AB1079: Bill Text

LRB-5665/1

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1995 - 1996 LEGISLATURE

1995 Assembly BILL 1079

March 25, 1996 - Introduced by Representatives Foti and Bock, cosponsored by Senators Farrow and Burke. Referred to Joint survey committee on Tax Exemptions.

AB1079,1,3 An Act to amend 70.11 (1) of the statutes; relating to: a tax exemption for state property that is leased to a nonprofit corporation that operates an Olympic ice training center.

Analysis by the Legislative Reference Bureau

This bill provides a tax exemption for state-owned general property that is leased to a private, nonprofit corporation that operates an Olympic ice training center.

This bill will be referred to the joint survey committee on tax exemptions for a detailed analysis, which will be printed as an appendix to this bill.

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:

AB1079, s. 1 Section 1. 70.11 (1) of the statutes is amended to read:

AB1079,2,7 70.11 (1) Property of the state. Property owned by this state except land contracted to be sold by the state. This exemption shall not apply to land conveyed after September, 1933, to this state or for its benefit while the grantor or others for the grantor's benefit are permitted to occupy the land or part thereof in consideration for the conveyance; nor shall it apply to land devised to the state or for its benefit while another person is permitted by the will to occupy the land or part thereof. This exemption shall not apply to any property acquired by the department of veterans affairs under s. 45.72 (5) and (7) or to the property of insurers undergoing rehabilitation or liquidation under ch. 645. Property exempt under this subsection includes general property owned by the state and leased to a private, nonprofit corporation that operates an Olympic ice training center, regardless of the use of the leasehold income,

AB1079, s. 2 Section 2. Effective date.

AB1079,2,9 (1) This act takes effect on January 1, 1997.

AB1079,2,10 (End)