Senate Bill 241 proposes the creation of a new provision under section 66.1105 (17) (c) of the statutes, which specifically addresses tax incremental financing districts (TIDs) that include qualified data centers certified by the Wisconsin Economic Development Corporation (WEDC). The bill stipulates that the existing 12 percent limit on the equalized value of taxable property in a city or village does not apply to TIDs that contain a qualified data center, provided that all project costs associated with the TID are related to the data center. This change aims to encourage the development of data centers by allowing for greater financial flexibility in the establishment and amendment of TIDs.

Additionally, the bill outlines that any project plan for a data center district that is exempt from the 12 percent findings requirement cannot be amended to include project costs unrelated to the data center. Furthermore, when calculating the value increment for a TID, local legislative bodies are instructed not to include the value increment of any data center district that has been exempted from the 12 percent requirement. This legislation is designed to promote investment in data centers while maintaining specific financial regulations for TIDs.