SB451,17,1911
71.26
(2) (b) 12. For taxable years that begin after December 31, 1996, and
12before January 1, 1998, for a corporation, conduit or common law trust which
13qualifies as a regulated investment company, real estate mortgage investment
14conduit, real estate investment trust or financial asset securitization investment
15trust under the Internal Revenue Code as amended to December 31, 1996, excluding
16sections 103, 104 and 110 of P.L.
102-227, sections 13113, 13150 (d), 13171 (d), 13174
17and 13203 (d) of P.L.
103-66 and sections 1123 (b), 1202 (c), 1204 (f), 1311 and 1605
18(d) of P.L.
104-188, and as amended by P.L.
105-33, P.L.
105-34, P.L.
105-206 and, 19P.L.
105-277 and P.L. 106-36, and as indirectly affected in the provisions applicable
20to this subchapter by P.L.
99-514, P.L.
100-203, P.L.
100-647, P.L.
101-73, P.L.
21101-140, P.L.
101-179, P.L.
101-239, P.L.
101-508, P.L.
102-227, excluding sections
22103, 104 and 110 of P.L.
102-227, P.L.
102-318, P.L.
102-486, P.L.
103-66, excluding
23sections 13113, 13150 (d), 13171 (d), 13174 and 13203 (d) of P.L.
103-66, P.L.
24103-296, P.L.
103-337, P.L.
103-465, P.L.
104-7, P.L.
104-188, excluding sections
251123 (b), 1202 (c), 1204 (f), 1311 and 1605 (d) of P.L.
104-188, P.L.
104-191, P.L.
1104-193, P.L.
105-33, P.L.
105-34, P.L.
105-206 and
, P.L.
105-277 and P.L. 106-36,
2"net income" means the federal regulated investment company taxable income,
3federal real estate mortgage investment conduit taxable income, federal real estate
4investment trust or financial asset securitization investment trust taxable income
5of the corporation, conduit or trust as determined under the Internal Revenue Code
6as amended to December 31, 1996, excluding sections 103, 104 and 110 of P.L.
7102-227, sections 13113, 13150 (d), 13171 (d), 13174 and 13203 (d) of P.L.
103-66 and
8sections 1123 (b), 1202 (c), 1204 (f), 1311 and 1605 (d) of P.L.
104-188 and as amended
9by P.L.
105-33, P.L.
105-34, P.L.
105-206 and, P.L.
105-277 and P.L. 106-36, and as
10indirectly affected in the provisions applicable to this subchapter by P.L.
99-514, P.L.
11100-203, P.L.
100-647, P.L.
101-73, P.L.
101-140, P.L.
101-179, P.L.
101-239, P.L.
12101-508, P.L.
102-227, excluding sections 103, 104 and 110 of P.L.
102-227, P.L.
13102-318, P.L.
102-486, P.L.
103-66, excluding sections 13113, 13150 (d), 13171 (d),
1413174 and 13203 (d) of P.L.
103-66, P.L.
103-296, P.L.
103-337, P.L.
103-465, P.L.
15104-7, P.L.
104-188, excluding sections 1123 (b), 1202 (c), 1204 (f), 1311 and 1605 (d)
16of P.L.
104-188, P.L.
104-191, P.L.
104-193, P.L.
105-33, P.L.
105-34, P.L.
105-206 17and, P.L.
105-277 and P.L. 106-36, except that property that, under s. 71.02 (1) (c)
188. to 11., 1985 stats., is required to be depreciated for taxable years 1983 to 1986
19under the Internal Revenue Code as amended to December 31, 1980, shall continue
20to be depreciated under the Internal Revenue Code as amended to
21December 31, 1980, and except that the appropriate amount shall be added or
22subtracted to reflect differences between the depreciation or adjusted basis for
23federal income tax purposes and the depreciation or adjusted basis under this
24chapter of any property disposed of during the taxable year. The Internal Revenue
25Code as amended to December 31, 1996, excluding sections 103, 104 and 110 of P.L.
1102-227, sections 13113, 13150 (d), 13171 (d), 13174 and 13203 (d) of P.L.
103-66,
2and sections 1123 (b), 1202 (c), 1204 (f), 1311 and 1605 (d) of P.L.
104-188, and as
3amended by P.L.
105-33, P.L.
105-34, P.L.
105-206 and
, P.L.
105-277 and P.L.
4106-36, and as indirectly affected in the provisions applicable to this subchapter by
5P.L.
99-514, P.L.
100-203, P.L.
100-647, P.L.
101-73, P.L.
101-140, P.L.
101-179,
6P.L.
101-239, P.L.
101-508, P.L.
102-227, excluding sections 103, 104 and 110 of P.L.
7102-227, P.L.
102-318, P.L.
102-486, P.L.
103-66, excluding sections 13113, 13150
8(d), 13171 (d), 13174 and 13203 (d) of P.L.
103-66, P.L.
103-296, P.L.
103-337, P.L.
9103-465, P.L.
104-7, P.L.
104-188, excluding sections 1123 (b), 1202 (c), 1204 (f),
101311 and 1605 (d) of P.L.
104-188, P.L.
104-191, P.L.
104-193, P.L.
105-33, P.L.
11105-34, P.L.
105-206 and, P.L.
105-277 and P.L. 106-36, applies for Wisconsin
12purposes at the same time as for federal purposes. Amendments to the Internal
13Revenue Code enacted after December 31, 1996, do not apply to this subdivision with
14respect to taxable years that begin after December 31, 1996, and before
15January 1, 1998, except that changes to the Internal Revenue Code made by P.L.
16105-33, P.L.
105-34, P.L.
105-206 and, P.L.
105-277 and P.L. 106-36 and changes
17that indirectly affect the provisions applicable to this subchapter made by P.L.
18105-33, P.L.
105-34, P.L.
105-206 and, P.L.
105-277 and P.L. 106-36 apply for
19Wisconsin purposes at the same time as for federal purposes.
