Municipal Tax Incremental Finance (TIF)
Accounting & Termination
When you create a Tax Incremental District (TID) it has specific accounting and termination requirements to the overlying taxing jurisdictions and the Wisconsin Department of Revenue (DOR).
You must submit these reports to your overlying taxing jurisdictions.
|Sample Annual Report||You are required by state law to annually submit this report by May 1 to the overlying taxing jurisdictions|
|PE-110||Town TIDs created under state law (sec. 60.85, Wis. Stats.) also must submit an annual report to DOR|
|Sample Audit Report||Sample Audit Report that are required at three times during the life of the Tax Increment District:
TID terminates/dissolves when one of the following occurs:
- Municipality receives 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
- TID reaches its maximum life. Maximum life varies and is determined by the TID type and resolution date
- Municipality chooses to dissolve the district early
When a TID is terminated/dissolved, the municipality must provide DOR with the following:
- Written notice within 60 days of the termination resolution – complete Form PE-223 and send a copy along with the resolution to:
- County Property Lister
- Municipal Assessor
- Overlying taxing jurisdictions
- On or before the agreed upon submission date, the municipality must electronically file (e-file) the PE-110 and email DOR the TID Final Accounting Excel spreadsheet or Final Audit Report/Financial Statements
Reminder: If you do not submit the required termination forms or information within the agreed upon timeframe, DOR will 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.
|Tax Incremental District Termination Resolution Sample|
|Final Accounting for Terminated TID Agreement- establishes the date the PE-110 and Final Accounting Report will be submitted|
|PE-110||TID Final Accounting Report (online)|
|TID Final Accounting Report||You must email the Excel file to firstname.lastname@example.org at the same time you e-file the Final Accounting Report (PE-110). Instead of using DOR's Excel file, the municipality may file its Final Audit Report/Financial Statements if they contain the same information found in DOR's Excel file.|
To send your completed forms by email, click the Attach Documents button.
Note: This opens an email to attach the files.
Complete and return the appropriate forms to:
Wisconsin Department of Revenue
Attn: Office of Technical and Assessment Services
PO Box 8971, MS 6-97
Madison, WI 53708-8971
Phone (608) 266-5708
Fax (608) 264-6897
Email additional questions to email@example.com
October 21, 2014
Updates were made to the code or formatting on this page as of December 29, 2014. This date does not reflect the effective date or any other date relating to the content of this page.