SB55-ASA1,769,1613 (b) If a limited liability company is treated as a partnership, for federal tax
14purposes, a member's share of the numerator and denominator of a limited liability
15company's apportionment factors under this section are included in the numerator
16and denominator of the member's apportionment factors under this section.
SB55-ASA1, s. 1187 17Section 1187. 71.26 (1) (be) of the statutes is amended to read:
SB55-ASA1,769,1918 71.26 (1) (be) Certain authorities. Income of the University of Wisconsin
19Hospitals and Clinics Authority and of the Fox River Navigational System Authority.
SB55-ASA1, s. 1188 20Section 1188. 71.26 (2) (a) of the statutes is amended to read:
SB55-ASA1,770,1121 71.26 (2) (a) Corporations in general. The "net income" of a corporation means
22the gross income as computed under the internal revenue code Internal Revenue
23Code
as modified under sub. (3) minus the amount of recapture under s. 71.28 (1di)
24plus the amount of credit computed under s. 71.28 (1) and , (3) to, (4), and (5) plus the
25amount of the credit computed under s. 71.28 (1dd), (1de), (1di), (1dj), (1dL), (1dm),

1(1ds) and, and (3g) (1dx) and not passed through by a partnership, limited liability
2company, or tax-option corporation that has added that amount to the partnership's,
3limited liability company's, or tax-option corporation's income under s. 71.21 (4) or
471.34 (1) (g) plus the amount of losses from the sale or other disposition of assets the
5gain from which would be wholly exempt income, as defined in sub. (3) (L), if the
6assets were sold or otherwise disposed of at a gain and minus deductions, as
7computed under the internal revenue code Internal Revenue Code as modified under
8sub. (3), plus or minus, as appropriate, an amount equal to the difference between
9the federal basis and Wisconsin basis of any asset sold, exchanged, abandoned, or
10otherwise disposed of in a taxable transaction during the taxable year, except as
11provided in par. (b) and s. 71.45 (2) and (5).
SB55-ASA1, s. 2175d 12Section 2175d. 71.26 (2) (b) 7. of the statutes is repealed.
SB55-ASA1, s. 2175db 13Section 2175db. 71.26 (2) (b) 8. of the statutes is amended to read:
SB55-ASA1,772,2414 71.26 (2) (b) 8. For taxable years that begin after December 31, 1992, and
15before January 1, 1994, for a corporation, conduit or common law trust which
16qualifies as a regulated investment company, real estate mortgage investment
17conduit or real estate investment trust under the Internal Revenue Code as amended
18to December 31, 1992, excluding sections 103, 104, and 110 of P.L. 102-227, and as
19amended by P.L. 103-66, excluding sections 13101 (a) and (c) 1., 13113, 13150, 13171,
2013174, and 13203 of P.L. 103-66, P.L. 103-465, P.L. 104-188, excluding section 1311
21of P.L. 104-188, P.L. 105-34, P.L. 105-206 and, P.L. 105-277, and P.L. 106-554,
22excluding sections 162 and 165 of P.L. 106-554
, and as indirectly affected in the
23provisions applicable to this subchapter by P.L. 99-514, P.L. 100-203, P.L. 100-647,
24P.L. 101-73, P.L. 101-140, P.L. 101-179, P.L. 101-239, P.L. 101-508, P.L. 102-227,
25excluding sections 103, 104, and 110 of P.L. 102-227, P.L. 102-318, P.L. 102-486, P.L.

1103-66, excluding sections 13101 (a) and (c) 1, 13113, 13150, 13171, 13174, and
213203 of P.L. 103-66, P.L. 103-465, P.L. 104-188, excluding section 1311 of P.L.
3104-188, P.L. 105-34, P.L. 105-206 and, P.L. 105-277, and P.L. 106-554, excluding
4sections 162 and 165 of P.L. 106-554
, "net income" means the federal regulated
5investment company taxable income, federal real estate mortgage investment
6conduit taxable income or federal real estate investment trust taxable income of the
7corporation, conduit or trust as determined under the Internal Revenue Code as
8amended to December 31, 1992, excluding sections 103, 104, and 110 of P.L. 102-227,
9and as amended by P.L. 103-66, excluding sections 13101 (a) and (c) 1, 13113, 13150,
1013171, 13174, and 13203 of P.L. 103-66, P.L. 103-465, P.L. 104-188, excluding
11section 1311 of P.L. 104-188, P.L. 105-34, P.L. 105-206 and , P.L. 105-277, and P.L.
12106-554, excluding sections 162 and 165 of P.L. 106-554
, and as indirectly affected
13in the provisions applicable to this subchapter by P.L. 99-514, P.L. 100-203, P.L.
14100-647, P.L. 101-73, P.L. 101-140, P.L. 101-179, P.L. 101-239, P.L. 101-508, P.L.
15102-227, excluding sections 103, 104, and 110 of P.L. 102-227, P.L. 102-318, P.L.
16102-486, P.L. 103-66, excluding sections 13101 (a) and (c) 1., 13113, 13150, 13171,
1713174, and 13203 of P.L. 103-66, P.L. 103-465, P.L. 104-188, excluding section 1311
18of P.L. 104-188, P.L. 105-34, P.L. 105-206 and, P.L. 105-277, and P.L. 106-554,
19excluding sections 162 and 165 of P.L. 106-554
, except that property that, under s.
2071.02 (1) (c) 8. to 11., 1985 stats., is required to be depreciated for taxable years 1983
21to 1986 under the Internal Revenue Code as amended to December 31, 1980, shall
22continue to be depreciated under the Internal Revenue Code as amended to
23December 31, 1980, and except that the appropriate amount shall be added or
24subtracted to reflect differences between the depreciation or adjusted basis for
25federal income tax purposes and the depreciation or adjusted basis under this

1chapter of any property disposed of during the taxable year. The Internal Revenue
2Code as amended to December 31, 1992, excluding sections 103, 104, and 110 of P.L.
3102-227, and as amended by P.L. 103-66, excluding sections 13101 (a) and (c) 1,
413113, 13150, 13171, 13174, and 13203 of P.L. 103-66, P.L. 103-465, P.L. 104-188,
5excluding section 1311 of P.L. 104-188, P.L. 105-34, P.L. 105-206 and, P.L. 105-277,
6and P.L. 106-554, excluding sections 162 and 165 of P.L. 106-554
, and as indirectly
7affected in the provisions applicable to this subchapter by P.L. 99-514, P.L. 100-203,
8P.L. 100-647, P.L. 101-73, P.L. 101-140, P.L. 101-179, P.L. 101-239, P.L. 101-508,
9P.L. 102-227, excluding sections 103, 104, and 110 of P.L. 102-227, P.L. 102-318, P.L.
10102-486, P.L. 103-66, excluding sections 13101 (a) and (c) 1, 13113, 13150, 13171,
1113174, and 13203 of P.L. 103-66, P.L. 103-465, P.L. 104-188, excluding section 1311
12of P.L. 104-188, P.L. 105-34, P.L. 105-206 and, P.L. 105-277, and P.L. 106-554,
13excluding sections 162 and 165 of P.L. 106-554
, applies for Wisconsin purposes at the
14same time as for federal purposes. Amendments to the Internal Revenue Code
15enacted after December 31, 1992, do not apply to this subdivision with respect to
16taxable years that begin after December 31, 1992, and before January 1, 1994,
17except that changes to the Internal Revenue Code made by P.L. 103-66, P.L.
18103-465, P.L. 104-188, excluding section 1311 of P.L. 104-188, P.L. 105-34, P.L.
19105-206 and, P.L. 105-277, and P.L. 106-554, excluding sections 162 and 165 of P.L.
20106-554,
and changes that indirectly affect the provisions applicable to this
21subchapter made by P.L. 103-66, P.L. 103-465, P.L. 104-188, excluding section 1311
22of P.L. 104-188, P.L. 105-34, P.L. 105-206 and, P.L. 105-277, and P.L. 106-554,
23excluding sections 162 and 165 of P.L. 106-554,
apply for Wisconsin purposes at the
24same time as for federal purposes.
SB55-ASA1, s. 2175dc 25Section 2175dc. 71.26 (2) (b) 9. of the statutes is amended to read:
SB55-ASA1,775,20
171.26 (2) (b) 9. For taxable years that begin after December 31, 1993, and
2before January 1, 1995, for a corporation, conduit or common law trust which
3qualifies as a regulated investment company, real estate mortgage investment
4conduit or real estate investment trust under the Internal Revenue Code as amended
5to December 31, 1993, excluding sections 103, 104, and 110 of P.L. 102-227 and
6sections 13113, 13150 (d), 13171 (d), 13174, 13203 (d), and 13215 of P.L. 103-66, and
7as amended by P.L. 103-296, P.L. 103-337, P.L. 103-465, P.L. 104-7, excluding
8section 1 of P.L. 104-7, P.L. 104-188, excluding section 1311 of P.L. 104-188, P.L.
9104-191, P.L. 104-193, P.L. 105-34, P.L. 105-206 and, P.L. 105-277, and P.L.
10106-554, excluding sections 162 and 165 of P.L. 106-554
, and as indirectly affected
11in the provisions applicable to this subchapter by P.L. 99-514, P.L. 100-203, P.L.
12100-647, P.L. 101-73, P.L. 101-140, P.L. 101-179, P.L. 101-239, P.L. 101-508, P.L.
13102-227, excluding sections 103, 104, and 110 of P.L. 102-227, P.L. 102-318, P.L.
14102-486, P.L. 103-66, excluding sections 13113, 13150 (d), 13171 (d), 13174, 13203
15(d), and 13215 of P.L. 103-66, P.L. 103-296, P.L. 103-337, P.L. 103-465, P.L. 104-7,
16excluding section 1 of P.L. 104-7, P.L. 104-188, excluding section 1311 of P.L.
17104-188, P.L. 104-191, P.L. 104-193, P.L. 105-34, P.L. 105-206 and, P.L. 105-277,
18and P.L. 106-554, excluding sections 162 and 165 of P.L. 106-554
, "net income"
19means the federal regulated investment company taxable income, federal real estate
20mortgage investment conduit taxable income or federal real estate investment trust
21taxable income of the corporation, conduit or trust as determined under the Internal
22Revenue Code as amended to December 31, 1993, excluding sections 103, 104, and
23110 of P.L. 102-227 and sections 13113, 13150 (d), 13171 (d), 13174, 13203 (d), and
2413215 of P.L. 103-66, and as amended by P.L. 103-296, P.L. 103-337, P.L. 103-465,
25P.L. 104-7, excluding section 1 of P.L. 104-7, P.L. 104-188, excluding section 1311

1of P.L. 104-188, P.L. 104-191, P.L. 104-193, P.L. 105-34, P.L. 105-206 and, P.L.
2105-277, and P.L. 106-554, excluding sections 162 and 165 of P.L. 106-554, and as
3indirectly affected in the provisions applicable to this subchapter by P.L. 99-514, P.L.
4100-203, P.L. 100-647, P.L. 101-73, P.L. 101-140, P.L. 101-179, P.L. 101-239, P.L.
5101-508, P.L. 102-227, excluding sections 103, 104, and 110 of P.L. 102-227, P.L.
6102-318, P.L. 102-486, P.L. 103-66, excluding sections 13113, 13150 (d), 13171 (d),
713174, 13203 (d), and 13215 of P.L. 103-66, P.L. 103-296, P.L. 103-337, P.L. 103-465,
8P.L. 104-7, excluding section 1 of P.L. 104-7, P.L. 104-188, excluding section 1311
9of P.L. 104-188, P.L. 104-191, P.L. 104-193, P.L. 105-34, P.L. 105-206 and, P.L.
10105-277, and P.L. 106-554, excluding sections 162 and 165 of P.L. 106-554, except
11that property that, under s. 71.02 (1) (c) 8. to 11., 1985 stats., is required to be
12depreciated for taxable years 1983 to 1986 under the Internal Revenue Code as
13amended to December 31, 1980, shall continue to be depreciated under the Internal
14Revenue Code as amended to December 31, 1980, and except that the appropriate
15amount shall be added or subtracted to reflect differences between the depreciation
16or adjusted basis for federal income tax purposes and the depreciation or adjusted
17basis under this chapter of any property disposed of during the taxable year. The
18Internal Revenue Code as amended to December 31, 1993, excluding sections 103,
19104, and 110 of P.L. 102-227 and sections 13113, 13150 (d), 13171 (d), 13174, 13203
20(d), and 13215 of P.L. 103-66, and as amended by P.L. 103-296, P.L. 103-337, P.L.
21103-465, P.L. 104-7, excluding section 1 of P.L. 104-7, P.L. 104-188, excluding
22section 1311 of P.L. 104-188, P.L. 104-191, P.L. 104-193, P.L. 105-34, P.L. 105-206
23and, P.L. 105-277, and P.L. 106-554, excluding sections 162 and 165 of P.L. 106-554,
24and as indirectly affected in the provisions applicable to this subchapter by P.L.
2599-514, P.L. 100-203, P.L. 100-647, P.L. 101-73, P.L. 101-140, P.L. 101-179, P.L.