SB451,20,622
71.26
(2) (b) 13. For taxable years that begin after December 31, 1997, and
23before January 1, 1999, for a corporation, conduit or common law trust which
24qualifies as a regulated investment company, real estate mortgage investment
25conduit, real estate investment trust or financial asset securitization investment
1trust under the Internal Revenue Code as amended to December 31, 1997, excluding
2sections 103, 104 and 110 of P.L.
102-227, sections 13113, 13150 (d), 13171 (d), 13174
3and 13203 (d) of P.L.
103-66 and sections 1123 (b), 1202 (c), 1204 (f), 1311 and 1605
4(d) of P.L.
104-188, and as amended by P.L.
105-178, P.L.
105-206
and, P.L.
105-277,
5P.L. 106-36 and P.L. 106-170, and as indirectly affected in the provisions applicable
6to this subchapter by P.L.
99-514, P.L.
100-203, P.L.
100-647, P.L.
101-73, P.L.
7101-140, P.L.
101-179, P.L.
101-239, P.L.
101-508, P.L.
102-227, excluding sections
8103, 104 and 110 of P.L.
102-227, P.L.
102-318, P.L.
102-486, P.L.
103-66, excluding
9sections 13113, 13150 (d), 13171 (d), 13174 and 13203 (d) of P.L.
103-66, P.L.
10103-296, P.L.
103-337, P.L.
103-465, P.L.
104-7, P.L.
104-188, excluding sections
111123 (b), 1202 (c), 1204 (f), 1311 and 1605 (d) of P.L.
104-188, P.L.
104-191, P.L.
12104-193, P.L.
105-33, P.L.
105-34, P.L.
105-178, P.L.
105-206 and, P.L.
105-277,
13P.L. 106-36 and P.L. 106-170, "net income" means the federal regulated investment
14company taxable income, federal real estate mortgage investment conduit taxable
15income, federal real estate investment trust or financial asset securitization
16investment trust taxable income of the corporation, conduit or trust as determined
17under the Internal Revenue Code as amended to December 31, 1997, excluding
18sections 103, 104 and 110 of P.L.
102-227, sections 13113, 13150 (d), 13171 (d), 13174
19and 13203 (d) of P.L.
103-66 and sections 1123 (b), 1202 (c), 1204 (f), 1311 and 1605
20(d) of P.L.
104-188, and as amended by P.L.
105-178, P.L.
105-206
and, P.L.
105-277,
21P.L. 106-36 and P.L. 106-170, and as indirectly affected in the provisions applicable
22to this subchapter by P.L.
99-514, P.L.
100-203, P.L.
100-647, P.L.
101-73, P.L.
23101-140, P.L.
101-179, P.L.
101-239, P.L.
101-508, P.L.
102-227, excluding sections
24103, 104 and 110 of P.L.
102-227, P.L.
102-318, P.L.
102-486, P.L.
103-66, excluding
25sections 13113, 13150 (d), 13171 (d), 13174 and 13203 (d) of P.L.
103-66, P.L.
1103-296, P.L.
103-337, P.L.
103-465, P.L.
104-7, P.L.
104-188, excluding sections
21123 (b), 1202 (c), 1204 (f), 1311 and 1605 (d) of P.L.
104-188, P.L.
104-191, P.L.
3104-193, P.L.
105-33, P.L.
105-34, P.L.
105-178, P.L.
105-206 and, P.L.
105-277,
4P.L. 106-36 and P.L. 106-170, except that property that, under s. 71.02 (1) (c) 8. to
511., 1985 stats., is required to be depreciated for taxable years 1983 to 1986 under
6the Internal Revenue Code as amended to December 31, 1980, shall continue to be
7depreciated under the Internal Revenue Code as amended to December 31, 1980,
8and except that the appropriate amount shall be added or subtracted to reflect
9differences between the depreciation or adjusted basis for federal income tax
10purposes and the depreciation or adjusted basis under this chapter of any property
11disposed of during the taxable year. The Internal Revenue Code as amended to
12December 31, 1997, excluding sections 103, 104 and 110 of P.L.
102-227, sections
1313113, 13150 (d), 13171 (d), 13174 and 13203 (d) of P.L.
103-66, and sections 1123
14(b), 1202 (c), 1204 (f), 1311 and 1605 (d) of P.L.
104-188, and as amended by P.L.
15105-178, P.L.
105-206 and, P.L.
105-277, P.L. 106-36 and P.L. 106-170, and as
16indirectly affected in the provisions applicable to this subchapter by P.L.
99-514, P.L.
17100-203, P.L.
100-647, P.L.
101-73, P.L.
101-140, P.L.
101-179, P.L.
101-239, P.L.
18101-508, P.L.
102-227, excluding sections 103, 104 and 110 of P.L.
102-227, P.L.
19102-318, P.L.
102-486, P.L.
103-66, excluding sections 13113, 13150 (d), 13171 (d),
2013174 and 13203 (d) of P.L.
103-66, P.L.
103-296, P.L.
103-337, P.L.
103-465, P.L.
21104-7, P.L.
104-188, excluding sections 1123 (b), 1202 (c), 1204 (f), 1311 and 1605 (d)
22of P.L.
104-188, P.L.
104-191, P.L.
104-193, P.L.
105-33, P.L.
105-34, P.L.
105-178,
23P.L.
105-206 and, P.L.
105-277, P.L. 106-36 and P.L. 106-170, applies for Wisconsin
24purposes at the same time as for federal purposes. Amendments to the Internal
25Revenue Code enacted after December 31, 1997, do not apply to this subdivision with
1respect to taxable years that begin after December 31, 1997, and before
2January 1, 1999, except that changes to the Internal Revenue Code made by P.L.
3105-178, P.L.
105-206 and, P.L.
105-277, P.L. 106-36 and P.L. 106-170 and changes
4that indirectly affect the provisions applicable to this subchapter made by P.L.
5105-178, P.L.
105-206 and, P.L.
105-277, P.L. 106-36 and P.L. 106-170 apply for
6Wisconsin purposes at the same time as for federal purposes.
