SB484: Bill Text

LRB-3910/1

MES:sac:rs

2013 - 2014 LEGISLATURE

2013 Senate BILL 484

January 10, 2014 - Introduced by Senators Harris, Schultz and L. Taylor, cosponsored by Representatives Goyke, Johnson, Hulsey, Berceau, Hebl, Pasch, Sargent, Zepnick, Kessler, Sinicki, Ohnstad, Barnes, Zamarripa and Wright. Referred to Committee on Workforce Development, Forestry, Mining, and Revenue.

SB484,1,3 An Act to create 71.05 (6) (b) 51. of the statutes; relating to: exempting from taxation certain amounts received by a realtor for the sale of a foreclosed property.

Analysis by the Legislative Reference Bureau

This bill creates an individual income tax deduction for any amount of commission that is received by licensed real estate brokers or salespersons on the sale of a foreclosed property, provided that the property sells for $50,000 or less.

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:

SB484,1 Section 1. 71.05 (6) (b) 51. of the statutes is created to read:

SB484,1,7 71.05 (6) (b) 51. Any amount of commission that is received by a real estate broker or salesperson who is licensed under ch. 452 on the sale of a foreclosed property that sells for $50,000 or less.

SB484,2 Section 2. Initial applicability.

SB484,2,5 (1) This act first applies to taxable years beginning on January 1 of the year in which this subsection takes effect, except that if this subsection takes effect after July 31 this act first applies to taxable years beginning on January 1 of the year following the year in which this subsection takes effect.

SB484,2,6 (End)