Amendment ASA1-AB793

LRBs0399/1

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2003 - 2004 LEGISLATURE

ASSEMBLY SUBSTITUTE AMENDMENT 1, TO 2003 ASSEMBLY BILL 793

March 2, 2004 - Offered by Joint Committee on Finance.

AB793-ASA1,1,3 An Act to amend 72.11 (2) of the statutes; relating to: the imposition of the estate tax on the transfer of a nonresident decedent's intangible personal property.

The people of the state of Wisconsin, represented in senate and assembly, do enact as follows:

AB793-ASA1, s. 1 Section 1. 72.11 (2) of the statutes is amended to read:

AB793-ASA1,2,2 72.11 (2) Exception; reciprocity as to nonresident decedents. A transfer, which is made taxable under this chapter and is of a nonresident decedent's intangible personal property is not subject to the tax imposed by this chapter if a like exemption is allowed at the time of the death of the decedent by the laws of the state, territory or district of the decedent's residence in favor of residents of this state. This subsection does not apply unless a tax is imposed on the transfer of the decedent's property by the laws of the state, territory or district of the decedent's residence or if the state, territory, or district of the decedent's residence does not impose a tax on the transfer at death at the time of the death of the decedent.

AB793-ASA1, s. 2 Section 2. Initial applicability.

AB793-ASA1,2,4 (1) This act first applies to deaths occurring on January 1, 2005.

AB793-ASA1,2,5 (End)