SB68: Bill Text

LRB-0953/1

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2007 - 2008 LEGISLATURE

2007 Senate BILL 68

February 26, 2007 - Introduced by Senators Leibham, Lazich, Olsen, Roessler, Grothman, Darling and A. Lasee, cosponsored by Representatives LeMahieu, Lothian, Suder, Van Roy, Pridemore, Kerkman, Ziegelbauer, Vukmir, Hahn, Ballweg, Zipperer, Petersen, Tauchen, Gundrum, Nass, Strachota, Meyer, F. Lasee, Albers, Townsend, Bies, Gunderson, Musser, Vos, Petrowski, A. Ott, Kramer, Montgomery and Roth. Referred to Joint Survey Committee on Tax Exemptions.

SB68,1,2 An Act to amend 72.01 (11m) and 72.01 (11n); and to create 72.36 of the statutes; relating to: eliminating the estate tax.

Analysis by the Legislative Reference Bureau

This bill eliminates the state estate tax beginning with deaths occurring on January 1, 2007.

Because this bill relates to an exemption from state or local taxes, it may be referred to the Joint Survey Committee on Tax Exemptions for a report to be printed as an appendix to the bill.

For further information see the state 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:

SB68, s. 1 Section 1. 72.01 (11m) of the statutes is amended to read:

SB68,2,2 72.01 (11m) "Federal credit" means, for deaths occurring after September 30, 2002, and before January 1, 2008 2007, the federal estate tax credit allowed for state death taxes as computed under the federal estate tax law in effect on December 31, 2000, and for deaths occurring after December 31, 2007, the federal estate tax credit allowed for state death taxes as computed under the federal estate tax law in effect on the day of the decedent's death.

SB68, s. 2 Section 2. 72.01 (11n) of the statutes is amended to read:

SB68,2,8 72.01 (11n) "Federal estate tax" means, for deaths occurring after September 30, 2002, and before January 1, 2008 2007, the federal estate tax as computed under the federal estate tax law in effect on December 31, 2000, and for deaths occurring after December 31, 2007, the federal estate tax as computed under the federal estate tax law in effect on the day of the decedent's death.

SB68, s. 3 Section 3. 72.36 of the statutes is created to read:

SB68,2,11 72.36 Sunset. The tax imposed under this chapter does not apply to deaths occurring after December 31, 2006.

SB68,2,12 (End)