Amendment AA2-SB403

LRBa1642/1

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2007 - 2008 LEGISLATURE

ASSEMBLY AMENDMENT 2, TO 2007 SENATE BILL 403

March 11, 2008 - Offered by Representatives Vukmir, Lothian, Strachota, LeMahieu and Gunderson.

SB403-AA2,1,1 At the locations indicated, amend the bill as follows:

SB403-AA2,1,2 1. Page 1, line 2: delete "low-income" and substitute "residential".

SB403-AA2,1,4 2. Page 2, line 12: delete " as provided in sub. (4a) (e)" and substitute "for residential housing".

SB403-AA2,1,11 3. Page 2, line 16: after "property." insert "Leasing a part of residential property does not render it taxable if the lessor uses the leasehold income for maintenance, capital replacements, insurance premiums, debt retirement, moneys reserved for housing project-related purposes, general and administrative expenses, social services and other resident services provided at a housing project, utilities, financing costs, other expenditures related to preserving or managing a housing project, or other similar housing project-related expenditures.".

SB403-AA2,2,2 4. Page 3, line 4: delete the material beginning with that line and ending with page 7, line 5, as affected by senate amendment 1.

SB403-AA2,2,3 (End)