1101-239, P.L. 101-508, P.L. 102-227, excluding sections 103, 104, and 110 of P.L.
2102-227, P.L. 102-318, P.L. 102-486, P.L. 103-66, excluding sections 13113, 13150
3(d), 13171 (d), 13174, 13203 (d), and 13215 of P.L. 103-66, P.L. 103-296, P.L. 103-337,
4P.L. 103-465, P.L. 104-7, excluding section 1 of P.L. 104-7, P.L. 104-188, excluding
5section 1311 of P.L. 104-188, P.L. 104-191, P.L. 104-193, P.L. 105-34, P.L. 105-206
6and, P.L. 105-277, and P.L. 106-554, excluding sections 162 and 165 of P.L. 106-554,
7applies for Wisconsin purposes at the same time as for federal purposes.
8Amendments to the Internal Revenue Code enacted after December 31, 1993, do not
9apply to this subdivision with respect to taxable years that begin after
10December 31, 1993, and before January 1, 1995, except that changes to the Internal
11Revenue Code made by P.L. 103-296, P.L. 103-337, P.L. 103-465, P.L. 104-7,
12excluding section 1 of P.L. 104-7, P.L. 104-188, excluding section 1311 of P.L.
13104-188, P.L. 104-191, P.L. 104-193, P.L. 105-34, P.L. 105-206 and, P.L. 105-277,
14and P.L. 106-554, excluding sections 162 and 165 of P.L. 106-554,
and changes that
15indirectly affect the provisions applicable to this subchapter made by P.L. 103-296,
16P.L. 103-337, P.L. 103-465, P.L. 104-7, excluding section 1 of P.L. 104-7, P.L.
17104-188, excluding section 1311 of P.L. 104-188, P.L. 104-191, P.L. 104-193, P.L.
18105-34, P.L. 105-206 and, P.L. 105-277, and P.L. 106-554, excluding sections 162
19and 165 of P.L. 106-554,
apply for Wisconsin purposes at the same time as for federal
20purposes.
SB55-ASA1, s. 2175dd 21Section 2175dd. 71.26 (2) (b) 10. of the statutes is amended to read:
SB55-ASA1,778,1122 71.26 (2) (b) 10. For taxable years that begin after December 31, 1994, and
23before January 1, 1996, for a corporation, conduit or common law trust which
24qualifies as a regulated investment company, real estate mortgage investment
25conduit or real estate investment trust under the Internal Revenue Code as amended

1to December 31, 1994, excluding sections 103, 104, and 110 of P.L. 102-227 and
2sections 13113, 13150 (d), 13171 (d), 13174, and 13203 (d) of P.L. 103-66, and as
3amended by P.L. 104-7, P.L. 104-188, excluding sections 1202, 1204, 1311, and 1605
4of P.L. 104-188, P.L. 104-191, P.L. 104-193, P.L. 105-34, P.L. 105-206 and, P.L.
5105-277, and P.L. 106-554, excluding sections 162 and 165 of P.L. 106-554, and as
6indirectly affected in the provisions applicable to this subchapter by P.L. 99-514, P.L.
7100-203, P.L. 100-647, P.L. 101-73, P.L. 101-140, P.L. 101-179, P.L. 101-239, P.L.
8101-508, P.L. 102-227, excluding sections 103, 104, and 110 of P.L. 102-227, P.L.
9102-318, P.L. 102-486, P.L. 103-66, excluding sections 13113, 13150 (d), 13171 (d),
1013174, and 13203 (d) of P.L. 103-66, P.L. 103-296, P.L. 103-337, P.L. 103-465, P.L.
11104-7, P.L. 104-188, excluding sections 1202, 1204, 1311, and 1605 of P.L. 104-188,
12P.L. 104-191, P.L. 104-193, P.L. 105-34, P.L. 105-206 and , P.L. 105-277, and P.L.
13106-554, excluding sections 162 and 165 of P.L. 106-554
, "net income" means the
14federal regulated investment company taxable income, federal real estate mortgage
15investment conduit taxable income or federal real estate investment trust taxable
16income of the corporation, conduit or trust as determined under the Internal
17Revenue Code as amended to December 31, 1994, excluding sections 103, 104, and
18110 of P.L. 102-227 and sections 13113, 13150 (d), 13171 (d), 13174 , and 13203 (d)
19of P.L. 103-66, and as amended by P.L. 104-7, P.L. 104-188, excluding sections 1202,
201204, 1311, and 1605 of P.L. 104-188, P.L. 104-191, P.L. 104-193, P.L. 105-34, P.L.
21105-206 and, P.L. 105-277, and P.L. 106-554, excluding sections 162 and 165 of P.L.
22106-554
, and as indirectly affected in the provisions applicable to this subchapter
23by P.L. 99-514, P.L. 100-203, P.L. 100-647, P.L. 101-73, P.L. 101-140, P.L. 101-179,
24P.L. 101-239, P.L. 101-508, P.L. 102-227, excluding sections 103, 104, and 110 of P.L.
25102-227, P.L. 102-318, P.L. 102-486, P.L. 103-66, excluding sections 13113, 13150

1(d), 13171 (d), 13174, and 13203 (d) of P.L. 103-66, P.L. 103-296, P.L. 103-337, P.L.
2103-465, P.L. 104-7, P.L. 104-188, excluding sections 1202, 1204, 1311, and 1605 of
3P.L. 104-188, P.L. 104-191, P.L. 104-193, P.L. 105-34, P.L. 105-206 and, P.L.
4105-277, and P.L. 106-554, excluding sections 162 and 165 of P.L. 106-554, except
5that property that, under s. 71.02 (1) (c) 8. to 11., 1985 stats., is required to be
6depreciated for taxable years 1983 to 1986 under the Internal Revenue Code as
7amended to December 31, 1980, shall continue to be depreciated under the Internal
8Revenue Code as amended to December 31, 1980, and except that the appropriate
9amount shall be added or subtracted to reflect differences between the depreciation
10or adjusted basis for federal income tax purposes and the depreciation or adjusted
11basis under this chapter of any property disposed of during the taxable year. The
12Internal Revenue Code as amended to December 31, 1994, excluding sections 103,
13104, and 110 of P.L. 102-227 and sections 13113, 13150 (d), 13171 (d), 13174, and
1413203 (d) of P.L. 103-66, and as amended by P.L. 104-7, P.L. 104-188, excluding
15sections 1202, 1204, 1311, and 1605 of P.L. 104-188, P.L. 104-191, P.L. 104-193, P.L.
16105-34, P.L. 105-206 and, P.L. 105-277, and P.L. 106-554, excluding sections 162
17and 165 of P.L. 106-554
, and as indirectly affected in the provisions applicable to this
18subchapter by P.L. 99-514, P.L. 100-203, P.L. 100-647, P.L. 101-73, P.L. 101-140,
19P.L. 101-179, P.L. 101-239, P.L. 101-508, P.L. 102-227, excluding sections 103, 104,
20and 110 of P.L. 102-227, P.L. 102-318, P.L. 102-486, P.L. 103-66, excluding sections
2113113, 13150 (d), 13171 (d), 13174, and 13203 (d) of P.L. 103-66, P.L. 103-296, P.L.
22103-337, P.L. 103-465, P.L. 104-7, P.L. 104-188, excluding sections 1202, 1204,
231311, and 1605 of P.L. 104-188, P.L. 104-191, P.L. 104-193, P.L. 105-34, P.L.
24105-206 and, P.L. 105-277, and P.L. 106-554, excluding sections 162 and 165 of P.L.
25106-554
, applies for Wisconsin purposes at the same time as for federal purposes.

1Amendments to the Internal Revenue Code enacted after December 31, 1994, do not
2apply to this subdivision with respect to taxable years that begin after
3December 31, 1994, and before January 1, 1996, except that changes made by P.L.
4104-7, P.L. 104-188, excluding sections 1202, 1204, 1311, and 1605 of P.L. 104-188,
5P.L. 104-191, P.L. 104-193, P.L. 105-34, P.L. 105-206 and , P.L. 105-277, and P.L.
6106-554, excluding sections 162 and 165 of P.L. 106-554,
and changes that indirectly
7affect the provisions applicable to this subchapter made by P.L. 104-7, P.L. 104-188,
8excluding sections 1202, 1204, 1311 and 1605 of P.L. 104-188, P.L. 104-191, P.L.
9104-193, P.L. 105-34, P.L. 105-206 and, P.L. 105-277, and P.L. 106-554, excluding
10sections 162 and 165 of P.L. 106-554,
apply for Wisconsin purposes at the same time
11as for federal purposes.
SB55-ASA1, s. 2175de 12Section 2175de. 71.26 (2) (b) 11. of the statutes is amended to read:
SB55-ASA1,781,413 71.26 (2) (b) 11. For taxable years that begin after December 31, 1995, and
14before January 1, 1997, for a corporation, conduit or common law trust which
15qualifies as a regulated investment company, real estate mortgage investment
16conduit or real estate investment trust under the Internal Revenue Code as amended
17to December 31, 1995, excluding sections 103, 104, and 110 of P.L. 102-227 and
18sections 13113, 13150 (d), 13171 (d), 13174, and 13203 (d) of P.L. 103-66, and as
19amended by P.L. 104-188, excluding sections 1123, 1202, 1204, 1311 , and 1605 of P.L.
20104-188, P.L. 104-191, P.L. 104-193, P.L. 105-33, P.L. 105-34, P.L. 105-206 and,
21P.L. 105-277, and P.L. 106-554, excluding sections 162 and 165 of P.L. 106-554, and
22as indirectly affected in the provisions applicable to this subchapter by P.L. 99-514,
23P.L. 100-203, P.L. 100-647, P.L. 101-73, P.L. 101-140, P.L. 101-179, P.L. 101-239,
24P.L. 101-508, P.L. 102-227, excluding sections 103, 104, and 110 of P.L. 102-227, P.L.
25102-318, P.L. 102-486, P.L. 103-66, excluding sections 13113, 13150 (d), 13171 (d),

113174, and 13203 (d) of P.L. 103-66, P.L. 103-296, P.L. 103-337, P.L. 103-465, P.L.
2104-7, P.L. 104-188, excluding sections 1123, 1202, 1204, 1311, and 1605 of P.L.
3104-188, P.L. 104-191, P.L. 104-193, P.L. 105-33, P.L. 105-34, P.L. 105-206 and,
4P.L. 105-277, and P.L. 106-554, excluding sections 162 and 165 of P.L. 106-554, "net
5income" means the federal regulated investment company taxable income, federal
6real estate mortgage investment conduit taxable income or federal real estate
7investment trust taxable income of the corporation, conduit or trust as determined
8under the Internal Revenue Code as amended to December 31, 1995, excluding
9sections 103, 104, and 110 of P.L. 102-227 and sections 13113, 13150 (d), 13171 (d),
1013174, and 13203 (d) of P.L. 103-66, and as amended by P.L. 104-188, excluding
11sections 1123, 1202, 1204, 1311, and 1605 of P.L. 104-188, P.L. 104-191, P.L.
12104-193, P.L. 105-33, P.L. 105-34, P.L. 105-206 and, P.L. 105-277, and P.L.
13106-554, excluding sections 162 and 165 of P.L. 106-554
, and as indirectly affected
14in the provisions applicable to this subchapter by P.L. 99-514, P.L. 100-203, P.L.
15100-647, P.L. 101-73, P.L. 101-140, P.L. 101-179, P.L. 101-239, P.L. 101-508, P.L.
16102-227, excluding sections 103, 104, and 110 of P.L. 102-227, P.L. 102-318, P.L.
17102-486, P.L. 103-66, excluding sections 13113, 13150 (d), 13171 (d), 13174, and
1813203 (d) of P.L. 103-66, P.L. 103-296, P.L. 103-337, P.L. 103-465, P.L. 104-7, P.L.
19104-188, excluding sections 1123, 1202, 1204, 1311, and 1605 of P.L. 104-188, P.L.
20104-191, P.L. 104-193, P.L. 105-33, P.L. 105-34, P.L. 105-206 and, P.L. 105-277,
21and P.L. 106-554, excluding sections 162 and 165 of P.L. 106-554
, except that
22property that, under s. 71.02 (1) (c) 8. to 11., 1985 stats., is required to be depreciated
23for taxable years 1983 to 1986 under the Internal Revenue Code as amended to
24December 31, 1980, shall continue to be depreciated under the Internal Revenue
25Code as amended to December 31, 1980, and except that the appropriate amount

