SB21-SSA1,2252
17Section
2252. 71.26 (2) (b) 9. of the statutes is amended to read:
SB21-SSA1,731,2418
71.26
(2) (b) 9. For taxable years that begin after December 31, 2012,
and
19before January 1, 2014, for a corporation, conduit, or common law trust which
20qualifies as a regulated investment company, real estate mortgage investment
21conduit, real estate investment trust, or financial asset securitization investment
22trust under the Internal Revenue Code as amended to December 31, 2010, excluding
23sections 103, 104, and 110 of P.L.
102-227, sections 13113, 13150 (d), 13171 (d),
2413174, and 13203 (d) of P.L.
103-66, sections 1123 (b), 1202 (c), 1204 (f), 1311, and
251605 (d) of P.L.
104-188, sections 1, 3, 4, and 5 of P.L.
106-519, sections 162 and 165
1of P.L.
106-554, section 431 of P.L.
107-16, sections 101 and 301 (a) of P.L.
107-147,
2sections 106, 201, and 202 of P.L.
108-27, section 1201 of P.L.
108-173, sections 306,
3308, 316, 401, and 403 (a) of P.L.
108-311, sections 101, 102, 201, 211, 242, 244, 336,
4337, 422, 847, 909, and 910 of P.L.
108-357, P.L.
109-1, sections 1305, 1308, 1309,
51310, 1323, 1324, 1325, 1326, 1328, 1329, 1348, and 1351 of P.L.
109-58, section
611146 of P.L.
109-59, section 301 of P.L.
109-73, sections 101, 105, 201 (a) as it relates
7to section 1400S (a), 402 (e), 403 (e), (j), and (q), and 405 of P.L.
109-135, sections 101,
8207, 503, and 513 of P.L.
109-222, P.L.
109-432, except sections 117, 406, 409, 410,
9412, 417, 418, 424, and 425 of division A and section 403 of division C of P.L.
109-432,
10P.L.
110-28, except sections 8215, 8231, 8232, 8234, and 8236 of P.L.
110-28, P.L.
11110-140, sections 2, 3, and 5 of P.L.
110-142, P.L.
110-166, sections 3 (b) and 11 (b),
12(e), and (g) of P.L.
110-172, P.L.
110-185, P.L.
110-234, section 301 of P.L.
110-245,
13P.L.
110-246, except sections 4, 15312, 15313, 15314, 15316, and 15342 of P.L.
14110-246, sections 3071, 3081, and 3082 of P.L.
110-289, section 9 (e) of P.L.
110-317,
15P.L.
110-343, except sections 116, 208, 211, and 301 of division B and sections 313
16and 504 of division C of P.L.
110-343, P.L.
111-5, except sections 1261, 1262, 1401,
171402, 1521, 1522, 1531, and 1541 of division B of P.L.
111-5, section 201 of P.L.
18111-147, P.L.
111-148, except sections 1322, 1515, 9003, 9004, 9005, 9012, 9013,
199014, 9016, 9021, 9022, 10108, 10902, 10908, and 10909 of P.L.
111-148, P.L.
20111-152, except sections 1403 and 1407 of P.L.
111-152, P.L.
111-203, except section
211601 of P.L.
111-203, P.L.
111-226, except sections 215 and 217 of P.L.
111-226, P.L.
22111-240, except sections 2014, 2043, 2111, 2112, and 2113 of P.L.
111-240, and P.L.
23111-312, and as amended by section 1858 of P.L.
112-10, section 1108 of P.L.
112-95,
24sections 40211, 40241, 40242, and 100121 of P.L.
112-141,
and sections 101 and 902
25of P.L.
112-240,
and P.L. 113-168, and as indirectly affected in the provisions
1applicable to this subchapter by P.L.
99-514, P.L.
100-203, P.L.
100-647, P.L.
2101-73, P.L.
101-140, P.L.
101-179, P.L.
101-239, P.L.
101-508, P.L.
102-227,
3excluding sections 103, 104, and 110 of P.L.
102-227, P.L.
102-318, P.L.
