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Bills · 2011-2012 Regular Session

SB 10

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, and phasing out the taxation of capital gains.

  1. Introduced, stopped here
  2. Passes Senate, not reached
  3. Passes Assembly, 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 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.

For taxable year 2012, this bill reverses the changes made to the taxation of

capital gains in the 2009-11 biennial budget bill 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.

For taxable year 2013, the bill increases this capital gains exclusion to 80

percent, and increases it to 100 percent for taxable year 2014 and beyond.

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: Darling (R) , Ellis (R) , Galloway (R) , Hopper (R) , Kedzie (R) , Lazich (R) , Leibham (R) , Moulton (R) , Olsen (R) , Schultz (R) , Vukmir (R) , Wanggaard (R) , Zipperer (R)

18 cosponsors

Bies (R) , Brooks (R) , Farrow (R) , Honadel (R) , Jacque (R) , Kapenga (R) , Kaufert (R) , Knodl (R) , Kuglitsch (R) , Meyer (R) , Mursau (R) , Nygren (R) , Ripp (R) , Rivard (R) , Spanbauer (R) , Thiesfeldt (R) , Williams (R) , Ziegelbauer (I)

Full history

  1. Jan 21, 2011 · Senate

    Introduced by Senators Hopper, Darling, Leibham, Vukmir, Galloway, Zipperer, Wanggaard, Kedzie, Ellis, Moulton, Olsen, Lazich and Schultz;Cosponsored by Representatives Kuglitsch, Thiesfeldt, Ziegelbauer, Williams, Kaufert, Meyer, Bies, Nygren, Mursau, Spanbauer, Brooks, Knodl, Ripp, Jacque, Rivard, Kapenga, Farrow and Honadel

  2. Jan 21, 2011 · Senate

    Read first time and referred to committee on Public Health, Human Services, and Revenue

  3. Feb 16, 2011 · Senate

    Fiscal estimate received

  4. Mar 23, 2012 · Senate

    Failed to pass pursuant to Senate Joint Resolution 1