LRB-1175/P1
JK:ahe
2019 - 2020 LEGISLATURE
DOA:......Quinn, BB0169 - Real estate transfer fee exemption limitations
For 2019-2021 Budget -- Not Ready For Introduction
An Act ...; relating to: the budget.
Analysis by the Legislative Reference Bureau
taxation
Property taxation
1. Real estate transfer fee exemption
Current law provides an exemption to the real estate transfer fee for a conveyance by a subsidiary corporation to its parent for no consideration. This bill clarifies that both the subsidiary and the parent must be a corporation. The bill also modifies the real estate transfer fee exemption for a conveyance made solely in order to provide or release security for a debt or obligation so that the exemption does not apply if the debt or obligation was incurred as the result of a conveyance.
For further information see the state and local fiscal estimate, which will be printed as an appendix to this bill.
The people of the state of Wisconsin, represented in senate and assembly, do enact as follows:
Section
1. 77.25 (7) of the statutes is amended to read:
77.25 (7) By a subsidiary corporation to its parent corporation for no consideration, nominal consideration or in sole consideration of cancellation, surrender or transfer of capital stock between parent and subsidiary corporation.
Section
2. 77.25 (10) of the statutes is amended to read:
77.25 (10) Solely in order to provide or release security for a debt or obligation, if the debt or obligation was not incurred as the result of a conveyance.
(End)