1shall be added or subtracted to reflect differences between the depreciation or
2adjusted basis for federal income tax purposes and the depreciation or adjusted basis
3under this chapter of any property disposed of during the taxable year. The Internal
4Revenue Code as amended to December 31, 1995, excluding sections 103, 104, and
5110 of P.L. 102-227 and sections 13113, 13150 (d), 13171 (d), 13174 , and 13203 (d)
6of P.L. 103-66, and as amended by P.L. 104-188, excluding sections 1123, 1202, 1204,
71311, and 1605 of P.L. 104-188, P.L. 104-191, P.L. 104-193, P.L. 105-33, P.L. 105-34,
8P.L. 105-206 and, P.L. 105-277, and P.L. 106-554, excluding sections 162 and 165
9of P.L. 106-554
, and as indirectly affected in the provisions applicable to this
10subchapter by P.L. 99-514, P.L. 100-203, P.L. 100-647, P.L. 101-73, P.L. 101-140,
11P.L. 101-179, P.L. 101-239, P.L. 101-508, P.L. 102-227, excluding sections 103, 104,
12and 110 of P.L. 102-227, P.L. 102-318, P.L. 102-486, P.L. 103-66, excluding sections
1313113, 13150 (d), 13171 (d), 13174, and 13203 (d) of P.L. 103-66, P.L. 103-296, P.L.
14103-337, P.L. 103-465, P.L. 104-7, P.L. 104-188, excluding sections 1123, 1202,
151204, 1311, and 1605 of P.L. 104-188, P.L. 104-191, P.L. 104-193, P.L. 105-33, P.L.
16105-34, P.L. 105-206 and, P.L. 105-277, and P.L. 106-554, excluding sections 162
17and 165 of P.L. 106-554
, applies for Wisconsin purposes at the same time as for
18federal purposes. Amendments to the Internal Revenue Code enacted after
19December 31, 1995, do not apply to this subdivision with respect to taxable years
20that begin after December 31, 1995, and before January 1, 1997, except that
21changes to the Internal Revenue Code made by P.L. 104-188, excluding sections
221123, 1202, 1204, 1311, and 1605 of P.L. 104-188, P.L. 104-191, P.L. 104-193, P.L.
23105-33, P.L. 105-34, P.L. 105-206 and, P.L. 105-277, and P.L. 106-554, excluding
24sections 162 and 165 of P.L. 106-554,
and changes that indirectly affect the
25provisions applicable to this subchapter made by P.L. 104-188, excluding sections

11123, 1202, 1204, 1311 and 1605 of P.L. 104-188, P.L. 104-191, P.L. 104-193, P.L.
2105-33, P.L. 105-34, P.L. 105-206 and, P.L. 105-277, and P.L. 106-554, excluding
3sections 162 and 165 of P.L. 106-554,
apply for Wisconsin purposes at the same time
4as for federal purposes.
SB55-ASA1, s. 2175df 5Section 2175df. 71.26 (2) (b) 12. of the statutes is amended to read:
SB55-ASA1,783,206 71.26 (2) (b) 12. For taxable years that begin after December 31, 1996, and
7before January 1, 1998, for a corporation, conduit or common law trust which
8qualifies as a regulated investment company, real estate mortgage investment
9conduit, real estate investment trust or financial asset securitization investment
10trust under the Internal Revenue Code as amended to December 31, 1996, excluding
11sections 103, 104, and 110 of P.L. 102-227, sections 13113, 13150 (d), 13171 (d),
1213174, and 13203 (d) of P.L. 103-66 and sections 1123 (b), 1202 (c), 1204 (f), 1311, and
131605 (d) of P.L. 104-188, and as amended by P.L. 105-33, P.L. 105-34, P.L. 105-206,
14P.L. 105-277 and, P.L. 106-36, and P.L. 106-554, excluding sections 162 and 165 of
15P.L. 106-554
, and as indirectly affected in the provisions applicable to this
16subchapter by P.L. 99-514, P.L. 100-203, P.L. 100-647, P.L. 101-73, P.L. 101-140,
17P.L. 101-179, P.L. 101-239, P.L. 101-508, P.L. 102-227, excluding sections 103, 104,
18and 110 of P.L. 102-227, P.L. 102-318, P.L. 102-486, P.L. 103-66, excluding sections
1913113, 13150 (d), 13171 (d), 13174, and 13203 (d) of P.L. 103-66, P.L. 103-296, P.L.
20103-337, P.L. 103-465, P.L. 104-7, P.L. 104-188, excluding sections 1123 (b), 1202
21(c), 1204 (f), 1311, and 1605 (d) of P.L. 104-188, P.L. 104-191, P.L. 104-193, P.L.
22105-33, P.L. 105-34, P.L. 105-206, P.L. 105-277 and, P.L. 106-36, and P.L. 106-554,
23excluding sections 162 and 165 of P.L. 106-554
, "net income" means the federal
24regulated investment company taxable income, federal real estate mortgage
25investment conduit taxable income, federal real estate investment trust or financial

1asset securitization investment trust taxable income of the corporation, conduit or
2trust as determined under the Internal Revenue Code as amended to
3December 31, 1996, excluding sections 103, 104, and 110 of P.L. 102-227, sections
413113, 13150 (d), 13171 (d), 13174, and 13203 (d) of P.L. 103-66 and sections 1123
5(b), 1202 (c), 1204 (f), 1311, and 1605 (d) of P.L. 104-188 and as amended by P.L.
6105-33, P.L. 105-34, P.L. 105-206, P.L. 105-277 and, P.L. 106-36, and P.L. 106-554,
7excluding sections 162 and 165 of P.L. 106-554
, and as indirectly affected in the
8provisions applicable to this subchapter by P.L. 99-514, P.L. 100-203, P.L. 100-647,
9P.L. 101-73, P.L. 101-140, P.L. 101-179, P.L. 101-239, P.L. 101-508, P.L. 102-227,
10excluding sections 103, 104, and 110 of P.L. 102-227, P.L. 102-318, P.L. 102-486, P.L.
11103-66, excluding sections 13113, 13150 (d), 13171 (d), 13174, and 13203 (d) of P.L.
12103-66, P.L. 103-296, P.L. 103-337, P.L. 103-465, P.L. 104-7, P.L. 104-188,
13excluding sections 1123 (b), 1202 (c), 1204 (f), 1311, and 1605 (d) of P.L. 104-188, P.L.
14104-191, P.L. 104-193, P.L. 105-33, P.L. 105-34, P.L. 105-206, P.L. 105-277 and,
15P.L. 106-36, and P.L. 106-554, excluding sections 162 and 165 of P.L. 106-554, except
16that property that, under s. 71.02 (1) (c) 8. to 11., 1985 stats., is required to be
17depreciated for taxable years 1983 to 1986 under the Internal Revenue Code as
18amended to December 31, 1980, shall continue to be depreciated under the Internal
19Revenue Code as amended to December 31, 1980, and except that the appropriate
20amount shall be added or subtracted to reflect differences between the depreciation
21or adjusted basis for federal income tax purposes and the depreciation or adjusted
22basis under this chapter of any property disposed of during the taxable year. The
23Internal Revenue Code as amended to December 31, 1996, excluding sections 103,
24104, and 110 of P.L. 102-227, sections 13113, 13150 (d), 13171 (d), 13174, and 13203
25(d) of P.L. 103-66, and sections 1123 (b), 1202 (c), 1204 (f), 1311 , and 1605 (d) of P.L.

1104-188, and as amended by P.L. 105-33, P.L. 105-34, P.L. 105-206, P.L. 105-277
2and, P.L. 106-36, and P.L. 106-554, excluding sections 162 and 165 of P.L. 106-554,
3and as indirectly affected in the provisions applicable to this subchapter by P.L.
499-514, P.L. 100-203, P.L. 100-647, P.L. 101-73, P.L. 101-140, P.L. 101-179, P.L.
5101-239, P.L. 101-508, P.L. 102-227, excluding sections 103, 104, and 110 of P.L.
6102-227, P.L. 102-318, P.L. 102-486, P.L. 103-66, excluding sections 13113, 13150
7(d), 13171 (d), 13174, and 13203 (d) of P.L. 103-66, P.L. 103-296, P.L. 103-337, P.L.
8103-465, P.L. 104-7, P.L. 104-188, excluding sections 1123 (b), 1202 (c), 1204 (f),
91311, and 1605 (d) of P.L. 104-188, P.L. 104-191, P.L. 104-193, P.L. 105-33, P.L.
10105-34, P.L. 105-206, P.L. 105-277 and, P.L. 106-36, and P.L. 106-554, excluding
11sections 162 and 165 of P.L. 106-554
, applies for Wisconsin purposes at the same
12time as for federal purposes. Amendments to the Internal Revenue Code enacted
13after December 31, 1996, do not apply to this subdivision with respect to taxable
14years that begin after December 31, 1996, and before January 1, 1998, except that
15changes to the Internal Revenue Code made by P.L. 105-33, P.L. 105-34, P.L.
16105-206, P.L. 105-277 and, P.L. 106-36, and P.L. 106-554, excluding sections 162
17and 165 of P.L. 106-554,
and changes that indirectly affect the provisions applicable
18to this subchapter made by P.L. 105-33, P.L. 105-34, P.L. 105-206, P.L. 105-277 and,
19P.L. 106-36, and P.L. 106-554, excluding sections 162 and 165 of P.L. 106-554, apply
20for Wisconsin purposes at the same time as for federal purposes.
SB55-ASA1, s. 2175dg 21Section 2175dg. 71.26 (2) (b) 13. of the statutes is amended to read:
SB55-ASA1,786,1422 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),
313174, and 13203 (d) of P.L. 103-66 and sections 1123 (b), 1202 (c), 1204 (f), 1311, and
41605 (d) of P.L. 104-188, and as amended by P.L. 105-178, P.L. 105-206, P.L.
5105-277, P.L. 106-36 and, P.L. 106-170, P.L. 106-554, excluding sections 162 and
6165 of P.L. 106-554, and P.L. 106-573
, and as indirectly affected in the provisions
7applicable to this subchapter by P.L. 99-514, P.L. 100-203, P.L. 100-647, P.L.
8101-73, P.L. 101-140, P.L. 101-179, P.L. 101-239, P.L. 101-508, P.L. 102-227,
9excluding sections 103, 104, and 110 of P.L. 102-227, P.L. 102-318, P.L. 102-486, P.L.
10103-66, excluding sections 13113, 13150 (d), 13171 (d), 13174, and 13203 (d) of P.L.
11103-66, P.L. 103-296, P.L. 103-337, P.L. 103-465, P.L. 104-7, P.L. 104-188,
12excluding sections 1123 (b), 1202 (c), 1204 (f), 1311, and 1605 (d) of P.L. 104-188, P.L.
13104-191, P.L. 104-193, P.L. 105-33, P.L. 105-34, P.L. 105-178, P.L. 105-206, P.L.
14105-277, P.L. 106-36 and, P.L. 106-170, P.L. 106-554, excluding sections 162 and
15165 of P.L. 106-554, and P.L. 106-573
, "net income" means the federal regulated
16investment company taxable income, federal real estate mortgage investment
17conduit taxable income, federal real estate investment trust or financial asset
18securitization investment trust taxable income of the corporation, conduit or trust
19as determined under the Internal Revenue Code as amended to December 31, 1997,
20excluding sections 103, 104, and 110 of P.L. 102-227, sections 13113, 13150 (d), 13171
21(d), 13174, and 13203 (d) of P.L. 103-66 and sections 1123 (b), 1202 (c), 1204 (f), 1311,
22and 1605 (d) of P.L. 104-188, and as amended by P.L. 105-178, P.L. 105-206, P.L.
23105-277, P.L. 106-36 and, P.L. 106-170, P.L. 106-554, excluding sections 162 and
24165 of P.L. 106-554, and P.L. 106-573
, and as indirectly affected in the provisions
25applicable to this subchapter by P.L. 99-514, P.L. 100-203, 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, P.L. 106-554, excluding sections 162 and
8165 of P.L. 106-554, and P.L. 106-573
, except that property that, under s. 71.02 (1)
9(c) 8. to 11., 1985 stats., is required to be depreciated for taxable years 1983 to 1986
10under the Internal Revenue Code as amended to December 31, 1980, shall continue
11to be depreciated under the Internal Revenue Code as amended to
12December 31, 1980, and except that the appropriate amount shall be added or
13subtracted to reflect differences between the depreciation or adjusted basis for
14federal income tax purposes and the depreciation or adjusted basis under this
15chapter of any property disposed of during the taxable year. The Internal Revenue
16Code as amended to December 31, 1997, excluding sections 103, 104 , and 110 of P.L.
17102-227, sections 13113, 13150 (d), 13171 (d), 13174, and 13203 (d) of P.L. 103-66,
18and sections 1123 (b), 1202 (c), 1204 (f), 1311, and 1605 (d) of P.L. 104-188, and as
19amended by P.L. 105-178, P.L. 105-206, P.L. 105-277, P.L. 106-36 and, P.L. 106-170,
20P.L. 106-554, excluding sections 162 and 165 of P.L. 106-554, and P.L. 106-573
, and
21as indirectly affected in the provisions applicable to this subchapter by P.L. 99-514,
22P.L. 100-203, 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, P.L. 105-277, P.L. 106-36 and and, P.L. 106-170, P.L. 106-554,
4excluding sections 162 and 165 of P.L. 106-554, and P.L. 106-573
, applies for
5Wisconsin purposes at the same time as for federal purposes. Amendments to the
6Internal Revenue Code enacted after December 31, 1997, do not apply to this
7subdivision with respect to taxable years that begin after December 31, 1997, and
8before January 1, 1999, except that changes to the Internal Revenue Code made by
9P.L. 105-178, P.L. 105-206, P.L. 105-277, P.L. 106-36 and , P.L. 106-170, P.L.
10106-554, excluding sections 162 and 165 of P.L. 106-554, and P.L. 106-573
and
11changes that indirectly affect the provisions applicable to this subchapter made by
12P.L. 105-178, P.L. 105-206, P.L. 105-277, P.L. 106-36 and and, P.L. 106-170, P.L.
13106-554, excluding sections 162 and 165 of P.L. 106-554, and P.L. 106-573
apply for
14Wisconsin purposes at the same time as for federal purposes.
SB55-ASA1, s. 2175dgm 15Section 2175dgm. 71.26 (2) (b) 14. of the statutes is amended to read:
SB55-ASA1,789,616 71.26 (2) (b) 14. For taxable years that begin after December 31, 1998, and
17before January 1, 2000, for a corporation, conduit or common law trust which
18qualifies as a regulated investment company, real estate mortgage investment
19conduit, real estate investment trust or financial asset securitization investment
20trust under the Internal Revenue Code as amended to December 31, 1998, excluding
21sections 103, 104, and 110 of P.L. 102-227, sections 13113, 13150 (d), 13171 (d),
2213174, and 13203 (d) of P.L. 103-66 and sections 1123 (b), 1202 (c), 1204 (f), 1311, and
231605 (d) of P.L. 104-188, and as amended by P.L. 106-36 and , P.L. 106-170, P.L.
24106-230, P.L. 106-554, excluding sections 162 and 165 of P.L. 106-554, and P.L.
25106-573
, and as indirectly affected in the provisions applicable to this subchapter