102-486, P.L.
4103-66, excluding sections 13113, 13150 (d), 13171 (d), 13174, and 13203 (d) of P.L.
5103-66, P.L.
103-296, P.L.
103-337, P.L.
103-465, P.L.
104-7, P.L.
104-188,
6excluding sections 1123 (b), 1202 (c), 1204 (f), 1311, and 1605 (d) of P.L.
104-188, P.L.
7104-191, P.L.
104-193, P.L.
105-33, P.L.
105-34, P.L.
105-178, P.L.
105-206, P.L.
8105-277, P.L.
106-36, P.L.
106-170, P.L.
106-230, P.L.
106-554, excluding sections
9162 and 165 of P.L.
106-554, P.L.
106-573, P.L.
107-15, P.L.
107-16, excluding
10section 431 of P.L.
107-16, P.L.
107-22, P.L.
107-116, P.L.
107-134, P.L.
107-147,
11excluding sections 101 and 301 (a) of P.L.
107-147, P.L.
107-181, P.L.
107-210, P.L.
12107-276, P.L.
107-358, P.L.
108-27, excluding sections 106, 201, and 202 of P.L.
13108-27, P.L.
108-121, P.L.
108-173, excluding section 1201 of P.L.
108-173, P.L.
14108-203, P.L.
108-218, P.L.
108-311, excluding sections 306, 308, 316, 401, and 403
15(a) of P.L.
108-311, P.L.
108-357, excluding sections 101, 102, 201, 211, 242, 244, 336,
16337, 422, 847, 909, and 910 of P.L.
108-357, P.L.
108-375, P.L.
108-476, P.L.
109-7,
17P.L.
109-58, excluding sections 1305, 1308, 1309, 1310, 1323, 1324, 1325, 1326, 1328,
181329, 1348, and 1351 of P.L.
109-58, P.L.
109-59, excluding section 11146 of P.L.
19109-59, P.L.
109-73, excluding section 301 of P.L.
109-73, P.L.
109-135, excluding
20sections 101, 105, 201 (a) as it relates to section 1400S (a), 402 (e), 403 (e), (j), and
21(q), and 405 of P.L.
109-135, P.L.
109-151, P.L.
109-222, excluding sections 101, 207,
22503, and 513 of P.L.
109-222, P.L.
109-227, P.L.
109-280, sections 117, 406, 409, 410,
23412, 417, 418, 424, and 425 of division A and section 403 of division C of P.L.
109-432,
24sections 8215, 8231, 8232, 8234, and 8236 of P.L.
110-28, P.L.
110-141, P.L.
110-142,
25excluding sections 2, 3, and 5 of P.L.
110-142, P.L.
110-172, excluding sections 3 (b)
1and 11 (b), (e), and (g) of P.L.
110-172, P.L.
110-245, excluding section 301 of P.L.
2110-245, sections 4, 15312, 15313, 15314, 15316, and 15342 of P.L.
110-246, P.L.
3110-289, excluding sections 3071, 3081, and 3082 of P.L.
110-289, P.L.
110-317,
4excluding section 9 (e) of P.L.
110-317, sections 116, 208, 211, and 301 of division B
5and sections 313 and 504 of division C of P.L.
110-343, P.L.
110-351, P.L.
110-458,
6sections 1261, 1262, 1401, 1402, 1521, 1522, 1531, and 1541 of division B of P.L.
7111-5, P.L.
111-92, P.L.
111-147, excluding section 201 of P.L.
111-147, sections
81322, 1515, 9003, 9004, 9005, 9012, 9013, 9014, 9016, 9021, 9022, 10108, 10902,
910908, and 10909 of P.L.
111-148, sections 1403 and 1407 of P.L.
111-152, P.L.
10111-192, section 1601 of P.L.
111-203, sections 215 and 217 of P.L.
111-226, sections
112014, 2043, 2111, 2112, and 2113 of P.L.
111-240, P.L.
111-325, section 1858 of P.L.
12112-10, section 1108 of P.L.
112-95, sections 40211, 40241, 40242, and 100121 of P.L.
