SB360: Bill Text

LRB-4177/1

JS:skg:ks

1995 - 1996 LEGISLATURE

1995 Senate BILL 360

October 3, 1995 - Introduced by Senators Decker, Moen, Burke and Breske, cosponsored by Representatives Ainsworth, Wilder, Ziegelbauer, Musser, Wasserman, Hasenohrl, Albers, Boyle, Gronemus and Hahn. Referred to Joint survey committee on Tax Exemptions.

SB360,1,2 An Act to amend 77.25 (8); and to create 77.25 (8m) of the statutes; relating to: exempting all transfers between spouses from the real estate transfer fee.

Analysis by the Legislative Reference Bureau

Under current law, transfers between spouses for nominal or no consideration are exempt from the real estate transfer fee. This bill exempts all intraspousal transfers from that fee.

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:

SB360, s. 1 Section 1. 77.25 (8) of the statutes is amended to read:

SB360,1,6 77.25 (8) Between husband and wife, parent and child, stepparent and stepchild, parent and son-in-law or parent and daughter-in-law for nominal or no consideration.

SB360, s. 2 Section 2. 77.25 (8m) of the statutes is created to read:

SB360,1,8 77.25 (8m) Between husband and wife.

SB360, s. 3 Section 3. Effective date.

SB360,2,2 (1) This act takes effect on the first day of the 2nd month beginning after publication.

SB360,2,3 (End)