LRB-3250/3
JS:kaf:km
1997 - 1998 LEGISLATURE
November 13, 1997 - Introduced by Representatives Springer, Albers, F. Lasee,
R. Young, Bock and
J. Lehman, cosponsored by Senators Decker and Wineke.
Referred to Joint survey committee on Tax Exemptions.
AB607,1,2
1An Act to amend 70.11 (25) of the statutes;
relating to: narrowing the property
2tax exemption for nonprofit medical research foundations.
Analysis by the Legislative Reference Bureau
This bill narrows the property tax exemption for nonprofit medical research
foundations so that it applies only to central facilities where data are received,
aggregated and analyzed.
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 the 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:
AB607, s. 1
3Section
1. 70.11 (25) of the statutes is amended to read:
AB607,2,134
70.11
(25) Nonprofit medical research foundations. Property owned and
5operated by a corporation, voluntary association, foundation or trust
, no part of the
6net earnings of which inure to the benefit of any shareholder, member, director or
7officer thereof
, which and that has received a certificate under section 501 (c) (3) of
1the Internal Revenue Code if the property is used exclusively for the purposes of
: 2medical and surgical research the knowledge derived from which is applied to the
3cures, prevention, relief and therapy of human diseases; providing instruction for
4practicing physicians and surgeons, promoting education, training, skill and
5investigative ability of physicians, scientists and individuals engaged in work in the
6basic sciences which bear on medicine and surgery; or providing diagnostic facilities
7and treatment for deserving destitute individuals not eligible for assistance from
8charitable or governmental institutions.
Such corporation, voluntary association,
9foundation or trust must have received a certificate under section 501 (c) (3) of the
10internal revenue code as a nonprofit organization exempt for income tax purposes If
11the foundation operates at more than one location, the exemption under this
12subsection applies only to its central facility where data are received, aggregated and
13analyzed.
AB607,2,1515
(1)
This act takes effect on the January 1 after publication.
