AB1139: Bill Text

LRB-3742/1

JK:wlj:rs

2005 - 2006 LEGISLATURE

2005 Assembly BILL 1139

March 21, 2006 - Introduced by Representatives Hebl, Musser, Sheridan, Travis and Albers, cosponsored by Senator Miller. Referred to Joint Survey Committee on Tax Exemptions.

AB1139,1,2 An Act to create 77.25 (8n) of the statutes; relating to: a real estate transfer fee exemption for transfers between siblings.

Analysis by the Legislative Reference Bureau

Under current law, a transfer of real estate between husband and wife is exempt from the real estate transfer fee. In addition, a transfer of real estate for nominal or no consideration between parent and child is exempt from the fee. Under this bill, a transfer of real estate between siblings is exempt from the real estate transfer 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:

AB1139, s. 1 Section 1. 77.25 (8n) of the statutes is created to read:

AB1139,1,4 77.25 (8n) Between siblings for nominal or no consideration.

AB1139, s. 2 Section 2. Initial applicability.

AB1139,2,2 (1) This act first applies to real estate conveyances that are submitted for recording on the effective date of this subsection.

AB1139, s. 3 Section 3. Effective date.

AB1139,2,5 (1) This act takes effect on the first day of the 2nd month beginning after publication.

AB1139,2,6 (End)