City/Village Tax Incremental Finance (TIF)
Accounting & Termination

In 2004, major TIF reforms were 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 modified the forms needed for maintaining a tax incremental district (TID). This site details the specific accounting requirements including sample reports, and provides the necessary forms for TID Termination.

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 three times during the life of the Tax Increment District:
  • no later than 12 months after 30 % of project expenditures
  • no later than 12 months after the end of expenditure period
  • no later than 12 months after termination of the district

Termination

A TID terminates/dissolves depending upon the following:

Upon termination or dissolution, the municipality shall give the 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. Additionally, notification of the termination should also be sent to the County Property Lister, Municipal Assessor and the overlying taxing jurisdictions.

On or before the agreed upon submission date, the municipality shall electronically submit the PE-110 and the TID Final Accounting Excel spreadsheet.

Remember: Failure to submit the required termination forms or information within the timeframe agreed to by the municipality will cause DOR to deny certification of any additional tax incremental base.

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.

Form Name Description
Sample Termination Resolution
Sample Termination/ Dissolution Resolution
PE-223
(Fill-In Form)
Final Accounting for Terminated Tax Increment District Agreement (4/13)
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:

Last updated August 19, 2013