Assembly Bill 543 amends the sales tax exemption for memberships sold to licensed real estate brokers in Wisconsin. The bill specifies that these memberships are exempt from sales and use tax if the brokers, under their membership agreements, offer to compensate or cooperate with other real estate brokers in brokering property sales. The current law required brokers to offer both compensation and cooperation, but the new language allows for either or both, thereby broadening the scope of the exemption.

The amendment modifies the existing statute by replacing the conjunction "and" with "or" in the context of the brokers' obligations, and it adds the phrase "or both" to clarify that either action is sufficient for the exemption. Additionally, the requirement for brokers to obtain access to information about real estate listings and compensation offers from other brokers has been removed. This change aims to simplify the criteria for tax exemption and potentially encourage more brokers to participate in such memberships. The bill is set to take effect on the first day of the third month following its publication.

Statutes affected:
Bill Text: 77.54(72), 77.54