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Bills · 2009-2010 Regular Session

AB 866

Died at session end Official bill text Atom feed

restoring the treatment of the exclusion of capital gains for individuals and certain other persons that existed before the enactment of 2009 Wisconsin Act 28.

  1. Introduced, stopped here
  2. Passes Assembly, not reached
  3. Passes Senate, not reached
  4. Governor signs, not reached
  5. Law, not reached

Unfamiliar terms? Glossary

What this bill does

Plain-language analysis by the nonpartisan Legislative Reference Bureau

Under current law, as affected by

2009 Wisconsin Act 28

, the biennial budget

bill, there is an income tax exclusion for individuals, fiduciaries, members of limited

liability companies and partnerships, and shareholders of tax-option corporations

for 30 percent of the net long-term capital gains realized from the sale of assets held

more than one year and the sale of all assets acquired from a decedent, and an

exclusion for 60 percent of such gains realized from the sale of farm assets held more

than one year and the sale of all farm assets acquired from a decedent. This

treatment in Act 28 first applies to taxable years beginning on January 1, 2009.

This bill repeals the changes made to the treatment of capital gains by

2009

Wisconsin Act 28

. The bill restores the income tax exclusion for capital gains to 60

percent of the net long-term capital gains realized from the sale of assets held more

than one year and the sale of all assets acquired from a decedent and repeals the

separate 60 percent exclusion for farm assets.

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.

What it would cost

Fiscal estimates filed by state agencies, as official PDFs

Sponsors

Introduced by: Brooks (R) , Davis (R) , Gunderson (R) , Kaufert (R) , Kerkman (R) , Knodl (R) , LeMahieu (R) , Lothian (R) , Murtha (R) , Nygren (R) , Petersen (R) , Petrowski (R) , Roth (R) , Spanbauer (R) , Strachota (R) , Suder (R) , Tauchen (R) , Townsend (R) , Vos (R) , Ziegelbauer (I)

7 cosponsors

A. Lasee (R) , Harsdorf (R) , Hopper (R) , Kedzie (R) , Lazich (R) , Leibham (R) , Olsen (R)

Full history

  1. Mar 17, 2010 · Assembly

    Introduced by Representatives Davis, Nygren, Brooks, Gunderson, Kerkman, Knodl, LeMahieu, Lothian, Murtha, Petersen, Petrowski, Roth, Spanbauer, Suder, Tauchen, Townsend, Vos, Ziegelbauer, Kaufert and Strachota;Cosponsored by Senators Leibham, Hopper, Harsdorf, Kedzie, A. Lasee, Lazich and Olsen

  2. Mar 17, 2010 · Assembly

    Read first time and referred to committee on Ways and Means

  3. Apr 9, 2010 · Assembly

    Withdrawn from committee on Ways and Means and referred to committee on Rules pursuant to Assembly Rule 42 (3)(c)

  4. Apr 12, 2010 · Assembly

    Fiscal estimate received

  5. Apr 28, 2010 · Assembly

    Failed to pass pursuant to Senate Joint Resolution 1