LRB-4329/1
JK:jld:jm
2013 - 2014 LEGISLATURE
March 21, 2014 - Introduced by Senator Schultz. Referred to Committee on
Insurance and Housing.
SB690,1,2
1An Act to create 77.25 (15t) of the statutes;
relating to: an exemption from the
2real estate transfer fee involving members of a limited liability company.
Analysis by the Legislative Reference Bureau
Under current law, a real estate transfer fee is imposed on a person who conveys
real estate to another person. The fee is equal to 30 cents for each $100 of property
value. The real estate transfer fee, however, does not apply to certain conveyances.
Under current law, a conveyance between a limited liability company and one or
more of its members is exempt from the fee if all 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.
This bill creates an additional exemption to the real estate transfer fee so that
a conveyance between a limited liability company and two or more of its members is
exempt from the fee if the members have equal interests in the limited liability
company and if the transfer is for no consideration other than the assumption of debt
or an interest in the limited liability company.
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:
SB690,1
3Section
1. 77.25 (15t) of the statutes is created to read:
SB690,2,4
177.25
(15t) Between a limited liability company and 2 or more of its members
2if the members have equal interests in the limited liability company and if the
3transfer is for no consideration other than the assumption of debt or an interest in
4the limited liability company.
SB690,2
5Section
2.
Initial applicability.
SB690,2,76
(1) This act first applies to conveyances recorded on the effective date of this
7subsection.
SB690,3
8Section
3.
Effective date.
SB690,2,109
(1) This act takes effect on first day of the 2nd month beginning after
10publication.
