LRB-1746/1
JK:lmk:rs
2005 - 2006 LEGISLATURE
March 23, 2005 - Introduced by Senators Kanavas, Cowles and Grothman,
cosponsored by Representatives
Nischke, Hahn, Kerkman, Hines, Musser,
Gunderson and Albers. Referred to Joint Survey Committee on Tax
Exemptions.
SB133,1,3
1An Act to renumber 77.25 (15s); and
to create 77.25 (15s) (b) of the statutes;
2relating to: an exemption from the real estate transfer fee for a conveyance
3between a single member limited liability company and its sole member.
Analysis by the Legislative Reference Bureau
Current law provides that certain conveyances of real estate are exempt from
the imposition of the real estate transfer fee. For example, under current law, a
conveyance between a limited liability company and one or more of its members is
exempt from the imposition of the real estate transfer fee, if, generally, all of the
members are related to each other and if the transfer is for no consideration other
than the assumption of debt or an interest in the limited liability company. Under
this bill, a conveyance between a single member limited liability company and its sole
member is exempt from the imposition of the real estate transfer fee, if the transfer
is for no consideration other than the assumption of debt or an interest in the limited
liability company.
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:
SB133, s. 1
1Section
1. 77.25 (15s) of the statutes is renumbered 77.25 (15s) (a).
SB133, s. 2
2Section
2. 77.25 (15s) (b) of the statutes is created to read:
SB133,2,53
77.25
(15s) (b) Between a single member limited liability company and its sole
4member, if the transfer is for no consideration other than the assumption of debt or
5an interest in the limited liability company.
SB133,2,87
(1) This act first applies to real estate that is conveyed on the effective date of
8this subsection.
