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 creates an exception for TID Number 5 in Port Washington, allowing it to bypass the 12 percent limit.

The new legal language introduced in the bill specifies that the 12 percent limitation does not apply to the creation of TID Number 5 by the common council of Port Washington. This change aims to facilitate the establishment of this specific TID, potentially enabling greater economic development opportunities within the city.