On Nov. 30, the Assembly Ways and Means Committee held a public hearing on AB 659, the TIF subtraction bill. WEDA supports the legislation and was present at the hearing to testify. You can read WEDA’s testimony on the bill here.
Assembly Bill 659 would eliminate the current law disincentive for municipalities to subtract territory from a Tax Incremental Financing (TIF) district prior to the termination of the whole TIF district. Under the bill, if the WI Department of Revenue recertifies the base value of a TIF district due to the district’s subtraction of territory, the municipality where the district is located may increase its levy limit by an amount equal to 50% of the subtracted territory’s value increment.
The Senate Government Operations, Technology, and Consumer Protection Committee will hold a public hearing on the Senate version of the bill, SB 579, on Thurs., Dec. 7.