Assembly Bill 185 proposes changes to the property tax exemption for nonprofit theaters in Wisconsin. The bill repeals the existing statute 70.11 (29p) and renumbers 70.11 (29m) to create a new subsection 70.11 (29m) (b). The revised exemption will now apply to property owned or leased by nonprofit organizations that operate one or more theaters for performing arts, regardless of whether they are indoors or outdoors. The minimum seating capacity required for the theaters is reduced from 400 to 240 persons, and the deadline for the Internal Revenue Service to confirm the organization's federal tax-exempt status is extended from July 31, 1969, to October 1, 1990.

This bill aims to broaden the eligibility for property tax exemptions for nonprofit theaters, making it easier for more organizations to qualify. The changes are intended to support the performing arts community by providing financial relief through tax exemptions, thereby encouraging the operation and maintenance of theaters across the state. The act will first apply to property tax assessments as of January 1, 2025.

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