13112-141,
and sections 101 and 902 of P.L.
112-240,
and P.L. 113-168, "net income"
14means the federal regulated investment company taxable income, federal real estate
15mortgage investment conduit taxable income, federal real estate investment trust
16or financial asset securitization investment trust taxable income of the corporation,
17conduit, or trust as determined under the Internal Revenue Code as amended to
18December 31, 2010, excluding sections 103, 104, and 110 of P.L.
102-227, sections
1913113, 13150 (d), 13171 (d), 13174, and 13203 (d) of P.L.
103-66, sections 1123 (b),
201202 (c), 1204 (f), 1311, and 1605 (d) of P.L.
104-188, sections 1, 3, 4, and 5 of P.L.
21106-519, sections 162 and 165 of P.L.
106-554, section 431 of P.L.
107-16, sections
22101 and 301 (a) of P.L.
107-147, sections 106, 201, and 202 of P.L.
108-27, section
231201 of P.L.
108-173, sections 306, 308, 316, 401, and 403 (a) of P.L.
108-311, sections
24101, 102, 201, 211, 242, 244, 336, 337, 422, 847, 909, and 910 of P.L.
108-357, P.L.
25109-1, sections 1305, 1308, 1309, 1310, 1323, 1324, 1325, 1326, 1328, 1329, 1348,
1and 1351 of P.L.
109-58, section 11146 of P.L.
109-59, section 301 of P.L.
109-73,
2sections 101, 105, 201 (a) as it relates to section 1400S (a), 402 (e), 403 (e), (j), and
3(q), and 405 of P.L.
109-135, sections 101, 207, 503, and 513 of P.L.
109-222, P.L.
4109-432, except sections 117, 406, 409, 410, 412, 417, 418, 424, and 425 of division
5A and section 403 of division C of P.L.
109-432, P.L.
110-28, except sections 8215,
68231, 8232, 8234, and 8236 of P.L.
110-28, P.L.
110-140, sections 2, 3, and 5 of P.L.
7110-142, P.L.
110-166, sections 3 (b) and 11 (b), (e), and (g) of P.L.
110-172, P.L.
8110-185, P.L.
110-234, section 301 of P.L.
110-245, P.L.
110-246, except sections 4,
915312, 15313, 15314, 15316, and 15342 of P.L.
110-246, sections 3071, 3081, and
103082 of P.L.
110-289, section 9 (e) of P.L.
110-317, P.L.
110-343, except sections 116,
11208, 211, and 301 of division B and sections 313 and 504 of division C of P.L.
110-343,
12P.L.
111-5, except sections 1261, 1262, 1401, 1402, 1521, 1522, 1531, and 1541 of
13division B of P.L.
111-5, section 201 of P.L.
111-147, P.L.
111-148, except sections
141322, 1515, 9003, 9004, 9005, 9012, 9013, 9014, 9016, 9021, 9022, 10108, 10902,
1510908, and 10909 of P.L.
111-148, P.L.
111-152, except sections 1403 and 1407 of P.L.
16111-152, P.L.
111-203, except section 1601 of P.L.
111-203, P.L.
111-226, except
17sections 215 and 217 of P.L.
111-226, P.L.
111-240, except sections 2014, 2043, 2111,
182112, and 2113 of P.L.
111-240, and P.L.
111-312, and as amended by section 1858
19of P.L.
112-10, section 1108 of P.L.
112-95, sections 40211, 40241, 40242, and 100121
20of P.L.
112-141,
and sections 101 and 902 of P.L.
112-240,
and P.L. 113-168, and as
21indirectly affected in the provisions applicable to this subchapter by P.L.
99-514, P.L.
22100-203, P.L.
100-647, P.L.
101-73, P.L.
101-140, P.L.
101-179, P.L.
101-239, P.L.
23101-508, 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
2(d) of P.L.
104-188, P.L.
104-191, P.L.
104-193, P.L.
105-33, P.L.
105-34, P.L.
3105-178, P.L.
105-206, P.L.
105-277, P.L.
106-36, P.L.