1by P.L. 99-514, P.L. 100-203, P.L. 100-647, P.L. 101-73, P.L. 101-140, P.L. 101-179,
2P.L. 101-239, P.L. 101-508, P.L. 102-227, excluding sections 103, 104, and 110 of P.L.
3102-227, P.L. 102-318, P.L. 102-486, P.L. 103-66, excluding sections 13113, 13150
4(d), 13171 (d), 13174, and 13203 (d) of P.L. 103-66, P.L. 103-296, P.L. 103-337, P.L.
5103-465, P.L. 104-7, P.L. 104-188, excluding sections 1123 (b), 1202 (c), 1204 (f),
61311, and 1605 (d) of P.L. 104-188, P.L. 104-191, P.L. 104-193, P.L. 105-33, P.L.
7105-34, P.L. 105-178, P.L. 105-206, P.L. 105-277, P.L. 106-36 and, P.L. 106-170,
8P.L. 106-230, P.L. 106-554, excluding sections 162 and 165 of P.L. 106-554, and P.L.
9106-573
, "net income" means the federal regulated investment company taxable
10income, federal real estate mortgage investment conduit taxable income, federal real
11estate investment trust or financial asset securitization investment trust taxable
12income of the corporation, conduit or trust as determined under the Internal
13Revenue Code as amended to December 31, 1998, excluding sections 103, 104, and
14110 of P.L. 102-227, sections 13113, 13150 (d), 13171 (d), 13174, and 13203 (d) of P.L.
15103-66 and sections 1123 (b), 1202 (c), 1204 (f), 1311, and 1605 (d) of P.L. 104-188,
16and as amended by P.L. 106-36 and, P.L. 106-170, P.L. 106-230, P.L. 106-554,
17excluding sections 162 and 165 of P.L. 106-554, and P.L. 106-573
, and as indirectly
18affected in the provisions applicable to this subchapter by P.L. 99-514, P.L. 100-203,
19P.L. 100-647, P.L. 101-73, P.L. 101-140, P.L. 101-179, P.L. 101-239, P.L. 101-508,
20P.L. 102-227, excluding sections 103, 104, and 110 of P.L. 102-227, P.L. 102-318, P.L.
21102-486, P.L. 103-66, excluding sections 13113, 13150 (d), 13171 (d), 13174, and
2213203 (d) of P.L. 103-66, P.L. 103-296, P.L. 103-337, P.L. 103-465, P.L. 104-7, P.L.
23104-188, excluding sections 1123 (b), 1202 (c), 1204 (f), 1311, and 1605 (d) of P.L.
24104-188, P.L. 104-191, P.L. 104-193, P.L. 105-33, P.L. 105-34, P.L. 105-178, P.L.
25105-206, P.L. 105-277, P.L. 106-36 and, P.L. 106-170, P.L. 106-230, P.L. 106-554,

1excluding sections 162 and 165 of P.L. 106-554, and P.L. 106-573
, except that
2property that, under s. 71.02 (1) (c) 8. to 11., 1985 stats., is required to be depreciated
3for taxable years 1983 to 1986 under the Internal Revenue Code as amended to
4December 31, 1980, shall continue to be depreciated under the Internal Revenue
5Code as amended to December 31, 1980, and except that the appropriate amount
6shall be added or subtracted to reflect differences between the depreciation or
7adjusted basis for federal income tax purposes and the depreciation or adjusted basis
8under this chapter of any property disposed of during the taxable year. The Internal
9Revenue Code as amended to December 31, 1998, excluding sections 103, 104, and
10110 of P.L. 102-227, sections 13113, 13150 (d), 13171 (d), 13174, and 13203 (d) of P.L.
11103-66, and sections 1123 (b), 1202 (c), 1204 (f), 1311, and 1605 (d) of P.L. 104-188,
12and as amended by P.L. 106-36 and, P.L. 106-170, P.L. 106-230, P.L. 106-554,
13excluding sections 162 and 165 of P.L. 106-554, and P.L. 106-573
, and as indirectly
14affected in the provisions applicable to this subchapter by P.L. 99-514, P.L. 100-203,
15P.L. 100-647, P.L. 101-73, P.L. 101-140, P.L. 101-179, P.L. 101-239, P.L. 101-508,
16P.L. 102-227, excluding sections 103, 104, and 110 of P.L. 102-227, P.L. 102-318, P.L.
17102-486, P.L. 103-66, excluding sections 13113, 13150 (d), 13171 (d), 13174, and
1813203 (d) of P.L. 103-66, P.L. 103-296, P.L. 103-337, P.L. 103-465, P.L. 104-7, P.L.
19104-188, excluding sections 1123 (b), 1202 (c), 1204 (f), 1311, and 1605 (d) of P.L.
20104-188, P.L. 104-191, P.L. 104-193, P.L. 105-33, P.L. 105-34, P.L. 105-178, P.L.
21105-206, P.L. 105-277, P.L. 106-36 and, P.L. 106-170, P.L. 106-230, P.L. 106-554,
22excluding sections 162 and 165 of P.L. 106-554, and P.L. 106-573
, applies for
23Wisconsin purposes at the same time as for federal purposes. Amendments to the
24Internal Revenue Code enacted after December 31, 1998, do not apply to this
25subdivision with respect to taxable years that begin after December 31, 1998, and

1before January 1, 2000, except that changes to the Internal Revenue Code made by
2P.L. 106-36 and, P.L. 106-170, P.L. 106-230, P.L. 106-554, excluding sections 162
3and 165 of P.L. 106-554, and P.L. 106-573
and changes that indirectly affect the
4provisions applicable to this subchapter made by P.L. 106-36 and, P.L. 106-170, P.L.
5106-230, P.L. 106-554, excluding sections 162 and 165 of P.L. 106-554, and P.L.
6106-573
apply for Wisconsin purposes at the same time as for federal purposes.
SB55-ASA1, s. 2175dh 7Section 2175dh. 71.26 (2) (b) 15. of the statutes is amended to read:
SB55-ASA1,791,238 71.26 (2) (b) 15. For taxable years that begin after December 31, 1999, and
9before January 1, 2001,
for a corporation, conduit or common law trust which
10qualifies as a regulated investment company, real estate mortgage investment
11conduit, real estate investment trust or financial asset securitization investment
12trust under the Internal Revenue Code as amended to December 31, 1999, excluding
13sections 103, 104, and 110 of P.L. 102-227, sections 13113, 13150 (d), 13171 (d),
1413174, and 13203 (d) of P.L. 103-66 and sections 1123 (b), 1202 (c), 1204 (f), 1311, and
151605 (d) of P.L. 104-188, and as amended by P.L. 106-200, P.L. 106-230, P.L.
16106-554, excluding sections 162 and 165 of P.L. 106-554, and P.L. 106-573
, 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
23(d) of P.L. 104-188, P.L. 104-191, P.L. 104-193, P.L. 105-33, P.L. 105-34, P.L.
24105-178, P.L. 105-206, P.L. 105-277, P.L. 106-36 and, P.L. 106-170, P.L. 106-200,
25P.L. 106-230, P.L. 106-554, excluding sections 162 and 165 of P.L. 106-554, and P.L.

1106-573
, "net income" means the federal regulated investment company taxable
2income, federal real estate mortgage investment conduit taxable income, federal real
3estate investment trust or financial asset securitization investment trust taxable
4income of the corporation, conduit or trust as determined under the Internal
5Revenue Code as amended to December 31, 1999, excluding sections 103, 104, and
6110 of P.L. 102-227, sections 13113, 13150 (d), 13171 (d), 13174, and 13203 (d) of P.L.
7103-66 and sections 1123 (b), 1202 (c), 1204 (f), 1311, and 1605 (d) of P.L. 104-188,
8and as amended by P.L. 106-200, P.L. 106-230, P.L. 106-554, excluding sections 162
9and 165 of P.L. 106-554, and P.L. 106-573
, and as indirectly affected in the
10provisions applicable to this subchapter by P.L. 99-514, P.L. 100-203, P.L. 100-647,
11P.L. 101-73, P.L. 101-140, P.L. 101-179, P.L. 101-239, P.L. 101-508, P.L. 102-227,
12excluding sections 103, 104, and 110 of P.L. 102-227, P.L. 102-318, P.L. 102-486, P.L.
13103-66, excluding sections 13113, 13150 (d), 13171 (d), 13174, and 13203 (d) of P.L.
14103-66, P.L. 103-296, P.L. 103-337, P.L. 103-465, P.L. 104-7, P.L. 104-188,
15excluding sections 1123 (b), 1202 (c), 1204 (f), 1311, and 1605 (d) of P.L. 104-188, P.L.
16104-191, P.L. 104-193, P.L. 105-33, P.L. 105-34, P.L. 105-178, P.L. 105-206, P.L.
17105-277, P.L. 106-36 and, P.L. 106-170, P.L. 106-200, P.L. 106-230, P.L. 106-554,
18excluding sections 162 and 165 of P.L. 106-554, and P.L. 106-573
, except that
19property that, under s. 71.02 (1) (c) 8. to 11., 1985 stats., is required to be depreciated
20for taxable years 1983 to 1986 under the Internal Revenue Code as amended to
21December 31, 1980, shall continue to be depreciated under the Internal Revenue
22Code as amended to December 31, 1980, and except that the appropriate amount
23shall be added or subtracted to reflect differences between the depreciation or
24adjusted basis for federal income tax purposes and the depreciation or adjusted basis
25under this chapter of any property disposed of during the taxable year. The Internal