SB451,22,159
71.26
(2) (b) 14. For taxable years that begin after December 31, 1998,
and
10before January 1, 2000, for a corporation, conduit or common law trust which
11qualifies as a regulated investment company, real estate mortgage investment
12conduit, real estate investment trust or financial asset securitization investment
13trust under the Internal Revenue Code as amended to December 31, 1998, excluding
14sections 103, 104 and 110 of P.L.
102-227, sections 13113, 13150 (d), 13171 (d), 13174
15and 13203 (d) of P.L.
103-66 and sections 1123 (b), 1202 (c), 1204 (f), 1311 and 1605
16(d) of P.L.
104-188,
and as amended by P.L. 106-36 and P.L. 106-170, and as
17indirectly affected in the provisions applicable to this subchapter by P.L.
99-514, P.L.
18100-203, P.L.
100-647, P.L.
101-73, P.L.
101-140, P.L.
101-179, P.L.
101-239, P.L.
19101-508, P.L.
102-227, excluding sections 103, 104 and 110 of P.L.
102-227, P.L.
20102-318, P.L.
102-486, P.L.
103-66, excluding sections 13113, 13150 (d), 13171 (d),
2113174 and 13203 (d) of P.L.
103-66, P.L.
103-296, P.L.
103-337, P.L.
103-465, P.L.
22104-7, P.L.
104-188, excluding sections 1123 (b), 1202 (c), 1204 (f), 1311 and 1605 (d)
23of P.L.
104-188, P.L.
104-191, P.L.
104-193, P.L.
105-33, P.L.
105-34, P.L.
105-178,
24P.L.
105-206 and, P.L.
105-277, P.L. 106-36 and P.L. 106-170, "net income" means
25the federal regulated investment company taxable income, federal real estate
1mortgage investment conduit taxable income, federal real estate investment trust
2or financial asset securitization investment trust taxable income of the corporation,
3conduit or trust as determined under the Internal Revenue Code as amended to
4December 31, 1998, excluding sections 103, 104 and 110 of P.L.
102-227, sections
513113, 13150 (d), 13171 (d), 13174 and 13203 (d) of P.L.
103-66 and sections 1123 (b),
61202 (c), 1204 (f), 1311 and 1605 (d) of P.L.
104-188,
and as amended by P.L. 106-36
7and P.L. 106-170, and as indirectly affected in the provisions applicable to this
8subchapter by P.L.
99-514, P.L.
100-203, P.L.
100-647, P.L.
101-73, P.L.
101-140,
9P.L.
101-179, P.L.
101-239, P.L.
101-508, P.L.
102-227, excluding sections 103, 104
10and 110 of P.L.
102-227, P.L.
102-318, P.L.
102-486, P.L.
103-66, excluding sections
1113113, 13150 (d), 13171 (d), 13174 and 13203 (d) of P.L.
103-66, P.L.
103-296, P.L.
12103-337, P.L.
103-465, P.L.
104-7, P.L.
104-188, excluding sections 1123 (b), 1202
13(c), 1204 (f), 1311 and 1605 (d) of P.L.
104-188, P.L.
104-191, P.L.
104-193, P.L.
14105-33, P.L.
105-34, P.L.
105-178, P.L.
105-206 and, P.L.
105-277, P.L. 106-36 and
15P.L. 106-170, except that property that, under s. 71.02 (1) (c) 8. to 11., 1985 stats.,
16is required to be depreciated for taxable years 1983 to 1986 under the Internal
17Revenue Code as amended to December 31, 1980, shall continue to be depreciated
18under the Internal Revenue Code as amended to December 31, 1980, and except that
19the appropriate amount shall be added or subtracted to reflect differences between
20the depreciation or adjusted basis for federal income tax purposes and the
21depreciation or adjusted basis under this chapter of any property disposed of during
22the taxable year. The Internal Revenue Code as amended to December 31, 1998,
23excluding sections 103, 104 and 110 of P.L.
102-227, sections 13113, 13150 (d), 13171
24(d), 13174 and 13203 (d) of P.L.
103-66, and sections 1123 (b), 1202 (c), 1204 (f), 1311
25and 1605 (d) of P.L.
104-188,
and as amended by P.L. 106-36 and P.L. 106-170, and
1as indirectly affected in the provisions applicable to this subchapter by P.L.
99-514,
2P.L.
100-203, P.L.
100-647, P.L.
101-73, P.L.
101-140, P.L.
101-179, P.L.
101-239,
3P.L.
101-508, P.L.
102-227, excluding sections 103, 104 and 110 of P.L.
102-227, P.L.
4102-318, P.L.
102-486, P.L.
103-66, excluding sections 13113, 13150 (d), 13171 (d),
513174 and 13203 (d) of P.L.
103-66, P.L.
103-296, P.L.
103-337, P.L.
103-465, P.L.
6104-7, P.L.
104-188, excluding sections 1123 (b), 1202 (c), 1204 (f), 1311 and 1605 (d)
7of P.L.
104-188, P.L.
104-191, P.L.
104-193, P.L.
105-33, P.L.
105-34, P.L.
105-178,
8P.L.
105-206 and, P.L.
105-277, P.L. 106-36 and P.L. 106-170, applies for Wisconsin
9purposes at the same time as for federal purposes. Amendments to the Internal
10Revenue Code enacted after December 31, 1998, do not apply to this subdivision with
11respect to taxable years that begin after December 31, 1998
, and before January 1,
122000, except that changes to the Internal Revenue Code made by P.L. 106-36 and P.L.
13106-170 and changes that indirectly affect the provisions applicable to this
14subchapter made by P.L. 106-36 and P.L. 106-170 apply for Wisconsin purposes at
15the same time as for federal purposes.
SB451, s. 21
16Section
21. 71.26 (2) (b) 15. of the statutes is created to read:
SB451,24,1717
71.26
(2) (b) 15. For taxable years that begin after December 31, 1999, for a
18corporation, conduit or common law trust which qualifies as a regulated investment
19company, real estate mortgage investment conduit, real estate investment trust or
20financial asset securitization investment trust under the Internal Revenue Code as
21amended to December 31, 1999, excluding sections 103, 104 and 110 of P.L.
102-227,
22sections 13113, 13150 (d), 13171 (d), 13174 and 13203 (d) of P.L.
