SB301,,2122122. A limit on the amount of withdrawals from the account described under sub. (2) par. (a) 1. that may be made, and a limit on the purposes for which such withdrawals may be made. SB301,,2132133. Reporting and audit requirements that relate to the account described under sub. (2) par. (a) 1. SB301,61214Section 61. 66.0608 (4) of the statutes is renumbered 66.0608 (3m) (c) and amended to read: SB301,,21521566.0608 (3m) (c) Ownership of funds. Notwithstanding an ordinance enacted under sub. (2) par. (a), volunteer funds shall remain the property of the municipality until the funds are disbursed. SB301,62216Section 62. 66.1105 (2) (d) of the statutes is repealed. SB301,63217Section 63. 66.1105 (2) (f) 1. c. of the statutes is amended to read: SB301,,21821866.1105 (2) (f) 1. c. Real property assembly costs, meaning any deficit incurred resulting from the sale or lease as lessor by the city of real or personal property within a tax incremental district for consideration which is less than its cost to the city. SB301,64219Section 64. 66.1105 (2) (f) 2. e. of the statutes is amended to read: SB301,,22022066.1105 (2) (f) 2. e. For a tax incremental district in the city of Milwaukee, direct or indirect expenses related to developing, constructing, or operating a rail fixed guideway transportation system, as defined in s. 85.066 (1), in the city of Milwaukee. This subdivision 2. e. does not apply to the development or construction of a rail fixed guideway transportation system route traversing Clybourn St. and Michigan St., referred to as the “Lakefront Line.” SB301,65221Section 65. 66.1105 (2) (i) 2. of the statutes is amended to read: SB301,,22222266.1105 (2) (i) 2. For purposes of any agreement between the taxing jurisdiction and a developer regarding the tax incremental district entered into prior to April 5, 2018 the effective date of this subdivision .... [LRB inserts date], “tax increment” includes the amount that a taxing jurisdiction is obligated to attribute to a tax incremental district under s. 79.096 (3). SB301,66223Section 66. 66.1105 (5) (j) of the statutes is created to read: SB301,,22422466.1105 (5) (j) Upon receiving a written application from the city clerk, in a form prescribed by the department of revenue, the department shall recalculate the base value of a tax incremental district affected by 2023 Wisconsin Act .... (this act) to remove the value of the personal property. A request received under this paragraph no later than October 31 is effective in the year following the year in which the request is made. A request received after October 31 is effective in the 2nd year following the year in which the request is made. SB301,67225Section 67. 66.1106 (1) (k) of the statutes is amended to read: SB301,,22622666.1106 (1) (k) “Taxable property” means all real and personal taxable property located in an environmental remediation tax incremental district. SB301,68227Section 68. 66.1106 (4) (e) of the statutes is created to read: SB301,,22822866.1106 (4) (e) Upon receiving a written application from the clerk of a political subdivision, in a form prescribed by the department of revenue, the department shall recalculate the base value of a tax incremental district affected by 2023 Wisconsin Act .... (this act) to remove the value of the personal property. A request received under this paragraph no later than October 31 is effective in the year following the year in which the request is made. A request received after October 31 is effective in the 2nd year following the year in which the request is made. SB301,69229Section 69. 70.015 of the statutes is created to read: SB301,,23023070.015 Sunset. Beginning with the property tax assessments as of January 1, 2024, no tax shall be levied under this chapter on personal property. SB301,70231Section 70. 70.02 of the statutes is amended to read: SB301,,23223270.02 Definition of general property. General property is all the taxable real and personal property defined in ss. 70.03 and 70.04 except that which is taxed under ss. 70.37 to 70.395 and ch. 76 and subchs. I and VI of ch. 77. General property includes manufacturing property subject to s. 70.995, but assessment of that property shall be made according to s. 70.995. SB301,71233Section 71. 70.04 (1r) of the statutes is amended to read: SB301,,23423470.04 (1r) Toll bridges; private railroads and bridges; saw Saw logs, timber, and lumber, either upon land or afloat; steamboats, ships, and other vessels, whether at home or abroad; ferry boats, including the franchise for running the same; ice cut and stored for use, sale, or shipment; beginning May 1, 1974, and manufacturing machinery and equipment as defined in s. 70.11 (27), and entire property of companies defined in s. 76.28 (1), located entirely within one taxation district. SB301,72235Section 72. 70.043 of the statutes is repealed. SB301,73236Section 73. 70.05 (5) (a) 1. of the statutes is amended to read: SB301,,23723770.05 (5) (a) 1. “Assessed value” means with respect to each taxation district the total values established under ss. s. 70.32 and 70.34, but excluding manufacturing property subject to assessment under s. 70.995. SB301,74238Section 74. 70.10 of the statutes is amended to read: SB301,,23923970.10 Assessment, when made, exemption. The assessor shall assess all real and personal taxable property as of the close of January 1 of each year. Except in cities of the 1st class and 2nd class cities that have a board of assessors under s. 70.075, the assessment shall be finally completed before the first Monday in April. All real property conveyed by condemnation or in any other manner to the state, any county, city, village or town by gift, purchase, tax deed or power of eminent domain before January 2 in such year shall not be included in the assessment. Assessment of manufacturing property subject to s. 70.995 shall be made according to that section. SB301,75240Section 75. 70.11 (42) of the statutes is repealed.