560.745 Duration, renewal and expiration.
560.745
560.745 Duration, renewal and expiration.560.745(1)
(1)560.745(1)(a)
(a) The designation of an area as a development zone shall be effective for 240 months, beginning on the day the department notifies the local governing body under s. 560.725 (3) of the designation.560.745(1)(b)
(b) The local governing body may apply to the department for one 60-month extension of the designation. The department shall promulgate rules establishing criteria for approving an extension of a designation of an area as a development zone under this subsection. No applications may be accepted by the department under this paragraph on or after March 6, 2009.560.745(1)(c)
(c) Paragraphs (a) and (b) apply to designations of areas as development zones that are in effect on June 2, 2000, or that are made on or after June 2, 2000.560.745(2)
(2)560.745(2)(a)
(a) When the department designates a development zone under s. 560.71, it shall establish a limit for tax benefits for the development zone determined by allocating to the development zone a portion of $38,155,000.560.745(2)(am)
(am) Notwithstanding par. (a), the department may increase the established limit for tax benefits for a development zone. The department may not increase the limit for tax benefits established for any development zone designated under s. 560.71 on or after March 6, 2009.560.745(2)(b)
(b) Annually the department shall estimate the amount of forgone state revenue because of tax benefits claimed by persons in each development zone.560.745(2)(c)
(c) Notwithstanding sub. (1), the designation of an area as a development zone shall expire on the earlier of the following:560.745(2)(c)1.
1. Ninety days after the day on which the department determines that the forgone tax revenues under par. (b) will equal or exceed the limit for the development zone established under par. (a) or (am).560.745(2)(c)2.
2. The day that the department withdraws its designation of an area as a development zone under sub. (3).560.745(2)(d)
(d) The department shall immediately notify the local governing body of a change in the expiration date of the development zone under par. (c).560.745(3)
(3) The department may withdraw the designation of an area as a development zone if any of the following apply:560.745(3)(a)
(a) No person is certified as eligible to receive tax benefits under s. 560.765 (3) during the 12-month period beginning on the day the area is designated as a development zone and the department determines that the local governing body that nominated the zone is not in compliance with s. 560.763.560.745(3)(b)
(b) No person is certified as eligible to receive tax benefits under s. 560.765 (3) during the 24-month period beginning on the day the area is designated a development zone.560.745 - ANNOT.
History: 1987 a. 328; 1989 a. 31, 336; 1993 a. 16; 1995 a. 209; 1997 a. 27, 103; 1999 a. 9, 32, 193; 2009 a. 2.