1Revenue Code as amended to December 31, 1999, excluding sections 103, 104, and
2110 of P.L. 102-227, sections 13113, 13150 (d), 13171 (d), 13174, and 13203 (d) of P.L.
3103-66, and sections 1123 (b), 1202 (c), 1204 (f), 1311, and 1605 (d) of P.L. 104-188,
4and as amended by P.L. 106-200, P.L. 106-230, P.L. 106-554, excluding sections 162
5and 165 of P.L. 106-554, and P.L. 106-573
, and as indirectly affected in the
6provisions applicable to this subchapter by P.L. 99-514, P.L. 100-203, P.L. 100-647,
7P.L. 101-73, P.L. 101-140, P.L. 101-179, P.L. 101-239, P.L. 101-508, P.L. 102-227,
8excluding sections 103, 104, and 110 of P.L. 102-227, P.L. 102-318, P.L. 102-486, P.L.
9103-66, excluding sections 13113, 13150 (d), 13171 (d), 13174, and 13203 (d) of P.L.
10103-66, P.L. 103-296, P.L. 103-337, P.L. 103-465, P.L. 104-7, P.L. 104-188,
11excluding sections 1123 (b), 1202 (c), 1204 (f), 1311, and 1605 (d) of P.L. 104-188, P.L.
12104-191, P.L. 104-193, P.L. 105-33, P.L. 105-34, P.L. 105-178, P.L. 105-206, P.L.
13105-277, P.L. 106-36 and, P.L. 106-170, P.L. 106-200, P.L. 106-230, P.L. 106-554,
14excluding sections 162 and 165 of P.L. 106-554, and P.L. 106-573
, applies for
15Wisconsin purposes at the same time as for federal purposes. Amendments to the
16Internal Revenue Code enacted after December 31, 1999, do not apply to this
17subdivision with respect to taxable years that begin after December 31, 1999, and
18before January 1, 2001, except that changes to the Internal Revenue Code made by
19P.L. 106-200, P.L. 106-230, P.L. 106-554, excluding sections 162 and 165 of P.L.
20106-554, and P.L. 106-573 and changes that indirectly affect the provisions
21applicable to this subchapter made by P.L. 106-200, P.L. 106-230, P.L. 106-554,
22excluding sections 162 and 165 of P.L. 106-554, and P.L. 106-573 apply for Wisconsin
23purposes at the same time as for federal purposes
.
SB55-ASA1, s. 2175dj 24Section 2175dj. 71.26 (2) (b) 16. of the statutes is created to read:
SB55-ASA1,794,5
171.26 (2) (b) 16. For taxable years that begin after December 31, 2000, for a
2corporation, conduit, or common law trust which qualifies as a regulated investment
3company, real estate mortgage investment conduit, real estate investment trust, or
4financial asset securitization investment trust under the Internal Revenue Code as
5amended to December 31, 2000, excluding sections 103, 104, and 110 of P.L. 102-227,
6sections 13113, 13150 (d), 13171 (d), 13174, and 13203 (d) of P.L. 103-66 and sections
71123 (b), 1202 (c), 1204 (f), 1311, and 1605 (d) of P.L. 104-188 and as indirectly
8affected in the provisions applicable to this subchapter by P.L. 99-514, P.L. 100-203,
9P.L. 100-647, P.L. 101-73, P.L. 101-140, P.L. 101-179, P.L. 101-239, P.L. 101-508,
10P.L. 102-227, excluding sections 103, 104, and 110 of P.L. 102-227, P.L. 102-318, P.L.
11102-486, P.L. 103-66, excluding sections 13113, 13150 (d), 13171 (d), 13174, and
1213203 (d) of P.L. 103-66, P.L. 103-296, P.L. 103-337, P.L. 103-465, P.L. 104-7, P.L.
13104-188, excluding sections 1123 (b), 1202 (c), 1204 (f), 1311, and 1605 (d) of P.L.
14104-188, P.L. 104-191, P.L. 104-193, P.L. 105-33, P.L. 105-34, P.L. 105-178, P.L.
15105-206, P.L. 105-277, P.L. 106-36, P.L. 106-170, P.L. 106-200, P.L. 106-230, P.L.
16106-554, excluding sections 162 and 165 of P.L. 106-554, and P.L. 106-573, "net
17income" means the federal regulated investment company taxable income, federal
18real estate mortgage investment conduit taxable income, federal real estate
19investment trust or financial asset securitization investment trust taxable income
20of the corporation, conduit, or trust as determined under the Internal Revenue Code
21as amended to December 31, 2000, excluding sections 103, 104, and 110 of P.L.
22102-227, sections 13113, 13150 (d), 13171 (d), 13174, and 13203 (d) of P.L. 103-66
23and sections 1123 (b), 1202 (c), 1204 (f), 1311, and 1605 (d) of P.L. 104-188, and as
24indirectly affected in the provisions applicable to this subchapter by P.L. 99-514, P.L.
25100-203, P.L. 100-647, P.L. 101-73, P.L. 101-140, P.L. 101-179, P.L. 101-239, P.L.

1101-508, P.L. 102-227, excluding sections 103, 104, and 110 of P.L. 102-227, P.L.
2102-318, P.L. 102-486, P.L. 103-66, excluding sections 13113, 13150 (d), 13171 (d),
313174, and 13203 (d) of P.L. 103-66, P.L. 103-296, P.L. 103-337, P.L. 103-465, P.L.
4104-7, P.L. 104-188, excluding sections 1123 (b), 1202 (c), 1204 (f), 1311, and 1605
5(d) of P.L. 104-188, P.L. 104-191, P.L. 104-193, P.L. 105-33, P.L. 105-34, P.L.
6105-178, P.L. 105-206, P.L. 105-277, P.L. 106-36, P.L. 106-170, P.L. 106-200, P.L.
7106-230, P.L. 106-554, excluding sections 162 and 165 of P.L. 106-554, and P.L.
8106-573, except that property that, under s. 71.02 (1) (c) 8. to 11., 1985 stats., is
9required to be depreciated for taxable years 1983 to 1986 under the Internal Revenue
10Code as amended to December 31, 1980, shall continue to be depreciated under the
11Internal Revenue Code as amended to December 31, 1980, and except that the
12appropriate amount shall be added or subtracted to reflect differences between the
13depreciation or adjusted basis for federal income tax purposes and the depreciation
14or adjusted basis under this chapter of any property disposed of during the taxable
15year. The Internal Revenue Code as amended to December 31, 2000, excluding
16sections 103, 104, and 110 of P.L. 102-227, sections 13113, 13150 (d), 13171 (d),
1713174, and 13203 (d) of P.L. 103-66, and sections 1123 (b), 1202 (c), 1204 (f), 1311,
18and 1605 (d) of P.L. 104-188, and as indirectly affected in the provisions applicable
19to this subchapter by P.L. 99-514, P.L. 100-203, P.L. 100-647, P.L. 101-73, P.L.
20101-140, P.L. 101-179, P.L. 101-239, P.L. 101-508, P.L. 102-227, excluding sections
21103, 104, and 110 of P.L. 102-227, P.L. 102-318, P.L. 102-486, P.L. 103-66, excluding
22sections 13113, 13150 (d), 13171 (d), 13174, and 13203 (d) of P.L. 103-66, P.L.
23103-296, P.L. 103-337, P.L. 103-465, P.L. 104-7, P.L. 104-188, excluding sections
241123 (b), 1202 (c), 1204 (f), 1311, and 1605 (d) of P.L. 104-188, P.L. 104-191, P.L.
25104-193, P.L. 105-33, P.L. 105-34, P.L. 105-178, P.L. 105-206, P.L. 105-277, P.L.

1106-36, P.L. 106-170, P.L. 106-200, P.L. 106-230, P.L. 106-554, excluding sections
2162 and 165 of P.L. 106-554, and P.L. 106-573, applies for Wisconsin purposes at the
3same time as for federal purposes. Amendments to the Internal Revenue Code
4enacted after December 31, 2000, do not apply to this subdivision with respect to
5taxable years that begin after December 31, 2000.
SB55-ASA1, s. 1189 6Section 1189. 71.26 (3) (n) of the statutes is amended to read:
SB55-ASA1,794,107 71.26 (3) (n) Sections 381, 382 and 383 (relating to carry-overs in certain
8corporate acquisitions) are modified so that they apply to losses under sub. (4) and
9credits under s. 71.28 (1di), (1dL), (1dm), (1dx) and, (3) to, (4), and (5) instead of to
10federal credits and federal net operating losses.
SB55-ASA1, s. 2176d 11Section 2176d. 71.26 (3) (y) of the statutes is amended to read:
SB55-ASA1,794,2212 71.26 (3) (y) A corporation may compute amortization and depreciation under
13either the federal Internal Revenue Code as amended to December 31, 1999 2000,
14or the federal Internal Revenue Code in effect for the taxable year for which the
15return is filed, except that property first placed in service by the taxpayer on or after
16January 1, 1983, but before January 1, 1987, that, under s. 71.04 (15) (b) and (br),
171985 stats., is required to be depreciated under the Internal Revenue Code as
18amended to December 31, 1980, and property first placed in service in taxable year
191981 or thereafter but before January 1, 1987, that, under s. 71.04 (15) (bm), 1985
20stats., is required to be depreciated under the Internal Revenue Code as amended
21to December 31, 1980, shall continue to be depreciated under the Internal Revenue
22Code as amended to December 31, 1980.
SB55-ASA1, s. 1190 23Section 1190. 71.28 (1dm) of the statutes is created to read:
SB55-ASA1,794,2524 71.28 (1dm) Development zone capital investment credit. (a) In this
25subsection:
SB55-ASA1,795,2
11. "Certified" means entitled under s. 560.795 (3) (a) 4. to claim tax benefits or
2certified under s. 560.795 (5).
SB55-ASA1,795,33 2. "Claimant" means a person who files a claim under this subsection.
SB55-ASA1,795,54 3. "Development zone" means a development opportunity zone under s. 560.795
5(1) (e).
SB55-ASA1,795,146 4. "Previously owned property" means real property that the claimant or a
7related person owned during the 2 years prior to the department of commerce
8designating the place where the property is located as a development zone and for
9which the claimant may not deduct a loss from the sale of the property to, or an
10exchange of the property with, the related person under section 267 of the Internal
11Revenue Code, except that section 267 (b) of the Internal Revenue Code is modified
12so that if the claimant owns any part of the property, rather than 50% ownership, the
13claimant is subject to section 267 (a) (1) of the Internal Revenue Code for purposes
14of this subsection.
SB55-ASA1,795,1815 (b) Subject to the limitations provided in this subsection and in s. 73.03 (35),
16for any taxable year for which the claimant is certified, a claimant may claim as a
17credit against the taxes imposed under s. 71.23 an amount that is equal to 3% of the
18following:
SB55-ASA1,795,1919 1. The purchase price of depreciable, tangible personal property.
SB55-ASA1,795,2120 2. The amount expended to acquire, construct, rehabilitate, remodel, or repair
21real property in a development zone.
SB55-ASA1,796,222 (c) A claimant may claim the credit under par. (b) 1., if the tangible personal
23property is purchased after the claimant is certified and the personal property is
24used for at least 50% of its use in the claimant's business at a location in a

1development zone or, if the property is mobile, the property's base of operations for
2at least 50% of its use is at a location in a development zone.
SB55-ASA1,796,113 (d) A claimant may claim the credit under par. (b) 2. for an amount expended
4to construct, rehabilitate, remodel, or repair real property, if the claimant began the
5physical work of construction, rehabilitation, remodeling, or repair, or any
6demolition or destruction in preparation for the physical work, after the place where
7the property is located was designated a development zone, or if the completed
8project is placed in service after the claimant is certified. In this paragraph, "physical
9work" does not include preliminary activities such as planning, designing, securing
10financing, researching, developing specifications, or stabilizing the property to
11prevent deterioration.
SB55-ASA1,796,1612 (e) A claimant may claim the credit under par. (b) 2. for an amount expended
13to acquire real property, if the property is not previously owned property and if the
14claimant acquires the property after the place where the property is located was
15designated a development zone, or if the completed project is placed in service after
16the claimant is certified.
SB55-ASA1,796,1817 (f) No credit may be allowed under this subsection unless the claimant includes
18with the claimant's return:
SB55-ASA1,796,2019 1. A copy of a verification from the department of commerce that the claimant
20may claim tax benefits under s. 560.795 (3) (a) 4. or is certified under s. 560.795 (5).
SB55-ASA1,796,2321 2. A statement from the department of commerce verifying the purchase price
22of the investment and verifying that the investment fulfills the requirements under
23par. (b).
SB55-ASA1,797,324 (g) In calculating the credit under par. (b) a claimant shall reduce the amount
25expended to acquire property by a percentage equal to the percentage of the area of

