AB668: Bill Text

LRB-4394/1

JS:skg:sh

1995 - 1996 LEGISLATURE

1995 Assembly BILL 668

November 9, 1995 - Introduced by Representatives Ziegelbauer, Jensen, Hanson, Ward, Notestein, Schneiders, Cullen, Otte, L. Young, Bock, Turner, Plache, Ryba, Boyle, Wirch, Baumgart and F. Lasee, cosponsored by Senators C. Potter, Schultz, Andrea, Welch and Moore. Referred to Joint survey committee on Tax Exemptions.

AB668,1,3 An Act to create 70.11 (4g) of the statutes; relating to: creating a property tax exemption for nonprofit organizations that rehabilitate housing for sale to low-income persons.

Analysis by the Legislative Reference Bureau

This bill creates a property tax exemption for nonprofit organizations that rehabilitate residential property for sale to low-income persons.

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:

AB668, s. 1 Section 1. 70.11 (4g) of the statutes is created to read:

AB668,1,7 70.11 (4g) Housing held for rehabilitation and sale to low-income persons. Real property owned by a nonprofit organization that is rehabilitating the property for sale to low-income persons for residential purposes.

AB668, s. 2 Section 2. Effective date.

AB668,1,9 (1) This act takes effect on the January 1 after publication.

AB668,1,10 (End)