LRB-0668/1
JK:jld:nwn
2007 - 2008 LEGISLATURE
January 12, 2007 - Introduced by Representative Schneider. Referred to
Committee on Financial Institutions.
AB15,1,2
1An Act to create 73.03 (61) of the statutes;
relating to: denying tax benefits to
2financial institutions that violate the state or federal soldiers' relief act.
Analysis by the Legislative Reference Bureau
Under current federal law, persons who are in active service in the U.S. armed
forces and their dependents are given certain protections related to lawsuits, leases,
obligations, and contracts for the period in which they are in active service. In
addition, under current state law, a person who is in active service in the U.S. armed
forces is not liable for penalties and interest related to unpaid property taxes during
the period in which the person is in active service. Under this bill, the Department
of Revenue will deny tax benefits to any financial organization that violates the
protections offered under state and federal law to persons who are in active service
in the U.S. armed forces and their dependents related to lawsuits, leases, obligations,
contracts, and property taxes.
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:
AB15, s. 1
3Section
1. 73.03 (61) of the statutes is created to read:
AB15,2,44
73.03
(61) Notwithstanding the provisions of any tax exemption under ch. 70
5or tax credit, deduction, or exclusion under ch. 71 for which a financial organization,
1as defined in s. 71.04 (8) (a), would otherwise be eligible, to deny, for a period of 7
2years beginning with the year in which a violation occurs, any tax exemption under
3ch. 70 or tax credit, deduction, or exclusion under ch. 71 to any financial organization,
4as defined in s. 71.04 (8) (a), that violates s. 21.74 or 50 App USC 501.