106-170, P.L.
106-230, P.L.
4106-554, excluding sections 162 and 165 of P.L.
106-554, P.L.
106-573, P.L.
107-15,
5P.L.
107-16, excluding section 431 of P.L.
107-16, P.L.
107-22, P.L.
107-116, P.L.
6107-134, P.L.
107-147, excluding sections 101 and 301 (a) of P.L.
107-147, P.L.
7107-181, P.L.
107-210, P.L.
107-276, P.L.
107-358, P.L.
108-27, excluding sections
8106, 201, and 202 of P.L.
108-27, P.L.
108-121, P.L.
108-173, excluding section 1201
9of P.L.
108-173, P.L.
108-203, P.L.
108-218, P.L.
108-311, excluding sections 306,
10308, 316, 401, and 403 (a) of P.L.
108-311, P.L.
108-357, excluding sections 101, 102,
11201, 211, 242, 244, 336, 337, 422, 847, 909, and 910 of P.L.
108-357, P.L.
108-375,
12P.L.
108-476, P.L.
109-7, P.L.
109-58, excluding sections 1305, 1308, 1309, 1310,
131323, 1324, 1325, 1326, 1328, 1329, 1348, and 1351 of P.L.
109-58, P.L.
109-59,
14excluding section 11146 of P.L.
109-59, P.L.
109-73, excluding section 301 of P.L.
15109-73, P.L.
109-135, excluding sections 101, 105, 201 (a) as it relates to section
161400S (a), 402 (e), 403 (e), (j), and (q), and 405 of P.L.
109-135, P.L.
109-151, P.L.
17109-222, excluding sections 101, 207, 503, and 513 of P.L.
109-222, P.L.
109-227,
18P.L.
109-280, sections 117, 406, 409, 410, 412, 417, 418, 424, and 425 of division A
19and section 403 of division C of P.L.
109-432, sections 8215, 8231, 8232, 8234, and
208236 of P.L.
110-28, P.L.
110-141, P.L.
110-142, excluding sections 2, 3, and 5 of P.L.
21110-142, P.L.
110-172, excluding sections 3 (b) and 11 (b), (e), and (g) of P.L.
110-172,
22P.L.
110-245, excluding section 301 of P.L.
110-245, sections 4, 15312, 15313, 15314,
2315316, and 15342 of P.L.
110-246, P.L.
110-289, excluding sections 3071, 3081, and
243082 of P.L.
110-289, P.L.
110-317, excluding section 9 (e) of P.L.
110-317, sections
25116, 208, 211, and 301 of division B and sections 313 and 504 of division C of P.L.
1110-343, P.L.
110-351, P.L.
110-458, sections 1261, 1262, 1401, 1402, 1521, 1522,
21531, and 1541 of division B of P.L.
111-5, P.L.
111-92, P.L.
111-147, excluding
3section 201 of P.L.
111-147, sections 1322, 1515, 9003, 9004, 9005, 9012, 9013, 9014,
49016, 9021, 9022, 10108, 10902, 10908, and 10909 of P.L.
111-148, section 1407 of
5P.L.
111-152, P.L.
111-192, section 1601 of P.L.
111-203, sections 215 and 217 of P.L.
6111-226, sections 2014, 2043, 2111, 2112, and 2113 of P.L.
111-240, P.L.
111-325,
7section 1858 of P.L.
112-10, section 1108 of P.L.
112-95, sections 40211, 40241, 40242,
8and 100121 of P.L.
112-141,
and sections 101 and 902 of P.L.
112-240,
and P.L.
9113-168, except that property that, under s. 71.02 (1) (c) 8. to 11., 1985 stats., is
10required to be depreciated for taxable years 1983 to 1986 under the Internal Revenue
11Code as amended to December 31, 1980, shall continue to be depreciated under the
12Internal Revenue Code as amended to December 31, 1980, and except that the
13appropriate amount shall be added or subtracted to reflect differences between the
14depreciation or adjusted basis for federal income tax purposes and the depreciation
15or adjusted basis under this chapter of any property disposed of during the taxable
16year. The Internal Revenue Code as amended to December 31, 2010, excluding
17sections 103, 104, and 110 of P.L.
