City/Village Tax Incremental Finance
Accounting & Termination
In the spring of 2004 a major package of TIF reforms was adopted by the Wisconsin Legislature. The changes expanded the ways TIF could be used and bolstered the level of oversight the state had regarding its use. These changes strengthen the reporting requirements and modify the forms needed for maintaining a TID. This site details the specific accounting requirements including sample reports, and provides the necessary forms for TID Termination.
Fill-in forms option: Please read the instructions first before using this option. This is not available for all the forms. This option will not electronically file your form.
The fill-in forms do automatic addition calculations on the various total columns.
Accounting Information
| Form Name | Description |
|---|---|
| Sample Annual Report | Sample of the TID Accounting Report required annually to overlying taxing jurisdictions annually by May 1st |
| Sample Audit Report | Sample Audit Report that are required at 3 times during the life of the Tax Increment District:
|
Termination
A Tax Incremental District (TID) terminates/dissolves depending upon the following:
- when the municipality has received aggregate tax increments in an amount equal to the aggregate of all project costs under the project plan and any amendments to the project plan,
- or the Tax Increment District has reached its maximum life. Maximum life varies and is determined by the type of TID and resolution date.
- or the municipality chooses to dissolve the district early.
Upon termination or dissolution, the district shall give Department of Revenue (DOR) written notice within 60 days of the termination resolution, by completing a PE-223 (below) and sending it along with a copy of the resolution to DOR at P.O. Box 8971, MS 6-97; Madison, Wi. 53708. This form establishes the date by which the PE-110 and Final Accounting Report will be submitted.
On or before the agreed upon submission date, the district shall electronically submit the PE-110 and the TID Final Accounting Excel spreadsheet.
Remember: Failure to submit the required termination forms/information within the timeframe agreed to by the municipality will cause DOR to deny certification of any additional tax incremental base.
| Form Name | Description |
|---|---|
| Sample Termination Resolution | Sample Termination/ Dissolution Resolution |
| PE-223 | Final Accounting for Terminated Tax Increment District Agreement (9/07) | Fill-In Form |
| PE-110 | Tax Incremental District Final Accounting Report plus the following Excel File. Both are required. *This form must also be used for the 60.85 Town TIF annual report required to be sent to DOR. |
| TID Final Accounting Report | Excel File must be sent to tif@revenue.wi.gov at the same time the PE-110 Final Accounting Report is filed. |
For more information contact:
- E-mail - tif@revenue.wi.gov
- Susan Plakus (608) 261-5335
- Mary Lou Clayton (608) 266-5708
Last updated October 10, 2007