LRB-3938/1
JK:ahe
2019 - 2020 LEGISLATURE
October 1, 2019 - Introduced by Representatives Vruwink, Tusler, Ohnstad,
Skowronski, Horlacher and Bowen, cosponsored by Senators Smith,
Schachtner and Jacque. Referred to Committee on Housing and Real Estate.
AB500,1,3 1An Act to amend 77.25 (15), 77.25 (15m) and 77.25 (15s) of the statutes;
2relating to: the real estate transfer fee exemptions for conveyances to related
3individuals.
Analysis by the Legislative Reference Bureau
Current law, generally, requires a person who conveys an interest in real
property to file a real estate transfer return with the county register of deeds and pay
a real estate transfer fee equal to 30 cents for each $100 of the value of the
conveyance. Current law provides certain exemptions from paying the fee, including
exemptions for conveyances between an entity and the members of the entity who
are related to each other as spouses, lineal ascendants, lineal descendants, or
siblings.
This bill modifies current law so that the exemptions for conveyances between
entities and related members also apply to conveyances to members who are related
as an uncle and his nieces or nephews, an aunt and her nieces or nephews, or first
cousins.
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:
AB500,1
1Section 1. 77.25 (15) of the statutes is amended to read:
AB500,2,72 77.25 (15) Between a corporation and its shareholders if all of the stock is
3owned by persons who are related to each other as spouses, as lineal ascendants,
4lineal descendants, an uncle and his nieces or nephews, an aunt and her nieces or
5nephews, first cousins,
or siblings, whether by blood or by adoption, or as spouses of
6siblings, if the transfer is for no consideration except the assumption of debt or stock
7of the corporation and if the corporation owned the property for at least 3 years.
AB500,2 8Section 2. 77.25 (15m) of the statutes is amended to read:
AB500,2,149 77.25 (15m) Between a partnership and one or more of its partners if all of the
10partners are related to each other as spouses, as lineal ascendants, lineal
11descendants, an uncle and his nieces or nephews, an aunt and her nieces or nephews,
12first cousins,
or siblings, whether by blood or by adoption, or as spouses of siblings
13and if the transfer is for no consideration other than the assumption of debt or an
14interest in the partnership.
AB500,3 15Section 3. 77.25 (15s) of the statutes is amended to read:
AB500,2,2116 77.25 (15s) Between a limited liability company and one or more of its members
17if all of the members are related to each other as spouses, as lineal ascendants, lineal
18descendants, an uncle and his nieces or nephews, an aunt and her nieces or nephews,
19first cousins,
or siblings, whether by blood or by adoption, or as spouses of siblings
20and if the transfer is for no consideration other than the assumption of debt or an
21interest in the limited liability company.
AB500,4 22Section 4. Initial applicability.
AB500,2,2423 (1) This act first applies to a real estate transfer return filed on the effective
24date of this subsection.
AB500,2,2525 (End)
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