Senate Bill 185 proposes changes to the property tax exemption for nonprofit theaters in Wisconsin. The current law provides an exemption for properties owned or leased by nonprofit organizations that include outdoor theaters with a minimum seating capacity of 400. The bill modifies this by allowing the exemption to apply to both indoor and outdoor theaters, reducing the minimum seating capacity requirement to 240 persons. Additionally, the bill updates the requirement for the Internal Revenue Service (IRS) confirmation of federal tax-exempt status, changing the deadline from July 31, 1969, to October 1, 1990.

The bill also includes the repeal of the existing statute 70.11 (29p) and renumbers the current statute 70.11 (29m) to 70.11 (29m) (a), while creating a new subsection 70.11 (29m) (b) that outlines the updated criteria for the property tax exemption. The changes are intended to broaden the eligibility for nonprofit theaters to receive tax exemptions, thereby supporting the performing arts community in Wisconsin. The act will first apply to property tax assessments as of January 1, 2025.

Statutes affected:
Bill Text: 70.11(29p), 70.11