The 2015/16 legislative session will conclude in a few weeks. We are working to pass several more key pieces of legislation that are drivers for our commercial real estate industry. While we are very close, we are at a point where we need your help. The week of January 25, you will receive a Call to Action with instructions on how you can contact your legislator to encourage them to vote in favor of a bill that is one of CARW’s top legislative priorities. Modernization of Wisconsin’s tax increment finance (TIF) law includes 8 bills been at the forefront of our priorities to create a more effective and flexible economic development tool. At this time, the Wisconsin State Senate has approved 7 of the 8 bills with unanimous support from both Republicans and Democrats. Only 1 bill (SB 55) from the package has not yet passed. Legislators will need to hear from you about why this is important to YOU.
This bill increases the limit on the total amount of taxable property permitted within a community’s TIDs from 12% to 15%. There are a number of Wisconsin communities experiencing a great deal of economic development looking to local government for financing support. Some of these communities have reached the 12% limit and are seeking greater capacity. As with all of the TIF bills, they are essential tools and among the ONLY tools that government has to incent and spur economic development and jobs. Please watch for the Call to Action, and use the EASY two-click response mechanism to reach out directly to your legislators. We are close on this one and will need industry leaders like you to step up to let legislators know that this is how they can help you. Contact Tom Larson, VP of Legal and Public Affairs with WRA at [email protected] in advance if you have questions.