Senate Bill 122 proposes an amendment to the existing tax incremental financing (TIF) regulations specifically for the city of Port Washington. Currently, the law stipulates that the total equalized value of taxable property in a new or amended tax incremental district (TID), combined with the value increments of all existing TIDs, cannot exceed 12 percent of the total equalized value of taxable property in the city or village. This bill introduces a new provision that exempts Tax Incremental District Number 5 in Port Washington from this 12 percent limitation.

The new legal language created under section 66.1105 (17) (h) explicitly states that the 12 percent limit does not apply to the creation of TID Number 5 by the common council of Port Washington. This change aims to facilitate the establishment and development of this specific TID, potentially allowing for greater investment and economic growth in the area.