Assembly Bill 82 proposes an amendment to Wisconsin's real estate transfer fee regulations by exempting certain conveyances of real estate interests between grandparents and grandchildren when the transfer is for nominal or no consideration. Currently, the law requires individuals who convey real estate interests to file a transfer return and pay a fee based on the value of the conveyance, which is set at 30 cents for every $100. The bill aims to expand the existing exemptions that already include transfers between parents and children, stepparents and stepchildren, and parents and their sons- or daughters-in-law.

The specific legal language changes include the deletion of "or" and the insertion of a comma and the phrase "or grandparent and grandchild" in the relevant statute, thereby formally adding this new exemption. The bill is expected to be reviewed by the Joint Survey Committee on Tax Exemptions due to its implications on state or local taxes. The initial applicability of the act will take effect for conveyances filed on the effective date of the legislation.

Statutes affected:
Bill Text: 77.25(8), 77.25