102-227, sections 13113, 13150 (d), 13171 (d),
1813174, and 13203 (d) of P.L.
103-66, sections 1123 (b), 1202 (c), 1204 (f), 1311, and
191605 (d) of P.L.
104-188, sections 1, 3, 4, and 5 of P.L.
106-519, sections 162 and 165
20of P.L.
106-554, section 431 of P.L.
107-16, sections 101 and 301 (a) of P.L.
107-147,
21sections 106, 201, and 202 of P.L.
108-27, section 1201 of P.L.
108-173, sections 306,
22308, 316, 401, and 403 (a) of P.L.
108-311, sections 101, 102, 201, 211, 242, 244, 336,
23337, 422, 847, 909, and 910 of P.L.
108-357, P.L.
109-1, sections 1305, 1308, 1309,
241310, 1323, 1324, 1325, 1326, 1328, 1329, 1348, and 1351 of P.L.
109-58, section
2511146 of P.L.
109-59, section 301 of P.L.
109-73, sections 101, 105, 201 (a) as it relates
1to section 1400S (a), 402 (e), 403 (e), (j), and (q), and 405 of P.L.
109-135, sections 101,
2207, 503, and 513 of P.L.
109-222, P.L.
109-432, except sections 117, 406, 409, 410,
3412, 417, 418, 424, and 425 of division A and section 403 of division C of P.L.
109-432,
4P.L.
110-28, except sections 8215, 8231, 8232, 8234, and 8236 of P.L.
110-28, P.L.
5110-140, sections 2, 3, and 5 of P.L.
110-142, P.L.
110-166, sections 3 (b) and 11 (b),
6(e), and (g) of P.L.
110-172, P.L.
110-185, P.L.
110-234, section 301 of P.L.
110-245,
7P.L.
110-246, except sections 4, 15312, 15313, 15314, 15316, and 15342 of P.L.
8110-246, sections 3071, 3081, and 3082 of P.L.
110-289, section 9 (e) of P.L.
110-317,
9P.L.
110-343, except sections 116, 208, 211, and 301 of division B and sections 313
10and 504 of division C of P.L.
110-343, P.L.
111-5, except sections 1261, 1262, 1401,
111402, 1521, 1522, 1531, and 1541 of division B of P.L.
111-5, section 201 of P.L.
12111-147, P.L.
111-148, except sections 1322, 1515, 9003, 9004, 9005, 9012, 9013,
139014, 9016, 9021, 9022, 10108, 10902, 10908, and 10909 of P.L.
111-148, P.L.
14111-152, except section 1407 of P.L.
111-152, P.L.
111-203, except section 1601 of P.L.
15111-203, P.L.
111-226, except sections 215 and 217 of P.L.
111-226, P.L.
111-240,
16except sections 2014, 2043, 2111, 2112, and 2113 of P.L.
111-240, and P.L.
111-312,
17and as amended by section 1858 of P.L.
112-10, section 1108 of P.L.
112-95, sections
1840211, 40241, 40242, and 100121 of P.L.
112-141,
and sections 101 and 902 of P.L.
19112-240,
and P.L. 113-168, and as indirectly affected in the provisions applicable to
20this subchapter by P.L.
99-514, P.L.
100-203, P.L.
100-647, P.L.
101-73, P.L.
21101-140, P.L.
101-179, P.L.
101-239, P.L.
101-508, P.L.
102-227, excluding sections
22103, 104, and 110 of P.L.
102-227, P.L.
102-318, P.L.
102-486, P.L.
103-66, excluding
23sections 13113, 13150 (d), 13171 (d), 13174, and 13203 (d) of P.L.
103-66, P.L.
24103-296, P.L.
103-337, P.L.
103-465, P.L.
104-7, P.L.
104-188, excluding sections
251123 (b), 1202 (c), 1204 (f), 1311, and 1605 (d) of P.L.
104-188, P.L.
104-191, P.L.
