A new report on the state’s tax incremental financing program (TIF), funded in part by WEDA, found more than $4 of new tax base is created for every $1 invested in a TIF district in Wisconsin.
The report shows that TIF in Wisconsin is on the competitive end of mainstream public policy. It also stresses that maintaining and enhancing the flexibility currently afforded under state TIF law will allow Wisconsin to compete for investment and jobs regionally, nationally, and internationally.
- For every $1 of investment within a Wisconsin TIF district, an average of $4.66 of additional tax base is created.
- Without TIF the State would face a gap 4.9 times larger than state funding currently available for local economic development projects.
- Between 2009 and 2016, TIF districts that closed had been open for, on average, 16.37 years, which is 4 to 11 years shorter than the maximum allowed by law.
- Wisconsin has been a leader in the national shift of TIF use from blight removal to uses for broader economic development purposes.
- Maintaining and enhancing the flexibility currently afforded under the state TIF statute will allow Wisconsin to compete for investment and jobs regionally, nationally, and internationally.
CLICK HERE to read the full report.