AB839: Bill Text

LRB-5283/1

MES:kmg:km

1995 - 1996 LEGISLATURE

1995 Assembly BILL 839

February 1, 1996 - Introduced by Representative Linton, cosponsored by Senator Jauch. Referred to Committee on Ways and Means.

AB839,1,2 An Act to create 66.46 (5) (be) of the statutes; relating to: the filing of certain forms related to a tax incremental financing district.

Analysis by the Legislative Reference Bureau

Under the current tax incremental financing (TIF) program, a city or village may create a tax incremental district (TID) in part of its territory to foster development if at least 50% of the area to be included in the TID is blighted, in need of rehabilitation or suitable for industrial sites. Before a city or village may create a TID, several steps and plans are required. These steps and plans include public hearings on the proposed TID, preparation and adoption by the local planning commission of a proposed project plan for the TID, approval of the proposed project plan by the common council or village board and creation by the city or village of a joint review board to review the proposal. The joint review board, which is made up of representatives of the overlying taxing jurisdictions of the proposed TID, must approve the project plan or the TID may not be created. If an existing TID project plan is amended by a planning commission, these steps are also required.

Once these steps are accomplished, the city clerk is required to complete certain forms and an application and submit the documents to the department of revenue (DOR) on or before December 31 of the year in which the tax increment district is created. Upon receipt of the application, DOR is required to certify the full aggregate value of the taxable property in the city, which constitutes the tax incremental base of the tax incremental district.

This bill specifies that if a city clerk submits to DOR the required forms and an application for a district that was created in September 1994, on or before March 30, 1996, even though the forms and application were originally due on December 31, 1994, DOR shall proceed as if the forms were timely filed not later than December 31, 1994.

For further information see the state and 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:

AB839, s. 1 Section 1. 66.46 (5) (be) of the statutes is created to read:

AB839,2,11 66.46 (5) (be) Notwithstanding the time limits in par. (b), if the city clerk of a city that created a tax incremental district in September 1994 files with the department of revenue, not later than March 30, 1996, the forms and application that were originally due on or before December 31, 1994, the tax incremental base of the district shall be calculated by the department of revenue as if the forms and application had been filed on or before December 31, 1994, and, until the tax incremental district terminates, the department of revenue shall allocate tax increments and treat the district in all other respects as if the forms and application had been filed on or before December 31, 1994, except that the department may not certify a value increment under par. (b) before 1996.

AB839,2,12 (End)