WI SB185

Expands property tax exemption for nonprofit theater organizations to include both indoor and outdoor theaters, whereas current law only covers outdoor theaters

Lowers the minimum seating capacity requirement from 400 persons to 240 persons for qualifying theaters

Extends the IRS determination letter deadline from July 31, 1969 to October 1, 1990, allowing more nonprofit theater organizations to qualify for the exemption

Applies retroactively to property tax assessments as of January 1, 2025

Repeals the existing narrower exemption provision (70.11 (29p)) and creates a new broader exemption under 70.11 (29m)(b)