JFC votes to close Newark decision loophole
The Joint Finance Committee unanimously passed a bill to address the so-called Newark decision relating to the property tax exemption for waste treatment facilities.
Sen. Russ Decker, D-Weston, the co-chair of the committee, said the legislation is needed to close a "loophole" created by a recent tax appeals commission decision.
See the decision here.
Sen. Dave Hansen, D-Green Bay, said "the goal is to go back to the way it's been interpreted since 1953."
Hansen said "there is a real danger" that $2 billion in state property tax burden could shift from businesses to homeowners if the problem isn't addressed.
The Senate is expected to pull the bill to the floor today.
See the LFB memo:
http://www.legis.state.wi.us/lfb/2007-09Bills/071707JFC_SB%20122.pdf
UPDATE: The bill was passed by the Senate unanimously.
Labels: Newark_decision
