LRB-3511/1
JK:jld:kjf
2001 - 2002 LEGISLATURE
December 6, 2001 - Introduced by Senator Huelsman, cosponsored by
Representatives Vrakas, Grothman and Lippert. Referred to Committee on
Universities, Housing, and Government Operations.
SB342,1,3
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 property to
another person is subject to a real estate transfer fee equal to 30 cents for each $100
of the property's value. A conveyance of property 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, siblings, or spouses of
siblings and if no consideration is paid for the conveyance. A conveyance of property
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,
siblings, or spouses of siblings and if no consideration is paid for the conveyance. A
conveyance of property 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, siblings, or spouses of siblings and if no
consideration is paid for the conveyance.
Under this bill, a conveyance of property from a corporation, partnership, or
limited liability company to a corporation, partnership, or limited liability company
is exempt from the real estate transfer fee if the shareholders, partners, or members
of the entity transferring the property are related to the shareholders, partners, or
members of the entity receiving the property as spouses, lineal ascendants, lineal
descendants, siblings, or spouses of siblings and if no consideration is paid for the
conveyance.
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:
SB342, s. 1
1Section
1. 77.25 (15t) of the statutes is created to read:
SB342,2,102
77.25
(15t) From a corporation, partnership, or limited liability company to a
3corporation, partnership, or limited liability company, if the shareholders, partners,
4or members of the entity transferring the property are related to the shareholders,
5partners, or members of the entity receiving the property as spouses, as lineal
6ascendants, lineal descendents, or siblings, whether by blood or by adoption, or as
7spouses of siblings, if the transfer is for no consideration except the assumption of
8debt of or interest in a partnership or limited liability company or the assumption
9of debt or stock of the corporation, if the corporation owned the property for at least
103 years.
SB342,2,1312
(1) This act first applies to conveyances that are submitted for recording on the
13effective date of this subsection.
SB342,2,1615
(1)
This act takes effect on the first day of the 2nd month beginning after
16publication.