1the real property not used for the purposes for which the claimant is certified and
2shall reduce the amount expended for other purposes by the amount expended on the
3part of the property not used for the purposes for which the claimant is certified.
SB55-ASA1,797,54 (h) The carry-over provisions of sub. (4) (e) and (f) as they relate to the credit
5under sub. (4) relate to the credit under this subsection.
SB55-ASA1,797,186 (i) Partnerships, limited liability companies, and tax-option corporations may
7not claim the credit under this subsection, but the eligibility for, and the amount of,
8that credit shall be determined on the basis of their economic activity, not that of their
9shareholders, partners, or members. The corporation, partnership, or limited
10liability company shall compute the amount of credit that may be claimed by each
11of its shareholders, partners, or members and provide that information to its
12shareholders, partners, or members. Partners, members of limited liability
13companies, and shareholders of tax-option corporations may claim the credit based
14on the partnership's, company's, or corporation's activities in proportion to their
15ownership interest and may offset it against the tax attributable to their income from
16the partnership's, company's, or corporation's business operations in the
17development zone and against the tax attributable to their income from the
18partnership's, company's, or corporation's directly related business operations.
SB55-ASA1,798,219 (j) If a person who is entitled under s. 560.795 (3) (a) 4. to claim tax benefits
20becomes ineligible for such tax benefits, or if a person's certification under s. 560.795
21(5) is revoked, that person may claim no credits under this subsection for the taxable
22year that includes the day on which the person becomes ineligible for tax benefits,
23the taxable year that includes the day on which the certification is revoked, or
24succeeding taxable years, and that person may carry over no unused credits from
25previous years to offset tax under this chapter for the taxable year that includes the

1day on which the person becomes ineligible for tax benefits, the taxable year that
2includes the day on which the certification is revoked, or succeeding taxable years.
SB55-ASA1,798,83 (k) If a person who is entitled under s. 560.795 (3) (a) 4. to claim tax benefits
4or certified under s. 560.795 (5) ceases business operations in the development zone
5during any of the taxable years that that zone exists, that person may not carry over
6to any taxable year following the year during which operations cease any unused
7credits from the taxable year during which operations cease or from previous taxable
8years.
SB55-ASA1,798,109 (L) Subsection (4) (g) and (h) as it applies to the credit under sub. (4) applies
10to the credit under this subsection.
SB55-ASA1, s. 1191 11Section 1191. 71.28 (1dx) (a) 5. of the statutes is amended to read:
SB55-ASA1,798,2412 71.28 (1dx) (a) 5. "Member of a targeted group" means a person under sub. (2dj)
13(am) 1.,
a person who resides in an empowerment zone, or an enterprise community,
14that the U.S. government designates, a person who is employed in an unsubsidized
15job but meets the eligibility requirements under s. 49.145 (2) and (3) for a Wisconsin
16works employment position, a person who is employed in a trial job, as defined in s.
1749.141 (1) (n), or a person who is eligible for child care assistance under s. 49.155, a
18person who is a vocational rehabilitation referral, an economically disadvantaged
19youth, an economically disadvantaged veteran, a supplemental security income
20recipient, a general assistance recipient, an economically disadvantaged ex-convict,
21a qualified summer youth employee, as defined in 26 USC 51 (d) (7), a dislocated
22worker, as defined in 29 USC 2801 (9), or a food stamp recipient
; if the person has
23been certified in the manner under sub. (1dj) (am) 3. by a designated local agency,
24as defined in sub. (1dj) (am) 2.
SB55-ASA1, s. 1192 25Section 1192. 71.28 (3g) of the statutes is created to read:
SB55-ASA1,799,4
171.28 (3g) Technology zones credit. (a) Subject to the limitations under this
2subsection and ss. 73.03 (35m) and 560.96, a business that is certified under s. 560.96
3(3) may claim as a credit against the taxes imposed under s. 71.23 an amount equal
4to the sum of the following, as established under s. 560.96 (3) (c):
SB55-ASA1,799,65 1. The amount of real and personal property taxes imposed under s. 70.01 that
6the business paid in the taxable year.
SB55-ASA1,799,87 2. The amount of income and franchise taxes imposed under s. 71.23 that the
8business paid in the taxable year.
SB55-ASA1,799,109 3. The amount of sales and use taxes imposed under ss. 77.52, 77.53, and 77.71
10that the business paid in the taxable year.
SB55-ASA1,799,1211 (b) The department of revenue shall notify the department of commerce of all
12claims under this subsection.
SB55-ASA1,799,1413 (c) Subsection (4) (e), (f), (g), and (h), as it applies to the credit under sub. (4),
14applies to the credit under par. (a).
SB55-ASA1,799,2215 (d) Partnerships, limited liability companies, and tax-option corporations may
16not claim the credit under this subsection, but the eligibility for, and the amount of,
17the credit are based on their payment of amounts under par. (a). A partnership,
18limited liability company, or tax-option corporation shall compute the amount of
19credit that each of its partners, members, or shareholders may claim and shall
20provide that information to each of them. Partners, members of limited liability
21companies, and shareholders of tax-option corporations may claim the credit in
22proportion to their ownership interest.
SB55-ASA1, s. 1193 23Section 1193. 71.30 (3) (emb) of the statutes is created to read:
SB55-ASA1,799,2524 71.30 (3) (emb) Development zone capital investment credit under s. 71.28
25(1dm).
SB55-ASA1, s. 1194
1Section 1194. 71.30 (3) (eon) of the statutes is created to read:
SB55-ASA1,800,22 71.30 (3) (eon) Technology zones credit under s. 71.28 (3g).
SB55-ASA1, s. 1195 3Section 1195. 71.34 (1) (g) of the statutes is amended to read:
SB55-ASA1,800,64 71.34 (1) (g) An addition shall be made for credits computed by a tax-option
5corporation under s. 71.28 (1dd), (1de), (1di), (1dj), (1dL), (1dm), (1ds), (1dx) and, (3),
6and (3g)
and passed through to shareholders.
SB55-ASA1, s. 2182d 7Section 2182d. 71.34 (1g) (g) of the statutes is repealed.
SB55-ASA1, s. 2182db 8Section 2182db. 71.34 (1g) (h) of the statutes is amended to read:
SB55-ASA1,801,139 71.34 (1g) (h) "Internal Revenue Code" for tax-option corporations, for taxable
10years that begin after December 31, 1992, and before January 1, 1994, means the
11federal Internal Revenue Code as amended to December 31, 1992, excluding
12sections 103, 104 and 110 of P.L. 102-227, and as amended by P.L. 103-66, excluding
13sections 13101 (a) and (c) 1, 13113, 13150, 13171, 13174, and 13203 of P.L. 103-66,
14P.L. 103-465, P.L. 104-188, excluding section 1311 of P.L. 104-188, P.L. 105-34, P.L.
15105-206 and, P.L. 105-277, and P.L. 106-554, excluding sections 162 and 165 of P.L.
16106-554
, and as indirectly affected in the provisions applicable to this subchapter
17by P.L. 99-514, P.L. 100-203, P.L. 100-647 excluding sections 803 (d) (2) (B), 805 (d)
18(2), 812 (c) (2), 821 (b) (2), and 823 (c) (2) of P.L. 99-514 and section 1008 (g) (5) of P.L.
19100-647, P.L. 101-73, P.L. 101-140, P.L. 101-179, P.L. 101-239, P.L. 101-508, P.L.
20102-227, excluding sections 103, 104, and 110 of P.L. 102-227, P.L. 102-318, P.L.
21102-486, P.L. 103-66, excluding sections 13101 (a) and (c) 1, 13113, 13150, 13171,
2213174, and 13203 of P.L. 103-66, P.L. 103-465, P.L. 104-188, excluding section 1311
23of P.L. 104-188, P.L. 105-34, P.L. 105-206 and, P.L. 105-277, and P.L. 106-554,
24excluding sections 162 and 165 of P.L. 106-554
, except that section 1366 (f) (relating
25to pass-through of items to shareholders) is modified by substituting the tax under

1s. 71.35 for the taxes under sections 1374 and 1375. The Internal Revenue Code
2applies for Wisconsin purposes at the same time as for federal purposes.
3Amendments to the federal Internal Revenue Code enacted after
4December 31, 1992, do not apply to this paragraph with respect to taxable years
5beginning after December 31, 1992, and before January 1, 1994, except that
6changes to the Internal Revenue Code made by P.L. 103-66, P.L. 103-465, P.L.
7104-188, excluding section 1311 of P.L. 104-188, P.L. 105-34, P.L. 105-206 and, P.L.
8105-277, and P.L. 106-554, excluding sections 162 and 165 of P.L. 106-554, and
9changes that indirectly affect the provisions applicable to this subchapter made by
10P.L. 103-66, P.L. 103-465, P.L. 104-188, excluding section 1311 of P.L. 104-188, P.L.
11105-34, P.L. 105-206 and, P.L. 105-277, and P.L. 106-554, excluding sections 162
12and 165 of P.L. 106-554,
apply for Wisconsin purposes at the same time as for federal
13purposes.
SB55-ASA1, s. 2182dc 14Section 2182dc. 71.34 (1g) (i) of the statutes is amended to read:
SB55-ASA1,802,2315 71.34 (1g) (i) "Internal Revenue Code" for tax-option corporations, for taxable
16years that begin after December 31, 1993, and before January 1, 1995, means the
17federal Internal Revenue Code as amended to December 31, 1993, excluding
18sections 103, 104, and 110 of P.L. 102-227 and sections 13113, 13150 (d), 13171 (d),
1913174, 13203 (d), and 13215 of P.L. 103-66, and as amended by P.L. 103-296, P.L.
20103-337, P.L. 103-465, P.L. 104-7, excluding section 1 of P.L. 104-7, P.L. 104-188,
21excluding section 1311 of P.L. 104-188, P.L. 104-191, P.L. 104-193, P.L. 105-34, P.L.
22105-206 and, P.L. 105-277, and P.L. 106-554, excluding sections 162 and 165 of P.L.
23106-554
, and as indirectly affected in the provisions applicable to this subchapter
24by P.L. 99-514, P.L. 100-203, P.L. 100-647 excluding sections 803 (d) (2) (B), 805 (d)
25(2), 812 (c) (2), 821 (b) (2), and 823 (c) (2) of P.L. 99-514 and section 1008 (g) (5) of P.L.

1100-647, P.L. 101-73, P.L. 101-140, P.L. 101-179, P.L. 101-239, P.L. 101-508, P.L.
2102-227, excluding sections 103, 104, and 110 of P.L. 102-227, P.L. 102-318, P.L.
3102-486, P.L. 103-66, excluding sections 13113, 13150 (d), 13171 (d), 13174, 13203
4(d), and 13215 of P.L. 103-66, P.L. 103-296, P.L. 103-337, P.L. 103-465, P.L. 104-7,
5excluding section 1 of P.L. 104-7, P.L. 104-188, excluding section 1311 of P.L.
6104-188, P.L. 104-191, P.L. 104-193, P.L. 105-34, P.L. 105-206 and, P.L. 105-277,
7and P.L. 106-554, excluding sections 162 and 165 of P.L. 106-554
, except that section
81366 (f) (relating to pass-through of items to shareholders) is modified by
9substituting the tax under s. 71.35 for the taxes under sections 1374 and 1375. The
10Internal Revenue Code applies for Wisconsin purposes at the same time as for federal
11purposes. Amendments to the federal Internal Revenue Code enacted after
12December 31, 1993, do not apply to this paragraph with respect to taxable years
13beginning after December 31, 1993, and before January 1, 1995, except that
14changes to the Internal Revenue Code made by P.L. 103-296, P.L. 103-337, P.L.
15103-465, P.L. 104-7, excluding section 1 of P.L. 104-7, P.L. 104-188, excluding
16section 1311 of P.L. 104-188, P.L. 104-191, P.L. 104-193, P.L. 105-34, P.L. 105-206
17and, P.L. 105-277, and P.L. 106-554, excluding sections 162 and 165 of P.L. 106-554,
18and changes that indirectly affect the provisions applicable to this subchapter made
19by P.L. 103-296, P.L. 103-337, P.L. 103-465, P.L. 104-7, excluding section 1 of P.L.
20104-7, P.L. 104-188, excluding section 1311 of P.L. 104-188, P.L. 104-191, P.L.
21104-193, P.L. 105-34, P.L. 105-206 and, P.L. 105-277, and P.L. 106-554, excluding
22sections 162 and 165 of P.L. 106-554,
apply for Wisconsin purposes at the same time
23as for federal purposes.
SB55-ASA1, s. 2182dd 24Section 2182dd. 71.34 (1g) (j) of the statutes is amended to read:
SB55-ASA1,804,6
171.34 (1g) (j) "Internal Revenue Code" for tax-option corporations, for taxable
2years that begin after December 31, 1994, and before January 1, 1996, means the
3federal Internal Revenue Code as amended to December 31, 1994, excluding
4sections 103, 104, and 110 of P.L. 102-227 and sections 13113, 13150 (d), 13171 (d),
513174, and 13203 (d) of P.L. 103-66, and as amended by P.L. 104-7, P.L. 104-188,
6excluding sections 1202, 1204, 1311, and 1605 of P.L. 104-188, P.L. 104-191, P.L.
7104-193, P.L. 105-34, P.L. 105-206 and, P.L. 105-277, and P.L. 106-554, excluding
8sections 162 and 165 of P.L. 106-554
, and as indirectly affected in the provisions
9applicable to this subchapter by P.L. 99-514, P.L. 100-203, P.L. 100-647 excluding
10sections 803 (d) (2) (B), 805 (d) (2), 812 (c) (2), 821 (b) (2), and 823 (c) (2) of P.L. 99-514
11and section 1008 (g) (5) of P.L. 100-647, P.L. 101-73, P.L. 101-140, P.L. 101-179, P.L.
12101-239, P.L. 101-508, P.L. 102-227, excluding sections 103, 104, and 110 of P.L.
13102-227, P.L. 102-318, P.L. 102-486, P.L. 103-66, excluding sections 13113, 13150
14(d), 13171 (d), 13174, and 13203 (d) of P.L. 103-66, P.L. 103-296, P.L. 103-337, P.L.
15103-465, P.L. 104-7, P.L. 104-188, excluding sections 1202, 1204, 1311, and 1605 of
16P.L. 104-188, P.L. 104-191, P.L. 104-193, P.L. 105-34, P.L. 105-206 and, P.L.
17105-277, and P.L. 106-554, excluding sections 162 and 165 of P.L. 106-554, except
18that section 1366 (f) (relating to pass-through of items to shareholders) is modified
19by substituting the tax under s. 71.35 for the taxes under sections 1374 and 1375.
20The Internal Revenue Code applies for Wisconsin purposes at the same time as for
21federal purposes. Amendments to the federal Internal Revenue Code enacted after
22December 31, 1994, do not apply to this paragraph with respect to taxable years
23beginning after December 31, 1994, and before January 1, 1996, except changes to
24the Internal Revenue Code made by P.L. 104-7, P.L. 104-188, excluding sections
251202, 1204, 1311, and 1605 of P.L. 104-188, P.L. 104-191, P.L. 104-193, P.L. 105-34,

