Amendment SA1-SB83

LRBa0259/1

MES:kjf:rs

2005 - 2006 LEGISLATURE

SENATE AMENDMENT 1, TO 2005 SENATE BILL 83

March 10, 2005 - Offered by Senator Stepp.

SB83-SA1,1,1 At the locations indicated, amend the bill as follows:

SB83-SA1,1,2 1. Page 6, line 8: delete "2." and substitute "1.".

SB83-SA1,1,3 2. Page 6, line 9: delete "that subdivision" and substitute "sub. (6) (am) 2.".

SB83-SA1,1,4 3. Page 6, line 10: after that line insert:

SB83-SA1,1,5 " Section 5m. 66.1105 (5) (a) of the statutes is amended to read:

SB83-SA1,1,12 66.1105 (5) (a) Subject to sub. (8) (d), upon the creation of a tax incremental district or upon adoption of any amendment subject to par. (c), its tax incremental base shall be determined as soon as reasonably possible. The department of revenue may impose a fee of $1,000 on a city to determine or redetermine the tax incremental base of a tax incremental district under this subsection, except that if the redetermination is based on a single amendment to a project plan that both adds and subtracts territory, the department may impose a fee of $2,000.

SB83-SA1, s. 5s Section 5s. 66.1105 (5) (c) of the statutes is amended to read:

SB83-SA1,2,19 66.1105 (5) (c) If the city adopts an amendment to the original project plan for any district which subtracts territory from the district or which includes additional project costs at least part of which will be incurred after the period specified in sub. (6) (am) 1., the tax incremental base for the district shall be redetermined, if sub. (4) (h) 2., 4., or 5. applies to the amended project plan, either by subtracting from the tax incremental base the value of the taxable property and the value of real property owned by the city, other than property described under par. (bm), that is subtracted from the existing district or by adding to the tax incremental base the value of the taxable property and the value of real property owned by the city, other than property described in par. (bm), that is added to the existing district under sub. (4) (h) 2., 4., or 5. or, if sub. (4) (h) 2., 4., or 5. does not apply to the amended project plan, under par. (b), as of the January 1 next preceding the effective date of the amendment if the amendment becomes effective between January 2 and September 30, as of the next subsequent January 1 if the amendment becomes effective between October 1 and December 31 and if the effective date of the amendment is January 1 of any year, the redetermination shall be made on that date. With regard to a district to which territory has been added, the tax incremental base as redetermined under this paragraph is effective for the purposes of this section only if it exceeds the original tax incremental base determined under par. (b).".

SB83-SA1,2,20 (End)