Gov. Scott Walker signed a bill in Rib Mountain Friday making it easier for towns to create tax incremental financing districts, according to a news release.
TIF Districts use property taxes from new construction to finance economic development projects.
Senate Bill 338, introduced by state Sen. Jerry Petrowski, R-Marathon, authorizes certain towns to exercise all of the powers of a city or village to create a TIF District within the town.
The town must have a population of at least 5,000, and the value of all taxable property must be at least $500 million in the year before the town proposes to create the district.
Walker said in the release the districts are an “effective economic development tool” for cities and encourage new business development.
“By working together to establish a pro-growth business environment, we help business leaders create jobs and foster Wisconsin’s entrepreneurial spirit,” Walker said in the release.
