Senate Bill 24 proposes specific amendments to the tax incremental financing (TIF) regulations for the city of Middleton, Wisconsin. The bill creates two new sections in the statutes: 66.1105 (6) (g) 7. and 66.1105 (17) (h). The first section states that the existing limitations on the total value of taxable property that can be included in a TIF do not apply to Tax Incremental District Number 6 if it is created before June 1, 2025. The second section explicitly exempts TID Number 6 from the 12 percent cap on the equalized value of taxable property that can be included in a new or amended TID, which is a significant deviation from current law.

Additionally, the bill stipulates that the provisions allowing for the extension of a TID's lifespan for housing stock improvement do not apply to TID Number 6 in Middleton. This means that while other districts may extend their lifespan under certain conditions, TID Number 6 will not have that option. Overall, the bill aims to provide more flexibility for the city of Middleton in managing its tax incremental financing districts, particularly TID Number 6, while imposing specific limitations on its lifespan and value inclusion.