AB1019: Bill Text

LRB-5281/4

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1995 - 1996 LEGISLATURE

1995 Assembly BILL 1019

March 13, 1996 - Introduced by Representative Foti, cosponsored by Senator Farrow. Referred to Joint survey committee on Tax Exemptions.

AB1019,1,3 An Act to amend 70.11 (1); and to create 70.11 (29r) of the statutes; relating to: a tax exemption for state property that is leased to a nonprofit corporation that operates an Olympic ice training center.

Analysis by the Legislative Reference Bureau

This bill provides a tax exemption for state-owned real property that is leased to a private, nonprofit corporation that operates an Olympic ice training center. The bill also exempts personal property that is owned by such a corporation.

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:

AB1019, s. 1 Section 1. 70.11 (1) of the statutes is amended to read:

AB1019,2,7 70.11 (1) Property of the state. Property owned by this state except land contracted to be sold by the state. This exemption shall not apply to land conveyed after September, 1933, to this state or for its benefit while the grantor or others for the grantor's benefit are permitted to occupy the land or part thereof in consideration for the conveyance; nor shall it apply to land devised to the state or for its benefit while another person is permitted by the will to occupy the land or part thereof. This exemption shall not apply to any property acquired by the department of veterans affairs under s. 45.72 (5) and (7) or to the property of insurers undergoing rehabilitation or liquidation under ch. 645. Leasing property that is exempt under this subsection to a private, nonprofit corporation that operates an Olympic ice training center, regardless of the use of the leasehold income, does not render that property taxable.

AB1019, s. 2 Section 2. 70.11 (29r) of the statutes is created to read:

AB1019,2,12 70.11 (29r) Personal property of an organization that operates an Olympic ice training center. Personal property that is owned by a private, nonprofit corporation that operates an Olympic ice training center, if the corporation leases the center from this state.

AB1019, s. 3 Section 3. Effective date.

AB1019,2,14 (1) This act takes effect on January 1, 1997.

AB1019,2,15 (End)