1104-193, P.L.
105-33, P.L.
105-34, P.L.
105-178, P.L.
105-206, P.L.
105-277, P.L.
2106-36, P.L.
106-170, P.L.
106-230, P.L.
106-554, excluding sections 162 and 165 of
3P.L.
106-554, P.L.
106-573, P.L.
107-15, P.L.
107-16, excluding section 431 of P.L.
4107-16, P.L.
107-22, P.L.
107-116, P.L.
107-134, P.L.
107-147, excluding sections
5101 and 301 (a) of P.L.
107-147, P.L.
107-181, P.L.
107-210, P.L.
107-276, P.L.
6107-358, P.L.
108-27, excluding sections 106, 201, and 202 of P.L.
108-27, P.L.
7108-121, P.L.
108-173, excluding section 1201 of P.L.
108-173, P.L.
108-203, P.L.
8108-218, P.L.
108-311, excluding sections 306, 308, 316, 401, and 403 (a) of P.L.
9108-311, P.L.
108-357, excluding sections 101, 102, 201, 211, 242, 244, 336, 337, 422,
10847, 909, and 910 of P.L.
108-357, P.L.
108-375, P.L.
108-476, P.L.
109-7, P.L.
11109-58, excluding sections 1305, 1308, 1309, 1310, 1323, 1324, 1325, 1326, 1328,
121329, 1348, and 1351 of P.L.
109-58, P.L.
109-59, excluding section 11146 of P.L.
13109-59, P.L.
109-73, excluding section 301 of P.L.
109-73, P.L.
109-135, excluding
14sections 101, 105, 201 (a) as it relates to section 1400S (a), 402 (e), 403 (e), (j), and
15(q), and 405 of P.L.
109-135, P.L.
109-151, P.L.
109-222, excluding sections 101, 207,
16503, and 513 of P.L.
109-222, P.L.
109-227, P.L.
109-280, sections 117, 406, 409, 410,
17412, 417, 418, 424, and 425 of division A and section 403 of division C of P.L.
109-432,
18sections 8215, 8231, 8232, 8234, and 8236 of P.L.
110-28, P.L.
110-141, P.L.
110-142,
19excluding sections 2, 3, and 5 of P.L.
110-142, P.L.
110-172, excluding sections 3 (b)
20and 11 (b), (e), and (g) of P.L.
110-172, P.L.
110-245, excluding section 301 of P.L.
21110-245, sections 4, 15312, 15313, 15314, 15316, and 15342 of P.L.
110-246, P.L.
22110-289, excluding sections 3071, 3081, and 3082 of P.L.
110-289, P.L.
110-317,
23excluding section 9 (e) of P.L.
110-317, sections 116, 208, 211, and 301 of division B
24and sections 313 and 504 of division C of P.L.
110-343, P.L.
110-351, P.L.
110-458,
25sections 1261, 1262, 1401, 1402, 1521, 1522, 1531, and 1541 of division B of P.L.
1111-5, P.L.
111-92, P.L.
111-147, excluding section 201 of P.L.
111-147, sections
21322, 1515, 9003, 9004, 9005, 9012, 9013, 9014, 9016, 9021, 9022, 10108, 10902,
310908, and 10909 of P.L.
111-148, sections 1403 and 1407 of P.L.
111-152, P.L.
4111-192, section 1601 of P.L.
111-203, sections 215 and 217 of P.L.
111-226, sections
52014, 2043, 2111, 2112, and 2113 of P.L.
111-240, P.L.
111-325, section 1858 of P.L.
6112-10, section 1108 of P.L.
112-95, sections 40211, 40241, 40242, and 100121 of P.L.
7112-141,
and sections 101 and 902 of P.L.
112-240, and P.L. 113-168, applies for
8Wisconsin purposes at the same time as for federal purposes, except that changes
9made by P.L.
106-573, sections 9004, 9005, 9012, 9013, 9014, 9016, and 10902 of P.L.
10111-148, and sections 1403 and 1407 of P.L.
111-152, section 1858 of P.L.
112-10,
11section 1108 of P.L.
