Relating to: imposing an estate tax. (FE)

AB 1029 creates Wisconsin's first state-level estate tax, applying to estates of Wisconsin residents and non-residents owning property within the state. It taxes the "Wisconsin taxable estate" (based on federal estate valuation rules, adjusted for Wisconsin-specific exclusions) at rates tied to federal tax exclusion amounts. The tax applies to transfers from decedents who were Wisconsin residents at death or to property with a "situs" (location) in Wisconsin, with specific exemptions for certain intangible property. This bill directly affects estates of Wisconsin residents and non-residents holding in-state assets, imposing tax where federal estate tax would not apply.