103-66 and sections
231123 (b), 1202 (c), 1204 (f), 1311 and 1605 (d) of P.L.
104-188, and as indirectly
24affected in the provisions applicable to this subchapter by P.L.
99-514, P.L.
100-203,
25P.L.
100-647, P.L.
101-73, P.L.
101-140, P.L.
101-179, P.L.
101-239, P.L.
101-508,
1P.L.
102-227, excluding sections 103, 104 and 110 of P.L.
102-227, P.L.
102-318, P.L.
2102-486, P.L.
103-66, excluding sections 13113, 13150 (d), 13171 (d), 13174 and
313203 (d) of P.L.
103-66, P.L.
103-296, P.L.
103-337, P.L.
103-465, P.L.
104-7, P.L.
4104-188, excluding sections 1123 (b), 1202 (c), 1204 (f), 1311 and 1605 (d) of P.L.
5104-188, P.L.
104-191, P.L.
104-193, P.L.
105-33, P.L.
105-34, P.L.
105-178, P.L.
6105-206, P.L.
105-277, P.L.
106-36 and P.L.
106-170, "net income" means the
7federal regulated investment company taxable income, federal real estate mortgage
8investment conduit taxable income, federal real estate investment trust or financial
9asset securitization investment trust taxable income of the corporation, conduit or
10trust as determined under the Internal Revenue Code as amended to December 31,
111999, excluding sections 103, 104 and 110 of P.L.
102-227, sections 13113, 13150 (d),
1213171 (d), 13174 and 13203 (d) of P.L.
103-66 and sections 1123 (b), 1202 (c), 1204
13(f), 1311 and 1605 (d) of P.L.
104-188, and as indirectly affected in the provisions
14applicable to this subchapter by P.L.
99-514, P.L.
100-203, P.L.
100-647, P.L.
15101-73, P.L.
101-140, P.L.
101-179, P.L.
101-239, P.L.
101-508, P.L.
102-227,
16excluding sections 103, 104 and 110 of P.L.
102-227, P.L.
102-318, P.L.
102-486, P.L.
17103-66, excluding sections 13113, 13150 (d), 13171 (d), 13174 and 13203 (d) of P.L.
18103-66, P.L.
103-296, P.L.
103-337, P.L.
103-465, P.L.
104-7, P.L.
104-188,
19excluding sections 1123 (b), 1202 (c), 1204 (f), 1311 and 1605 (d) of P.L.
104-188, P.L.
20104-191, P.L.
104-193, P.L.
105-33, P.L.
105-34, P.L.
105-178, P.L.
105-206, P.L.
21105-277, P.L.
106-36 and P.L.
106-170, except that property that, under s. 71.02 (1)
22(c) 8. to 11., 1985 stats., is required to be depreciated for taxable years 1983 to 1986
23under the Internal Revenue Code as amended to December 31, 1980, shall continue
24to be depreciated under the Internal Revenue Code as amended to
25December 31, 1980, and except that the appropriate amount shall be added or
1subtracted to reflect differences between the depreciation or adjusted basis for
2federal income tax purposes and the depreciation or adjusted basis under this
3chapter of any property disposed of during the taxable year. The Internal Revenue
4Code as amended to December 31, 1999, excluding sections 103, 104 and 110 of P.L.
5102-227, sections 13113, 13150 (d), 13171 (d), 13174 and 13203 (d) of P.L.
103-66,
6and sections 1123 (b), 1202 (c), 1204 (f), 1311 and 1605 (d) of P.L.
104-188, and as
7indirectly affected in the provisions applicable to this subchapter by P.L.
99-514, P.L.
8100-203, P.L.
100-647, P.L.
101-73, P.L.
101-140, P.L.
101-179, P.L.
101-239, P.L.
9101-508, P.L.
102-227, excluding sections 103, 104 and 110 of P.L.
102-227, P.L.
10102-318, P.L.
102-486, P.L.
103-66, excluding sections 13113, 13150 (d), 13171 (d),
1113174 and 13203 (d) of P.L.
103-66, P.L.
103-296, P.L.
103-337, P.L.
103-465, P.L.
12104-7, P.L.
104-188, excluding sections 1123 (b), 1202 (c), 1204 (f), 1311 and 1605 (d)
13of P.L.
104-188, P.L.
104-191, P.L.
104-193, P.L.
105-33, P.L.
105-34, P.L.
105-178,
14P.L.
105-206, P.L.
105-277, P.L.
106-36 and P.L.
106-170, applies for Wisconsin
15purposes at the same time as for federal purposes. Amendments to the Internal
16Revenue Code enacted after December 31, 1999, do not apply to this subdivision with
17respect to taxable years that begin after December 31, 1999.
SB451,25,520
71.26
(3) (y) A corporation may compute amortization and depreciation under
21either the federal Internal Revenue Code as amended to December 31,
1998 1999,
22or the federal Internal Revenue Code in effect for the taxable year for which the
23return is filed, except that property first placed in service by the taxpayer on or after
24January 1, 1983, but before January 1, 1987, that, under s. 71.04 (15) (b) and (br),
251985 stats., is required to be depreciated under the Internal Revenue Code as
1amended to December 31, 1980, and property first placed in service in taxable year
21981 or thereafter but before January 1, 1987, that, under s. 71.04 (15) (bm), 1985
3stats., is required to be depreciated under the Internal Revenue Code as amended
4to December 31, 1980, shall continue to be depreciated under the Internal Revenue
5Code as amended to December 31, 1980.
SB451,26,1010
71.34
(1g) (L) "Internal Revenue Code" for tax-option corporations, for taxable
11years that begin after December 31, 1996, and before January 1, 1998, means the
12federal Internal Revenue Code as amended to December 31, 1996, excluding
13sections 103, 104 and 110 of P.L.
102-227, sections 13113, 13150 (d), 13171 (d), 13174
14and 13203 (d) of P.L.
103-66 and sections 1123 (b), 1202 (c), 1204 (f), 1311 and 1605
15(d) of P.L.
104-188, and as amended by P.L.
105-33, P.L.
105-34, P.L.
