The proposed legislation, Senate Bill 185, seeks to amend the property tax exemption criteria for nonprofit theaters in Wisconsin. Currently, the exemption applies only to outdoor theaters with a minimum seating capacity of 400 persons, and the organization must have received IRS confirmation of its federal tax-exempt status by July 31, 1969. The bill proposes to expand this exemption to include both indoor and outdoor theaters, reducing the minimum seating capacity requirement to 240 persons. Additionally, the deadline for the IRS determination letter is extended to October 1, 1990.

To implement these changes, the bill renumbers the existing statute regarding property tax exemptions for nonprofit organizations and creates a new subsection that outlines the revised criteria for eligibility. It also repeals the previous subsection that specified the outdoor theater requirement. The bill is set to take effect for property tax assessments beginning January 1, 2025, and may be reviewed by the Joint Survey Committee on Tax Exemptions due to its implications on state and local taxes.

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