LRB-0038/2
JS:kaf:kat
1997 - 1998 LEGISLATURE
February 5, 1997 - Introduced by Senators C. Potter, Decker, Jauch, Shibilski,
Breske, Buettner, Grobschmidt, A. Lasee, Plache, Schultz, Weeden, Welch,
Wirch and Zien, cosponsored by Representatives Otte, Ziegelbauer, Jensen,
Schneider, Linton, Kaufert, Albers, Baumgart, Bock, Boyle, Cullen,
Dobyns, Green, Gronemus, Hasenohrl, Huber, Hutchison, Kelso, La Fave, J.
Lehman, Murat, Musser, Notestein, Olsen, Ott, Owens, Plouff, Reynolds,
Schafer, Springer, Vander Loop, Ward and L. Young. Referred to Joint survey
committee on Tax Exemptions.
SB61,1,3
1An Act to create 70.11 (4g) of the statutes;
relating to: creating a property tax
2exemption for nonprofit organizations that rehabilitate housing for sale to
3low-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. The exemption is
valid for 3 years after acquisition of the property.
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:
SB61, s. 1
4Section
1. 70.11 (4g) of the statutes is created to read:
SB61,2,45
70.11
(4g) Real property held for rehabilitation or future construction and
6later sale to low-income persons. Real property owned by a nonprofit organization
7that is rehabilitating the property for sale to low-income persons for residential
1purposes, and land owned by a nonprofit organization and held by it for the future
2construction of improvements that will be for sale to low-income persons for
3residential purposes, if that organization has acquired the property within 3 years
4of the date as of which the property is assessed.
SB61,2,66
(1)
This act takes effect on the January 1 after publication.