105-206 and, 16P.L.
105-277 and P.L. 106-36, and as indirectly affected in the provisions applicable
17to this subchapter by P.L.
99-514, P.L.
100-203, P.L.
100-647 excluding sections 803
18(d) (2) (B), 805 (d) (2), 812 (c) (2), 821 (b) (2) and 823 (c) (2) of P.L.
99-514 and section
191008 (g) (5) of P.L.
100-647, P.L.
101-73, P.L.
101-140, P.L.
101-179, P.L.
101-239,
20P.L.
101-508, P.L.
102-227, excluding sections 103, 104 and 110 of P.L.
102-227, P.L.
21102-318, P.L.
102-486, P.L.
103-66, excluding sections 13113, 13150 (d), 13171 (d),
2213174 and 13203 (d) of P.L.
103-66, P.L.
103-296, P.L.
103-337, P.L.
103-465, P.L.
23104-7, P.L.
104-188, excluding sections 1123 (b), 1202 (c), 1204 (f), 1311 and 1605 (d)
24of P.L.
104-188, P.L.
104-191, P.L.
104-193, P.L.
105-33, P.L.
105-34, P.L.
105-206 25and, P.L.
105-277 and P.L. 106-36, except that section 1366 (f) (relating to
1pass-through of items to shareholders) is modified by substituting the tax under s.
271.35 for the taxes under sections 1374 and 1375. The Internal Revenue Code applies
3for Wisconsin purposes at the same time as for federal purposes. Amendments to the
4federal Internal Revenue Code enacted after December 31, 1996, do not apply to this
5paragraph with respect to taxable years beginning after December 31, 1996, and
6before January 1, 1998, except that changes to the Internal Revenue Code made by
7P.L.
105-33, P.L.
105-34, P.L.
105-206 and, P.L.
105-277 and P.L. 106-36 and
8changes that indirectly affect the provisions applicable to this subchapter made by
9P.L.
105-33, P.L.
105-34, P.L.
105-206 and, P.L.
105-277 and P.L. 106-36, apply for
10Wisconsin purposes at the same time as for federal purposes.
SB451,27,1413
71.34
(1g) (m) "Internal Revenue Code" for tax-option corporations, for taxable
14years that begin after December 31, 1997, and before January 1, 1999, means the
15federal Internal Revenue Code as amended to December 31, 1997, excluding sections
16103, 104 and 110 of P.L.
102-227, sections 13113, 13150 (d), 13171 (d), 13174 and
1713203 (d) of P.L.
103-66 and sections 1123 (b), 1202 (c), 1204 (f), 1311 and 1605 (d)
18of P.L.
104-188, and as amended by P.L.
105-178, P.L.
105-206 and, P.L.
105-277,
19P.L. 106-36 and P.L. 106-170, and as indirectly affected in the provisions applicable
20to this subchapter by P.L.
99-514, P.L.
100-203, P.L.
100-647 excluding sections 803
21(d) (2) (B), 805 (d) (2), 812 (c) (2), 821 (b) (2) and 823 (c) (2) of P.L.
99-514 and section
221008 (g) (5) of P.L.
100-647, P.L.
101-73, P.L.
101-140, P.L.
101-179, P.L.
101-239,
23P.L.
101-508, P.L.
102-227, excluding sections 103, 104 and 110 of P.L.
102-227, P.L.
24102-318, P.L.
102-486, P.L.
103-66, excluding sections 13113, 13150 (d), 13171 (d),
2513174 and 13203 (d) of P.L.
103-66, P.L.
103-296, P.L.
103-337, P.L.
103-465, P.L.
1104-7, P.L.
104-188, excluding sections 1123 (b), 1202 (c), 1204 (f), 1311 and 1605 (d)
2of P.L.
104-188, P.L.
104-191, P.L.
104-193, P.L.
105-33, P.L.
105-34, P.L.
105-178,
3P.L.
105-206 and, P.L.
105-277, P.L. 106-36 and P.L. 106-170, except that section
41366 (f) (relating to pass-through of items to shareholders) is modified by
5substituting the tax under s. 71.35 for the taxes under sections 1374 and 1375. The
6Internal Revenue Code applies for Wisconsin purposes at the same time as for federal
7purposes. Amendments to the federal Internal Revenue Code enacted after
8December 31, 1997, do not apply to this paragraph with respect to taxable years
9beginning after December 31, 1997, and before January 1, 1999, except that
10changes to the Internal Revenue Code made by P.L.
105-178, P.L.
105-206
and, P.L.
11105-277, P.L. 106-36 and P.L. 106-170 and changes that indirectly affect the
12provisions applicable to this subchapter made by P.L.
105-178, P.L.
105-206 and, 13P.L.
105-277, P.L. 106-36 and P.L. 106-170 apply for Wisconsin purposes at the same
14time as for federal purposes.
SB451,28,1617
71.34
(1g) (n) "Internal Revenue Code" for tax-option corporations, for taxable
18years that begin after December 31, 1998,
and before January 1, 2000, means the
19federal Internal Revenue Code as amended to December 31, 1998, excluding sections
20103, 104 and 110 of P.L.
102-227, sections 13113, 13150 (d), 13171 (d), 13174 and
2113203 (d) of P.L.
103-66 and sections 1123 (b), 1202 (c), 1204 (f), 1311 and 1605 (d)
22of P.L.
104-188,
and as amended by P.L. 106-36 and P.L. 106-170, and as indirectly
23affected in the provisions applicable to this subchapter by P.L.
99-514, P.L.
100-203,
24P.L.
100-647, excluding sections 803 (d) (2) (B), 805 (d) (2), 812 (c) (2), 821 (b) (2) and
25823 (c) (2) of P.L.
99-514 and section 1008 (g) (5) of P.L.
100-647, P.L.
101-73, P.L.
1101-140, P.L.
101-179, P.L.
101-239, P.L.
101-508, P.L.
102-227, excluding sections
2103, 104 and 110 of P.L.
102-227, P.L.
102-318, P.L.
102-486, P.L.
103-66, excluding
3sections 13113, 13150 (d), 13171 (d), 13174 and 13203 (d) of P.L.
