LRB-3326/1
JK:wlj:jf
2001 - 2002 LEGISLATURE
July 2, 2001 - Introduced by Senators Huelsman, Cowles, Schultz and
Rosenzweig, cosponsored by Representatives Pettis, Powers, Grothman,
Vrakas, Lippert and
Owens. Referred to Joint survey committee on Tax
Exemptions.
SB213,1,3
1An Act to create 77.25 (15t) of the statutes;
relating to: a real estate transfer
2fee exemption for a conveyance between related corporations, partnerships,
3and limited liability companies.
Analysis by the Legislative Reference Bureau
Under current law, with certain exemptions, a person who conveys real estate
to another person is subject to a real estate transfer fee equal to 30 cents for each $100
of the real estate's value. A conveyance of real estate between a corporation and its
shareholders is exempt from the transfer fee if all the shareholders are related to
each other as spouses, lineal ascendants, lineal descendants, or siblings. A
conveyance of real estate between a partnership and its partners is exempt from the
transfer fee if all the partners are related to each other as spouses, lineal ascendants,
lineal descendants, or siblings. A conveyance of real estate between a limited
liability company and its members is exempt from the transfer fee if all the members
are related to each other as spouses, lineal ascendants, lineal descendants, or
siblings.
Under this bill, a conveyance of real estate between a corporation, partnership,
or limited liability company and a corporation, partnership, or limited liability
company is exempt from the real estate transfer fee if all the shareholders, partners,
or members of the entity transferring the real estate are the same persons as the
shareholders, partners, or members of the entity receiving the real estate.
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:
SB213, s. 1
1Section
1. 77.25 (15t) of the statutes is created to read:
SB213,2,52
77.25
(15t) Between a corporation, partnership, or limited liability company
3and a corporation, partnership, or limited liability company, if all the shareholders,
4partners, or members of the entity transferring the real estate are the same persons
5as the shareholders, partners, or members of the entity receiving the real estate.
SB213,2,87
(1) This act first applies to conveyances that are submitted for recording on the
8effective date of this subsection.
SB213,2,1110
(1)
This act takes effect on the first day of the 2nd month beginning after
11publication.
