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Bills · 2011-2012 Regular Session

AB 85

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 the 2009-11 biennial budget act, 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 bill reverses the changes made to the taxation of capital gains in the

2009-11 biennial budget act and 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: August (R) , Bies (R) , Brooks (R) , Kaufert (R) , LeMahieu (R) , Mursau (R) , Nass (R) , Nygren (R) , Petryk (R) , Rivard (R) , Spanbauer (R) , Thiesfeldt (R) , Ziegelbauer (I)

5 cosponsors

Jacque (R) , Lasee (R) , Leibham (R) , Schultz (R) , Wanggaard (R)

Full history

  1. Apr 7, 2011 · Assembly

    Introduced by Representatives Ziegelbauer, August, Bies, Brooks, Kaufert, LeMahieu, Mursau, Nass, Nygren, Petryk, Rivard, Spanbauer and Thiesfeldt;Cosponsored by Senators Leibham, Lasee, Schultz and Wanggaard

  2. Apr 7, 2011 · Assembly

    Read first time and referred to committee on Jobs, Economy and Small Business

  3. Apr 12, 2011 · Assembly

    Representative Jacque added as a coauthor

  4. May 3, 2011 · Assembly

    Fiscal estimate received

  5. Mar 23, 2012 · Assembly

    Failed to pass pursuant to Senate Joint Resolution 1