103-66, P.L.
4103-296, P.L.
103-337, P.L.
103-465, P.L.
104-7, P.L.
104-188, excluding sections
51123 (b), 1202 (c), 1204 (f), 1311 and 1605 (d) of P.L.
104-188, P.L.
104-191, P.L.
6104-193, P.L.
105-33, P.L.
105-34, P.L.
105-178, P.L.
105-206 and, P.L.
105-277,
7P.L. 106-36 and P.L. 106-170, except that section 1366 (f) (relating to pass-through
8of items to shareholders) is modified by substituting the tax under s. 71.35 for the
9taxes under sections 1374 and 1375. The Internal Revenue Code applies for
10Wisconsin purposes at the same time as for federal purposes. Amendments to the
11federal Internal Revenue Code enacted after December 31, 1998, do not apply to this
12paragraph with respect to taxable years beginning after December 31, 1998
, and
13before January 1, 2000, except that changes to the Internal Revenue Code made by
14P.L. 106-36 and P.L. 106-170 and changes that indirectly affect the provisions
15applicable to this subchapter made by P.L. 106-36 and P.L. 106-170 apply for
16Wisconsin purposes at the same time as for federal purposes.
SB451, s. 27
17Section
27. 71.34 (1g) (o) of the statutes is created to read:
SB451,29,1218
71.34
(1g) (o) "Internal Revenue Code" for tax-option corporations, for taxable
19years that begin after December 31, 1999, means the federal Internal Revenue Code
20as amended to December 31, 1999, excluding sections 103, 104 and 110 of P.L.
21102-227, sections 13113, 13150 (d), 13171 (d), 13174 and 13203 (d) of P.L.
103-66 and
22sections 1123 (b), 1202 (c), 1204 (f), 1311 and 1605 (d) of P.L.
104-188, and as
23indirectly affected in the provisions applicable to this subchapter by P.L.
99-514, P.L.
24100-203, P.L.
100-647, excluding sections 803 (d) (2) (B), 805 (d) (2), 812 (c) (2), 821
25(b) (2) and 823 (c) (2) of P.L.
99-514 and section 1008 (g) (5) of P.L.
100-647, P.L.
1101-73, P.L.
101-140, P.L.
101-179, P.L.
101-239, P.L.
101-508, P.L.
102-227,
2excluding sections 103, 104 and 110 of P.L.
102-227, P.L.
102-318, P.L.
102-486, P.L.
3103-66, excluding sections 13113, 13150 (d), 13171 (d), 13174 and 13203 (d) of P.L.
4103-66, P.L.
103-296, P.L.
103-337, P.L.
103-465, P.L.
104-7, P.L.
104-188,
5excluding sections 1123 (b), 1202 (c), 1204 (f), 1311 and 1605 (d) of P.L.
104-188, P.L.
6104-191, P.L.
104-193, P.L.
105-33, P.L.
105-34, P.L.
105-178, P.L.
105-206, P.L.
7105-277, P.L.
106-36 and P.L.
106-170, except that section 1366 (f) (relating to
8pass-through of items to shareholders) is modified by substituting the tax under s.
971.35 for the taxes under sections 1374 and 1375. The Internal Revenue Code applies
10for Wisconsin purposes at the same time as for federal purposes. Amendments to the
11federal Internal Revenue Code enacted after December 31, 1999, do not apply to this
12paragraph with respect to taxable years beginning after December 31, 1999.
SB451,30,1515
71.365
(1m) Tax-option corporations; depreciation. A tax-option corporation
16may compute amortization and depreciation under either the federal Internal
17Revenue Code as amended to December 31,
1998 1999, or the federal Internal
18Revenue Code in effect for the taxable year for which the return is filed, except that
19property first placed in service by the taxpayer on or after January 1, 1983, but
20before January 1, 1987, that, under s. 71.04 (15) (b) and (br), 1985 stats., is required
21to be depreciated under the Internal Revenue Code as amended to
22December 31, 1980, and property first placed in service in taxable year 1981 or
23thereafter but before January 1, 1987, that, under s. 71.04 (15) (bm), 1985 stats., is
24required to be depreciated under the Internal Revenue Code as amended to
25December 31, 1980, shall continue to be depreciated under the Internal Revenue
1Code as amended to December 31, 1980. Any difference between the adjusted basis
2for federal income tax purposes and the adjusted basis under this chapter shall be
3taken into account in determining net income or loss in the year or years for which
4the gain or loss is reportable under this chapter. If that property was placed in
5service by the taxpayer during taxable year 1986 and thereafter but before the
6property is used in the production of income subject to taxation under this chapter,
7the property's adjusted basis and the depreciation or other deduction schedule are
8not required to be changed from the amount allowable on the owner's federal income
9tax returns for any year because the property is used in the production of income
10subject to taxation under this chapter. If that property was acquired in a transaction
11in taxable year 1986 or thereafter in which the adjusted basis of the property in the
12hands of the transferee is the same as the adjusted basis of the property in the hands
13of the transferor, the Wisconsin adjusted basis of that property on the date of transfer
14is the adjusted basis allowable under the Internal Revenue Code as defined for
15Wisconsin purposes for the property in the hands of the transferor.
SB451,31,1720
71.42
(2) (k) For taxable years that begin after December 31, 1996, and before
21January 1, 1998, "Internal Revenue Code" means the federal Internal Revenue Code
22as amended to December 31, 1996, excluding sections 103, 104 and 110 of P.L.
23102-227, sections 13113, 13150 (d), 13171 (d), 13174 and 13203 (d) of P.L.
103-66 and
24sections 1123 (b), 1202 (c), 1204 (f), 1311 and 1605 (d) of P.L.
104-188, and as
25amended by P.L.
105-33, P.L.
105-34, P.L.
105-206 and
, P.L.
105-277 and P.L.
1106-36, and as indirectly affected by P.L.
99-514, P.L.
100-203, P.L.
100-647, P.L.
2101-73, P.L.
101-140, P.L.
101-179, P.L.
101-239, P.L.
101-508, P.L.
