SB351: Bill Text

LRB-2402/1

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2019 - 2020 LEGISLATURE

2019 Senate BILL 351

August 14, 2019 - Introduced by Senators Marklein, Feyen, Olsen and Petrowski, cosponsored by Representatives Tranel, Dittrich, Kulp, Quinn, Ramthun, Skowronski, Snyder and Spiros. Referred to Committee on Agriculture, Revenue and Financial Institutions.

SB351,1,2 An Act to create 77.54 (69) of the statutes; relating to: a sales tax exemption for tangible personal property temporarily stored in this state.

Analysis by the Legislative Reference Bureau

This bill creates a sales tax exemption for tangible personal property that is temporarily stored in this state, if the property is to be used in a construction activity that occurs solely outside of this state at a nonprofit organization, a public school district, or a business district where business tax incentives have been granted. The exemption applies to property that is altered by converting, fabricating, manufacturing, printing, processing, or shaping before its use outside of this state.

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 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:

SB351,1 Section 1. 77.54 (69) of the statutes is created to read:

SB351,2,7 77.54 (69) (a) The sales price from the sale of tangible personal property that is stored in this state for not more than 120 days, if the property is to be used in fulfillment of a real property construction activity that occurs solely outside of this state at a nonprofit organization, a public school district, or a business district where business tax incentives have been granted and is used by a person engaged in an activity classified as construction under sector 23 of the North American Industry Classification System, 2017 edition, published by the federal office of management and budget, including property that is altered by converting, fabricating, manufacturing, printing, processing, or shaping before its use outside of this state.

SB351,2,10 (b) The exemption under this subsection does not apply to tangible personal property that is stored in this state, leaves this state, and then is subsequently returned to this state.

SB351,2,11 (End)