AB783: Bill Text

LRB-0601/4

JS:skg:lpa

1995 - 1996 LEGISLATURE

1995 Assembly BILL 783

January 11, 1996 - Introduced by Representatives Meyer, Baldus, Baldwin, Brandemuehl, Cullen, Grothman, Huber, Kreuser, Musser, Plache, Schneiders, Ward and Wirch, cosponsored by Senators Rude and Huelsman. Referred to Committee on Ways and Means.

AB783,1,3 An Act to create 77.25 (16m) of the statutes; relating to: exempting from the real estate transfer fee a conveyance to a revocable trust if the transfer is for no consideration except the assumption of debt.

Analysis by the Legislative Reference Bureau

This bill exempts from the real estate transfer fee any transfer to a revocable trust if the transfer is for no consideration except the assumption of debt.

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:

AB783, s. 1 Section 1. 77.25 (16m) of the statutes is created to read:

AB783,1,6 77.25 (16m) To a revocable trust if the transfer is for no consideration except the assumption of debt.

AB783, s. 2 Section 2. Initial applicability.

AB783,1,9 (1)  This act first applies to transfers for which the transferring document is recorded on the first day of the 2nd month beginning after publication.

AB783,1,10 (End)