(a) Except as provided in par. (b), a corporation, except a tax-option 5
corporation or an insurer to which s. 71.45 (4) applies, may offset against its 6
Wisconsin net business income any Wisconsin net business loss sustained in any of 7
the next 15 20
preceding taxable years, if the corporation was subject to taxation 8
under this chapter in the taxable year in which the loss was sustained, to the extent 9
not offset by other items of Wisconsin income in the loss year and by Wisconsin net 10
business income of any year between the loss year and the taxable year for which an 11
offset is claimed. For purposes of this subsection Wisconsin net business income or 12
loss shall consist of all the income attributable to the operation of a trade or business 13
in this state, less the business expenses allowed as deductions in computing net
income. The Wisconsin net business income or loss of corporations engaged in 2
business within and without the state shall be determined under s. 71.25 (6) and (10) 3
to (12). Nonapportionable losses having a Wisconsin situs under s. 71.25 (5) (b) shall 4
be included in Wisconsin net business loss; and nonapportionable income having a 5
Wisconsin situs under s. 71.25 (5) (b), whether taxable or exempt, shall be included 6
in other items of Wisconsin income and Wisconsin net business income for purposes 7
of this subsection.".
(a) Except as provided in par. (b), insurers computing tax under this 11
subchapter may subtract from Wisconsin net income any Wisconsin net business loss 12
sustained in any of the next 15 20
preceding taxable years to the extent not offset by 13
Wisconsin net business income of any year between the loss year and the taxable year 14
for which an offset is claimed and computed without regard to sub. (2) (a) 8. and 9. 15
and this subsection and limited to the amount of net income, but no loss incurred for 16
a taxable year before taxable year 1987 by a nonprofit service plan of sickness care 17
under ch. 148, or dental care under s. 447.13 may be treated as a net business loss 18
of the successor service insurer under ch. 613 operating by virtue of s. 148.03 or 19
71.98 (3) Depreciation, depletion, and amortization.
For taxable years 24
beginning after December 31, 2013, and for purposes of computing depreciation,
and amortization, the Internal Revenue Code means the federal Internal 2
Revenue Code in effect on January 1, 2014. For taxable years beginning after
3December 31, 2013, and for purposes of computing depletion, the Internal Revenue
4code means the federal Internal Revenue code in effect for the year in which the
5property is placed in service.
"(5m) Net operating losses; depletion.
The treatment of sections 71.26 (4) (a), 8
71.45 (4) (a), and 71.98 (3) of the statutes first applies to taxable years beginning on 9
January 1, 2014.".