1P.L. 105-206 and, P.L. 105-277, and P.L. 106-554, excluding sections 162 and 165
2of P.L. 106-554,
and changes that indirectly affect the provisions applicable to this
3subchapter made by P.L. 104-7, P.L. 104-188, excluding sections 1202, 1204, 1311
4and 1605 of P.L. 104-188, P.L. 104-191, P.L. 104-193, P.L. 105-34, P.L. 105-206 and,
5P.L. 105-277, and P.L. 106-554, excluding sections 162 and 165 of P.L. 106-554,
6apply for Wisconsin purposes at the same time as for federal purposes.
SB55-ASA1, s. 2182de 7Section 2182de. 71.34 (1g) (k) of the statutes is amended to read:
SB55-ASA1,805,148 71.34 (1g) (k) "Internal Revenue Code" for tax-option corporations, for taxable
9years that begin after December 31, 1995, and before January 1, 1997, means the
10federal Internal Revenue Code as amended to December 31, 1995, excluding
11sections 103, 104, and 110 of P.L. 102-227 and sections 13113, 13150 (d), 13171 (d),
1213174, and 13203 (d) of P.L. 103-66, and as amended by P.L. 104-188, excluding
13sections 1123, 1202, 1204, 1311, and 1605 of P.L. 104-188, P.L. 104-191, P.L.
14104-193, P.L. 105-33, P.L. 105-34, P.L. 105-206 and, P.L. 105-277, and P.L.
15106-554, excluding sections 162 and 165 of P.L. 106-554
, and as indirectly affected
16in the provisions applicable to this subchapter by P.L. 99-514, P.L. 100-203, P.L.
17100-647 excluding sections 803 (d) (2) (B), 805 (d) (2), 812 (c) (2), 821 (b) (2), and 823
18(c) (2) of P.L. 99-514 and section 1008 (g) (5) of P.L. 100-647, P.L. 101-73, P.L.
19101-140, P.L. 101-179, P.L. 101-239, P.L. 101-508, P.L. 102-227, excluding sections
20103, 104, and 110 of P.L. 102-227, P.L. 102-318, P.L. 102-486, P.L. 103-66, excluding
21sections 13113, 13150 (d), 13171 (d), 13174, and 13203 (d) of P.L. 103-66, P.L.
22103-296, P.L. 103-337, P.L. 103-465, P.L. 104-7, P.L. 104-188, excluding sections
231123, 1202, 1204, 1311, and 1605 of P.L. 104-188, P.L. 104-191, P.L. 104-193, P.L.
24105-33, P.L. 105-34, P.L. 105-206 and, P.L. 105-277, and P.L. 106-554, excluding
25sections 162 and 165 of P.L. 106-554
, 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, 1995, do not apply to this
5paragraph with respect to taxable years beginning after December 31, 1995, and
6before January 1, 1997, except that changes to the Internal Revenue Code made by
7P.L. 104-188, excluding sections 1123, 1202, 1204, 1311, and 1605 of P.L. 104-188,
8P.L. 104-191, P.L. 104-193, P.L. 105-33, P.L. 105-34, P.L. 105-206 and, P.L.
9105-277, and P.L. 106-554, excluding sections 162 and 165 of P.L. 106-554, and
10changes that indirectly affect the provisions applicable to this subchapter made by
11P.L. 104-188, excluding sections 1123, 1202, 1204, 1311, and 1605 of P.L. 104-188,
12P.L. 104-191, P.L. 104-193, P.L. 105-33, P.L. 105-34, P.L. 105-206 and, P.L.
13105-277, and P.L. 106-554, excluding sections 162 and 165 of P.L. 106-554, apply for
14Wisconsin purposes at the same time as for federal purposes.
SB55-ASA1, s. 2182df 15Section 2182df. 71.34 (1g) (L) of the statutes is amended to read:
SB55-ASA1,806,2016 71.34 (1g) (L) "Internal Revenue Code" for tax-option corporations, for taxable
17years that begin after December 31, 1996, and before January 1, 1998, means the
18federal Internal Revenue Code as amended to December 31, 1996, excluding
19sections 103, 104, and 110 of P.L. 102-227, sections 13113, 13150 (d), 13171 (d),
2013174, and 13203 (d) of P.L. 103-66 and sections 1123 (b), 1202 (c), 1204 (f), 1311, and
211605 (d) of P.L. 104-188, and as amended by P.L. 105-33, P.L. 105-34, P.L. 105-206,
22P.L. 105-277 and, P.L. 106-36, and P.L. 106-554, excluding sections 162 and 165 of
23P.L. 106-554
, and as indirectly affected in the provisions applicable to this
24subchapter by P.L. 99-514, P.L. 100-203, P.L. 100-647 excluding sections 803 (d) (2)
25(B), 805 (d) (2), 812 (c) (2), 821 (b) (2), and 823 (c) (2) of P.L. 99-514 and section 1008

1(g) (5) of P.L. 100-647, P.L. 101-73, P.L. 101-140, P.L. 101-179, P.L. 101-239, P.L.
2101-508, P.L. 102-227, excluding sections 103, 104, and 110 of P.L. 102-227, P.L.
3102-318, P.L. 102-486, P.L. 103-66, excluding sections 13113, 13150 (d), 13171 (d),
413174, and 13203 (d) of P.L. 103-66, P.L. 103-296, P.L. 103-337, P.L. 103-465, P.L.
5104-7, P.L. 104-188, excluding sections 1123 (b), 1202 (c), 1204 (f), 1311, and 1605
6(d) of P.L. 104-188, P.L. 104-191, P.L. 104-193, P.L. 105-33, P.L. 105-34, P.L.
7105-206, P.L. 105-277 and, P.L. 106-36, and P.L. 106-554, excluding sections 162
8and 165 of P.L. 106-554
, except that section 1366 (f) (relating to pass-through of
9items to shareholders) is modified by substituting the tax under s. 71.35 for the taxes
10under sections 1374 and 1375. The Internal Revenue Code applies for Wisconsin
11purposes at the same time as for federal purposes. Amendments to the federal
12Internal Revenue Code enacted after December 31, 1996, do not apply to this
13paragraph with respect to taxable years beginning after December 31, 1996, and
14before January 1, 1998, except that changes to the Internal Revenue Code made by
15P.L. 105-33, P.L. 105-34, P.L. 105-206, P.L. 105-277 and , P.L. 106-36, and P.L.
16106-554, excluding sections 162 and 165 of P.L. 106-554,
and changes that indirectly
17affect the provisions applicable to this subchapter made by P.L. 105-33, P.L. 105-34,
18P.L. 105-206, P.L. 105-277 and, P.L. 106-36, and P.L. 106-554, excluding sections
19162 and 165 of P.L. 106-554,
apply for Wisconsin purposes at the same time as for
20federal purposes.
SB55-ASA1, s. 2182dg 21Section 2182dg. 71.34 (1g) (m) of the statutes is amended to read:
SB55-ASA1,808,222 71.34 (1g) (m) "Internal Revenue Code" for tax-option corporations, for taxable
23years that begin after December 31, 1997, and before January 1, 1999, means the
24federal Internal Revenue Code as amended to December 31, 1997, excluding sections
25103, 104, and 110 of P.L. 102-227, sections 13113, 13150 (d), 13171 (d), 13174, and

113203 (d) of P.L. 103-66 and sections 1123 (b), 1202 (c), 1204 (f), 1311, and 1605 (d)
2of P.L. 104-188, and as amended by P.L. 105-178, P.L. 105-206, P.L. 105-277, P.L.
3106-36 and, P.L. 106-170, P.L. 106-554, excluding sections 162 and 165 of P.L.
4106-554, and P.L. 106-573
, and as indirectly affected in the provisions applicable to
5this subchapter by P.L. 99-514, P.L. 100-203, P.L. 100-647 excluding sections 803
6(d) (2) (B), 805 (d) (2), 812 (c) (2), 821 (b) (2), and 823 (c) (2) of P.L. 99-514 and section
71008 (g) (5) of P.L. 100-647, P.L. 101-73, P.L. 101-140, P.L. 101-179, P.L. 101-239,
8P.L. 101-508, P.L. 102-227, excluding sections 103, 104, and 110 of P.L. 102-227, P.L.
9102-318, P.L. 102-486, P.L. 103-66, excluding sections 13113, 13150 (d), 13171 (d),
1013174, and 13203 (d) of P.L. 103-66, P.L. 103-296, P.L. 103-337, P.L. 103-465, P.L.
11104-7, P.L. 104-188, excluding sections 1123 (b), 1202 (c), 1204 (f), 1311, and 1605
12(d) of P.L. 104-188, P.L. 104-191, P.L. 104-193, P.L. 105-33, P.L. 105-34, P.L.
13105-178, P.L. 105-206, P.L. 105-277, P.L. 106-36 and, P.L. 106-170, P.L. 106-554,
14excluding sections 162 and 165 of P.L. 106-554, and P.L. 106-573
, except that section
151366 (f) (relating to pass-through of items to shareholders) is modified by
16substituting the tax under s. 71.35 for the taxes under sections 1374 and 1375. The
17Internal Revenue Code applies for Wisconsin purposes at the same time as for federal
18purposes. Amendments to the federal Internal Revenue Code enacted after
19December 31, 1997, do not apply to this paragraph with respect to taxable years
20beginning after December 31, 1997, and before January 1, 1999, except that
21changes to the Internal Revenue Code made by P.L. 105-178, P.L. 105-206, P.L.
22105-277, P.L. 106-36 and, P.L. 106-170, P.L. 106-554, excluding sections 162 and
23165 of P.L. 106-554, and P.L. 106-573
and changes that indirectly affect the
24provisions applicable to this subchapter made by P.L. 105-178, P.L. 105-206, P.L.
25105-277, P.L. 106-36 and, P.L. 106-170, P.L. 106-554, excluding sections 162 and