102-227,
3excluding sections 103, 104 and 110 of P.L.
102-227, P.L.
102-318, P.L.
102-486, P.L.
4103-66, excluding sections 13113, 13150 (d), 13171 (d), 13174 and 13203 (d) of P.L.
5103-66, P.L.
103-296, P.L.
103-337, P.L.
103-465, P.L.
104-7, P.L.
104-188,
6excluding sections 1123 (b), 1202 (c) 1204 (f), 1311 and 1605 (d) of P.L.
104-188, P.L.
7104-191, P.L.
104-193, P.L.
105-33, P.L.
105-34, P.L.
105-206 and, P.L.
105-277 and
8P.L. 106-36, except that "Internal Revenue Code" does not include section 847 of the
9federal Internal Revenue Code. The Internal Revenue Code applies for Wisconsin
10purposes at the same time as for federal purposes. Amendments to the federal
11Internal Revenue Code enacted after December 31, 1996, do not apply to this
12paragraph with respect to taxable years beginning after December 31, 1996, and
13before January 1, 1998, except that changes to the Internal Revenue Code made by
14P.L.
105-33, P.L.
105-34, P.L.
105-206 and, P.L.
105-277 and P.L. 106-36 and
15changes that indirectly affect the provisions applicable to this subchapter made by
16P.L.
105-33, P.L.
105-34, P.L.
105-206 and, P.L.
105-277 and P.L. 106-36, apply for
17Wisconsin purposes at the same time as for federal purposes.
SB451,32,1820
71.42
(2) (L) For taxable years that begin after December 31, 1997, and before
21January 1, 1999, "Internal Revenue Code" means the federal Internal Revenue Code
22as amended to December 31, 1997, excluding sections 103, 104 and 110 of P.L.
23102-227, sections 13113, 13150 (d), 13171 (d), 13174 and 13203 (d) of P.L.
103-66 and
24sections 1123 (b), 1202 (c), 1204 (f), 1311 and 1605 (d) of P.L.
104-188, and as
25amended by P.L.
105-178, P.L.
105-206 and, P.L.
105-277, P.L. 106-36 and P.L.
1106-170, and as indirectly affected by P.L.
99-514, P.L.
100-203, P.L.
100-647, P.L.
2101-73, P.L.
101-140, P.L.
101-179, P.L.
101-239, P.L.
101-508, P.L.
102-227,
3excluding sections 103, 104 and 110 of P.L.
102-227, P.L.
102-318, P.L.
102-486, P.L.
4103-66, excluding sections 13113, 13150 (d), 13171 (d), 13174 and 13203 (d) of P.L.
5103-66, P.L.
103-296, P.L.
103-337, P.L.
103-465, P.L.
104-7, P.L.
104-188,
6excluding sections 1123 (b), 1202 (c) 1204 (f), 1311 and 1605 (d) of P.L.
104-188, P.L.
7104-191, P.L.
104-193, P.L.
105-33, P.L.
105-34, P.L.
105-178, P.L.
105-206 and, 8P.L.
105-277, P.L. 106-36 and P.L. 106-170, except that "Internal Revenue Code"
9does not include section 847 of the federal Internal Revenue Code. The Internal
10Revenue Code applies for Wisconsin purposes at the same time as for federal
11purposes. Amendments to the federal Internal Revenue Code enacted after
12December 31, 1997, do not apply to this paragraph with respect to taxable years
13beginning after December 31, 1997, and before January 1, 1999, except that
14changes to the Internal Revenue Code made by P.L.
105-178, P.L.
105-206
and, P.L.
15105-277, P.L. 106-36 and P.L. 106-170 and changes that indirectly affect the
16provisions applicable to this subchapter made by P.L.
105-178, P.L.
105-206 and, 17P.L.
105-277, P.L. 106-36 and P.L. 106-170 apply for Wisconsin purposes at the same
18time as for federal purposes.
SB451,33,1721
71.42
(2) (m) For taxable years that begin after December 31, 1998,
and before
22January 1, 2000, "Internal Revenue Code" means the federal Internal Revenue Code
23as amended to December 31, 1998, excluding sections 103, 104 and 110 of P.L.
24102-227, sections 13113, 13150 (d), 13171 (d), 13174 and 13203 (d) of P.L.
103-66 and
25sections 1123 (b), 1202 (c), 1204 (f), 1311 and 1605 (d) of P.L.
104-188,
and as
1amended by P.L. 106-36 and P.L. 106-170, and as indirectly affected by P.L.
99-514,
2P.L.
100-203, P.L.
100-647, P.L.
101-73, P.L.
101-140, P.L.
101-179, P.L.
101-239,
3P.L.
101-508, P.L.
102-227, excluding sections 103, 104 and 110 of P.L.
102-227, P.L.
4102-318, P.L.
102-486, P.L.
103-66, excluding sections 13113, 13150 (d), 13171 (d),
513174 and 13203 (d) of P.L.
103-66, P.L.
103-296, P.L.
103-337, P.L.
103-465, P.L.
6104-7, P.L.
104-188, excluding sections 1123 (b), 1202 (c) 1204 (f), 1311 and 1605 (d)
7of P.L.
104-188, P.L.
104-191, P.L.
104-193, P.L.
105-33, P.L.
105-34, P.L.
105-178,
8P.L.
105-206 and, P.L.
105-277, P.L. 106-36 and P.L. 106-170, except that "Internal
9Revenue Code" does not include section 847 of the federal Internal Revenue Code.
10The Internal Revenue Code applies for Wisconsin purposes at the same time as for
11federal purposes. Amendments to the federal Internal Revenue Code enacted after
12December 31, 1998, do not apply to this paragraph with respect to taxable years
13beginning after December 31, 1998
, and before January 1, 2000, except that changes
14to the Internal Revenue Code made by P.L. 106-36 and P.L. 106-170 and changes
15that indirectly affect the provisions applicable to this subchapter made by P.L.
16106-36 and P.L. 106-170 apply for Wisconsin purposes at the same time as for federal
17purposes.
