowski, cosponsored by Representative
Spiros. Referred to Committee on Government Operations, Legal Review and
Consumer Protection.
SB391,1,4
1An Act to amend 66.1105 (7) (ak) 2.; and
to create 66.1105 (6) (a) 19., 66.1105
2(6) (am) 2. n. and 66.1105 (7) (ak) 5. of the statutes;
relating to: extending the
3life and tax increment allocation and project cost expenditure periods for Tax
4Incremental District Number 1 in the village of Marathon City.
Analysis by the Legislative Reference Bureau
This bill extends the life and the periods during which tax increments may be
allocated and expenditures for project costs may be made for a tax incremental
district (TID) in the village of Marathon City.
Under current law, when a city or village creates a TID, the Department of
Revenue calculates the “tax incremental base" value of the TID, which is the
equalized value of all taxable property within the TID at its creation. If the
development in the TID increases the value of the property in the TID above the base
value, a “value increment" is created. The portion of the property taxes received from
the TID that is attributable to the TID's value increment is called a “tax increment.”
The tax increment is placed in a special fund that may be used only to pay back the
TID project costs. DOR authorizes the allocation of the tax increments until the TID
terminates or, generally, 20 years, 23 years, or 27 years after the TID is created,
depending on the type of TID and the year in which it was created. Also under
current law, a city or village may not generally make expenditures for project costs
later than five years before the TID's unextended termination date.
Under this bill, tax increments may be allocated for Tax Incremental District
Number 1 in the village of Marathon City until January 3, 2035, which is 33 years
after the TID's creation, expenditures may be made for project costs through January
3, 2023, and the life of the TID is extended for seven years.
For further information see the local fiscal estimate, which will be printed as
an appendix to this bill.
The people of the state of Wisconsin, represented in senate and assembly, do
enact as follows:
SB391,1
1Section
1. 66.1105 (6) (a) 19. of the statutes is created to read:
SB391,2,42
66.1105
(6) (a) 19. Thirty-three years after the tax incremental district is
3created if the district is Tax Incremental District Number 1 in the village of
4Marathon City.
SB391,2
5Section
2. 66.1105 (6) (am) 2. n. of the statutes is created to read:
SB391,2,86
66.1105
(6) (am) 2. n. Expenditures for project costs for Tax Incremental
7District Number 1 in the village of Marathon City. Such expenditures may be made
8through January 3, 2023.
SB391,3
9Section
3. 66.1105 (7) (ak) 2. of the statutes is amended to read:
SB391,2,1410
66.1105
(7) (ak) 2. Except as provided in par. (am) 4., for a district that is
11created after September 30, 1995, and before October 1, 2004, and that is not subject
12to subd. 1.
, or 4.
, or 5., 23 years after the district was created, and, except as provided
13in subd. 3., for a district that is created before October 1, 1995, 27 years after the
14district is created.
SB391,4
15Section
4. 66.1105 (7) (ak) 5. of the statutes is created to read:
SB391,2,1716
66.1105
(7) (ak) 5. For Tax Incremental District Number 1 in the village of
17Marathon City, 33 years after the district is created.