1165 of P.L. 106-554, and P.L. 106-573
apply for Wisconsin purposes at the same time
2as for federal purposes.
SB55-ASA1, s. 2182dh 3Section 2182dh. 71.34 (1g) (n) of the statutes is amended to read:
SB55-ASA1,809,84 71.34 (1g) (n) "Internal Revenue Code" for tax-option corporations, for taxable
5years that begin after December 31, 1998, and before January 1, 2000, means the
6federal Internal Revenue Code as amended to December 31, 1998, excluding sections
7103, 104, and 110 of P.L. 102-227, sections 13113, 13150 (d), 13171 (d), 13174, and
813203 (d) of P.L. 103-66 and sections 1123 (b), 1202 (c), 1204 (f), 1311, and 1605 (d)
9of P.L. 104-188, and as amended by P.L. 106-36 and, P.L. 106-170, P.L. 106-230, P.L.
10106-554, excluding sections 162 and 165 of P.L. 106-554, and P.L. 106-573
, and as
11indirectly affected in the provisions applicable to this subchapter by P.L. 99-514, P.L.
12100-203, P.L. 100-647, excluding sections 803 (d) (2) (B), 805 (d) (2), 812 (c) (2), 821
13(b) (2), and 823 (c) (2) of P.L. 99-514 and section 1008 (g) (5) of P.L. 100-647, P.L.
14101-73, P.L. 101-140, P.L. 101-179, P.L. 101-239, P.L. 101-508, P.L. 102-227,
15excluding sections 103, 104, and 110 of P.L. 102-227, P.L. 102-318, P.L. 102-486, P.L.
16103-66, excluding sections 13113, 13150 (d), 13171 (d), 13174, and 13203 (d) of P.L.
17103-66, P.L. 103-296, P.L. 103-337, P.L. 103-465, P.L. 104-7, P.L. 104-188,
18excluding sections 1123 (b), 1202 (c), 1204 (f), 1311, and 1605 (d) of P.L. 104-188, P.L.
19104-191, P.L. 104-193, P.L. 105-33, P.L. 105-34, P.L. 105-178, P.L. 105-206, P.L.
20105-277, P.L. 106-36 and, P.L. 106-170, P.L. 106-230, P.L. 106-554, excluding
21sections 162 and 165 of P.L. 106-554, and P.L. 106-573
, except that section 1366 (f)
22(relating to pass-through of items to shareholders) is modified by substituting the
23tax under s. 71.35 for the taxes under sections 1374 and 1375. The Internal Revenue
24Code applies for Wisconsin purposes at the same time as for federal purposes.
25Amendments to the federal Internal Revenue Code enacted after December 31, 1998,

1do not apply to this paragraph with respect to taxable years beginning after
2December 31, 1998, and before January 1, 2000, except that changes to the Internal
3Revenue Code made by P.L. 106-36 and, P.L. 106-170, P.L. 106-230, P.L. 106-554,
4excluding sections 162 and 165 of P.L. 106-554, and P.L. 106-573
and changes that
5indirectly affect the provisions applicable to this subchapter made by P.L. 106-36
6and, P.L. 106-170, P.L. 106-230, P.L. 106-554, excluding sections 162 and 165 of P.L.
7106-554, and P.L. 106-573
apply for Wisconsin purposes at the same time as for
8federal purposes.
SB55-ASA1, s. 2182dj 9Section 2182dj. 71.34 (1g) (o) of the statutes is amended to read:
SB55-ASA1,810,1310 71.34 (1g) (o) "Internal Revenue Code" for tax-option corporations, for taxable
11years that begin after December 31, 1999, and before January 1, 2001, means the
12federal Internal Revenue Code as amended to December 31, 1999, excluding sections
13103, 104, and 110 of P.L. 102-227, sections 13113, 13150 (d), 13171 (d), 13174, and
1413203 (d) of P.L. 103-66 and sections 1123 (b), 1202 (c), 1204 (f), 1311, and 1605 (d)
15of P.L. 104-188, and as amended by P.L. 106-200, P.L. 106-230, P.L. 106-554,
16excluding sections 162 and 165 of P.L. 106-554, and P.L. 106-573
, and as indirectly
17affected in the provisions applicable to this subchapter by P.L. 99-514, P.L. 100-203,
18P.L. 100-647, excluding sections 803 (d) (2) (B), 805 (d) (2), 812 (c) (2), 821 (b) (2), and
19823 (c) (2) of P.L. 99-514 and section 1008 (g) (5) of P.L. 100-647, P.L. 101-73, P.L.
20101-140, P.L. 101-179, P.L. 101-239, P.L. 101-508, P.L. 102-227, excluding sections
21103, 104, and 110 of P.L. 102-227, P.L. 102-318, P.L. 102-486, P.L. 103-66, excluding
22sections 13113, 13150 (d), 13171 (d), 13174, and 13203 (d) of P.L. 103-66, P.L.
23103-296, P.L. 103-337, P.L. 103-465, P.L. 104-7, P.L. 104-188, excluding sections
241123 (b), 1202 (c), 1204 (f), 1311, and 1605 (d) of P.L. 104-188, P.L. 104-191, P.L.
25104-193, P.L. 105-33, P.L. 105-34, P.L. 105-178, P.L. 105-206, P.L. 105-277, P.L.

1106-36 and, P.L. 106-170, P.L. 106-200, P.L. 106-230, P.L. 106-554, excluding
2sections 162 and 165 of P.L. 106-554, and P.L. 106-573
, except that section 1366 (f)
3(relating to pass-through of items to shareholders) is modified by substituting the
4tax under s. 71.35 for the taxes under sections 1374 and 1375. The Internal Revenue
5Code applies for Wisconsin purposes at the same time as for federal purposes.
6Amendments to the federal Internal Revenue Code enacted after December 31, 1999,
7do not apply to this paragraph with respect to taxable years beginning after
8December 31, 1999, and before January 1, 2001, except that changes to the Internal
9Revenue Code made by P.L. 106-200, P.L. 106-230, P.L. 106-554, excluding sections
10162 and 165 of P.L. 106-554, and P.L. 106-573 and changes that indirectly affect the
11provisions applicable to this subchapter made by P.L. 106-200, P.L. 106-230, P.L.
12106-554, excluding sections 162 and 165 of P.L. 106-554, and P.L. 106-573 apply for
13Wisconsin purposes at the same time as for federal purposes
.
SB55-ASA1, s. 2182dk 14Section 2182dk. 71.34 (1g) (p) of the statutes is created to read:
SB55-ASA1,811,1115 71.34 (1g) (p) "Internal Revenue Code" for tax-option corporations, for taxable
16years that begin after December 31, 2000, means the federal Internal Revenue Code
17as amended to December 31, 2000, excluding sections 103, 104, and 110 of P.L.
18102-227, sections 13113, 13150 (d), 13171 (d), 13174, and 13203 (d) of P.L. 103-66
19and sections 1123 (b), 1202 (c), 1204 (f), 1311, and 1605 (d) of P.L. 104-188, and as
20indirectly affected in the provisions applicable to this subchapter by P.L. 99-514, P.L.
21100-203, P.L. 100-647, excluding sections 803 (d) (2) (B), 805 (d) (2), 812 (c) (2), 821
22(b) (2), and 823 (c) (2) of P.L. 99-514 and section 1008 (g) (5) of P.L. 100-647, P.L.
23101-73, P.L. 101-140, P.L. 101-179, P.L. 101-239, P.L. 101-508, P.L. 102-227,
24excluding sections 103, 104, and 110 of P.L. 102-227, P.L. 102-318, P.L. 102-486, P.L.
25103-66, excluding sections 13113, 13150 (d), 13171 (d), 13174, and 13203 (d) of P.L.

1103-66, P.L. 103-296, P.L. 103-337, P.L. 103-465, P.L. 104-7, P.L. 104-188,
2excluding sections 1123 (b), 1202 (c), 1204 (f), 1311, and 1605 (d) of P.L. 104-188, P.L.
3104-191, P.L. 104-193, P.L. 105-33, P.L. 105-34, P.L. 105-178, P.L. 105-206, P.L.
4105-277, P.L. 106-36, P.L. 106-170, P.L. 106-200, P.L. 106-230, P.L. 106-554,
5excluding sections 162 and 165 of P.L. 106-554, and P.L. 106-573, except that section
61366 (f) (relating to pass-through of items to shareholders) is modified by
7substituting the tax under s. 71.35 for the taxes under sections 1374 and 1375. The
8Internal Revenue Code applies for Wisconsin purposes at the same time as for federal
9purposes. Amendments to the federal Internal Revenue Code enacted after
10December 31, 2000, do not apply to this paragraph with respect to taxable years
11beginning after December 31, 2000.
SB55-ASA1, s. 2182dL 12Section 2182dL. 71.365 (1m) of the statutes is amended to read:
SB55-ASA1,812,1313 71.365 (1m) Tax-option corporations; depreciation. A tax-option corporation
14may compute amortization and depreciation under either the federal Internal
15Revenue Code as amended to December 31, 1999 2000, or the federal Internal
16Revenue Code in effect for the taxable year for which the return is filed, except that
17property first placed in service by the taxpayer on or after January 1, 1983, but
18before January 1, 1987, that, under s. 71.04 (15) (b) and (br), 1985 stats., is required
19to be depreciated under the Internal Revenue Code as amended to
20December 31, 1980, and property first placed in service in taxable year 1981 or
21thereafter but before January 1, 1987, that, under s. 71.04 (15) (bm), 1985 stats., is
22required to be depreciated under the Internal Revenue Code as amended to
23December 31, 1980, shall continue to be depreciated under the Internal Revenue
24Code as amended to December 31, 1980. Any difference between the adjusted basis
25for federal income tax purposes and the adjusted basis under this chapter shall be

1taken into account in determining net income or loss in the year or years for which
2the gain or loss is reportable under this chapter. If that property was placed in
3service by the taxpayer during taxable year 1986 and thereafter but before the
4property is used in the production of income subject to taxation under this chapter,
5the property's adjusted basis and the depreciation or other deduction schedule are
6not required to be changed from the amount allowable on the owner's federal income
7tax returns for any year because the property is used in the production of income
8subject to taxation under this chapter. If that property was acquired in a transaction
9in taxable year 1986 or thereafter in which the adjusted basis of the property in the
10hands of the transferee is the same as the adjusted basis of the property in the hands
11of the transferor, the Wisconsin adjusted basis of that property on the date of transfer
12is the adjusted basis allowable under the Internal Revenue Code as defined for
13Wisconsin purposes for the property in the hands of the transferor.
SB55-ASA1, s. 2182dm 14Section 2182dm. 71.42 (2) (f) of the statutes is repealed.
SB55-ASA1, s. 2182dn 15Section 2182dn. 71.42 (2) (g) of the statutes is amended to read:
SB55-ASA1,813,1716 71.42 (2) (g) For taxable years that begin after December 31, 1992, and before
17January 1, 1994, "Internal Revenue Code" means the federal Internal Revenue Code
18as amended to December 31, 1992, excluding sections 103, 104 , and 110 of P.L.
19102-227, and as amended by P.L. 103-66, excluding sections 13101 (a) and (c) 1,
2013113, 13150, 13171, 13174, and 13203 of P.L. 103-66, P.L. 103-465, P.L. 104-188,
21excluding section 1311 of P.L. 104-188, P.L. 105-34, P.L. 105-206 and, P.L. 105-277,
22and P.L. 106-554, excluding sections 162 and 165 of P.L. 106-554
, and as indirectly
23affected by P.L. 99-514, P.L. 100-203, P.L. 100-647, P.L. 101-73, P.L. 101-140, P.L.
24101-179, P.L. 101-239, P.L. 101-508, P.L. 102-227, excluding sections 103, 104, and
25110 of P.L. 102-227, P.L. 102-318, P.L. 102-486, P.L. 103-66, excluding sections

113101 (a) and (c) 1, 13113, 13150, 13171, 13174, and 13203 of P.L. 103-66, P.L.
2103-465, P.L. 104-188, excluding section 1311 of P.L. 104-188, P.L. 105-34, P.L.
3105-206 and P.L. 105-277and, P.L. 105-277, and P.L. 106-554, excluding sections
4162 and 165 of P.L. 106-554
, except that "Internal Revenue Code" does not include
5section 847 of the federal Internal Revenue Code. The Internal Revenue Code
6applies for Wisconsin purposes at the same time as for federal purposes.
7Amendments to the federal Internal Revenue Code enacted after
8December 31, 1992, do not apply to this paragraph with respect to taxable years
9beginning after December 31, 1992, and before January 1, 1994, except that
10changes to the Internal Revenue Code made by P.L. 103-66, P.L. 103-465, P.L.
11104-188, excluding section 1311 of P.L. 104-188, P.L. 105-34, P.L. 105-206 and, P.L.
12105-277, and P.L. 106-554, excluding sections 162 and 165 of P.L. 106-554, and
13changes that indirectly affect the federal Internal Revenue Code made by P.L.
14103-66, P.L. 103-465, P.L. 104-188, excluding section 1311 of P.L. 104-188, P.L.
15105-34, P.L. 105-206 and, P.L. 105-277, and P.L. 106-554, excluding sections 162
16and 165 of P.L. 106-554,
apply for Wisconsin purposes at the same time as for federal
17purposes.
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