SB451, s. 33
18Section
33. 71.42 (2) (n) of the statutes is created to read:
SB451,34,1019
71.42
(2) (n) For taxable years that begin after December 31, 1999, "Internal
20Revenue Code" means the federal Internal Revenue Code as amended to
21December 31, 1999, excluding sections 103, 104 and 110 of P.L.
102-227, sections
2213113, 13150 (d), 13171 (d), 13174 and 13203 (d) of P.L.
103-66 and sections 1123 (b),
231202 (c), 1204 (f), 1311 and 1605 (d) of P.L.
104-188, and as indirectly affected by P.L.
2499-514, P.L.
100-203, P.L.
100-647, P.L.
101-73, P.L.
101-140, P.L.
101-179, P.L.
25101-239, P.L.
101-508, P.L.
102-227, excluding sections 103, 104 and 110 of P.L.
1102-227, P.L.
102-318, P.L.
102-486, P.L.
103-66, excluding sections 13113, 13150
2(d), 13171 (d), 13174 and 13203 (d) of P.L.
103-66, P.L.
103-296, P.L.
103-337, P.L.
3103-465, P.L.
104-7, P.L.
104-188, excluding sections 1123 (b), 1202 (c) 1204 (f), 1311
4and 1605 (d) of P.L.
104-188, P.L.
104-191, P.L.
104-193, P.L.
105-33, P.L.
105-34,
5P.L.
105-178, P.L.
105-206, P.L.
105-277, P.L.
106-36 and P.L.
106-170, except that
6"Internal Revenue Code" does not include section 847 of the federal Internal Revenue
7Code. The Internal Revenue Code applies for Wisconsin purposes at the same time
8as for federal purposes. Amendments to the federal Internal Revenue Code enacted
9after December 31, 1999, do not apply to this paragraph with respect to taxable years
10beginning after December 31, 1999.
SB451,34,2513
71.45
(2) (a) 13. By adding or subtracting, as appropriate, the difference
14between the depreciation deduction under the federal Internal Revenue Code as
15amended to December 31,
1998 1999 and the depreciation deduction under the
16federal Internal Revenue Code in effect for the taxable year for which the return is
17filed, so as to reflect the fact that the insurer may choose between these 2 deductions,
18except that property first placed in service by the taxpayer on or after
19January 1, 1983, but before January 1, 1987, that, under s. 71.04 (15) (b) and (br),
201985 stats., is required to be depreciated under the Internal Revenue Code as
21amended to December 31, 1980, and property first placed in service in taxable year
221981 or thereafter but before January 1, 1987, that, under s. 71.04 (15) (bm), 1985
23stats., is required to be depreciated under the Internal Revenue Code as amended
24to December 31, 1980, shall continue to be depreciated under the Internal Revenue
25Code as amended to December 31, 1980.
SB451, s. 35
1Section
35. 71.67 (5m) of the statutes is created to read:
SB451,35,72
71.67
(5m) A person that purchases an assignment of a lottery prize shall
3withhold from the amount of any payment made to purchase the assignment the
4amount that is determined by multiplying the amount of the payment by the highest
5rate applicable to individuals under s. 71.06 (1) (a) to (c), (1m), (1n) or (1p).
6Subsection (5) (b), (c) and (d), as it applies to the amounts withheld under sub. (5) (a),
7applies to the amount withheld under this subsection.
SB451, s. 36
8Section
36. 565.01 (2m) of the statutes is created to read:
SB451,35,119
565.01
(2m) "Federal income tax number" means either a taxpayer
10identification number or a federal employer identification number, as required by
11the internal revenue service.
SB451,36,1414
565.30
(5) Withholding of delinquent state taxes, child support or debts
15owed the state. The administrator shall report the name, address and social security
16number
or federal income tax number of each winner of a lottery prize equal to or
17greater than $1,000 and the name, address and social security number
or federal
18income tax number of each person to whom a lottery prize equal to or greater than
19$1,000 has been assigned to the department of revenue to determine whether the
20payee or assignee of the prize is delinquent in the payment of state taxes under ch.
2171, 72, 76, 77, 78 or 139 or
, if applicable, in
the court-ordered payment of child
22support or has a debt owing to the state. Upon receipt of a report under this
23subsection, the department of revenue shall first ascertain based on certifications by
24the department of workforce development or its designee under s. 49.855 (1) whether
25any person named in the report is currently delinquent in court-ordered payment
1of child support and shall next certify to the administrator whether any person
2named in the report is delinquent in court-ordered payment of child support or
3payment of state taxes under ch. 71, 72, 76, 77, 78 or 139. Upon this certification by
4the department of revenue or upon court order the administrator shall withhold the
5certified amount and send it to the department of revenue for remittance to the
6appropriate agency or person. At the time of remittance, the department of revenue
7shall charge its administrative expenses to the state agency that has received the
8remittance. The administrative expenses received by the department of revenue
9shall be credited to the appropriation under s. 20.566 (1) (h). In instances in which
10the payee or assignee of the prize is delinquent both in payments for state taxes and
11in court-ordered payments of child support, or is delinquent in one or both of these
12payments and has a debt owing to the state, the amount remitted to the appropriate
13agency or person shall be in proportion to the prize amount as is the delinquency or
14debt owed by the payee or assignee.
SB451, s. 38
15Section
38. 565.30 (6r) (c) 10. of the statutes is created to read:
SB451,36,2016
565.30
(6r) (c) 10. The individual or organization to whom part or all of the
17lottery prize is assigned specifies in an affidavit that the individual or organization
18agrees to withhold from any payment made to an assignor for the assignment of a
19lottery prize the amount calculated under s. 71.67 (5m) and agrees to deposit that
20amount as required under s. 71.67 (5m).
SB451,36,2422
(1)
Depreciation deductions. The treatment of sections 71.01 (7r), 71.26 (3) (y),
2371.365 (1m) and 71.45 (2) (a) 13. of the statutes first applies to property placed in
24service in taxable years beginning on January 1, 2000.
SB451,37,2
1(2)
Lottery prize assignment. The creation of section 565.30 (6r) (c) 10. of the
2statutes first applies to court orders issued on the effective date of this subsection.