112-95, and sections 40211, 40241, 40242, and 100121 of P.L.
12112-141 do not apply for taxable years beginning before January 1, 2013.
13Amendments to the federal Internal Revenue Code enacted after December 31, 2010,
14do not apply to this paragraph with respect to taxable years beginning after
15December 31, 2010, except that changes to the Internal Revenue Code made by
16section 1858 of P.L.
112-10, section 1108 of P.L.
112-95, and sections 40211, 40241,
1740242, and 100121 of P.L.
112-141, and changes that indirectly affect the provisions
18applicable to this subchapter made by section 1858 of P.L.
112-10, section 1108 of P.L.
19112-95, and sections 40211, 40241, 40242, and 100121 of P.L.
112-141, do not apply
20for taxable years beginning before January 1, 2013, and changes to the Internal
21Revenue Code made by sections 101 and 902 of P.L.
112-240 and by P.L. 113-168, and
22changes that indirectly affect the provisions applicable to this subchapter made by
23sections 101 and 902 of P.L.
112-240 and by P.L. 113-168, apply for Wisconsin
24purposes at the same time as for federal purposes.
SB21-SSA1,2253
25Section
2253. 71.26 (2) (b) 10. of the statutes is created to read:
SB21-SSA1,732,8
171.26
(2) (b) 10. a. For taxable years beginning after December 31, 2013, 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,
5"net income" means the federal regulated investment company taxable income,
6federal real estate mortgage investment conduit taxable income, federal real estate
7investment trust or financial asset securitization investment trust taxable income
8of the corporation, conduit, or trust as determined under the Internal Revenue Code.
SB21-SSA1,732,119
b. For purposes of subd. 10. a., "Internal Revenue Code" means the federal
10Internal Revenue Code as amended to December 31, 2013, except as provided in
11subds. 10. c. and 10. d. and subject to subd. 10. e.
SB21-SSA1,732,2412
c. For purposes of subd. 10. a., "Internal Revenue Code" does not include the
13following provisions of federal public laws for taxable years beginning after
14December 31, 2013: section 13113 of P.L
103-66; sections 1, 3, 4, and 5 of P.L.
15106-519; sections 101, 102, and 422 of P.L
108-357; sections 1310 and 1351 of P.L.
16109-58; section 11146 of P.L.
109-59; section 403 (q) of P.L.
109-135; section 513 of
17P.L.
109-222; sections 104 and 307 of P.L.
109-432; sections 8233 and 8235 of P.L.
18110-28; section 11 (e) and (g) of P.L.
110-172; section 301 of P.L.
110-245; sections
1915303 and 15351 of P.L.
110-246; section 302 of division A, section 401 of division B,
20and sections 312, 322, 502 (c), 707, and 801 of division C of P.L.
110-343; sections
211232, 1241, 1251, 1501, and 1502 of division B of P.L.
111-5; sections 211, 212, 213,
22214, and 216 of P.L.
111-226; sections 2011 and 2122 of P.L.
111-240; sections 753,
23754, and 760 of P.L.
111-312; section 1106 of P.L.
112-95; and sections 104, 318, 322,
24323, 324, 326, 327, and 411 of P.L.
112-240.
SB21-SSA1,733,5
1d. For purposes of subd. 10. a., "Internal Revenue Code" does not include
2amendments to the federal Internal Revenue Code enacted after December 31, 2013,
3except that "Internal Revenue Code" includes the provisions of P.L.
113-97, P.L.
4113-159, P.L.
113-168, section 302901 of P.L.
113-287, sections 171, 172, and 201 to
5221 of P.L.
113-295, and sections 102, 105, and 207 of division B of P.L.
113-295.
SB21-SSA1,733,86
e. For purposes of subd. 10. a., the provisions of federal public laws that directly
7or indirectly affect the Internal Revenue Code, as defined in this subdivision, apply
8for Wisconsin purposes at the same time as for federal purposes.
SB21-SSA1,2254
9Section
2254. 71.26 (3) (n) of the statutes is amended to read:
SB21-SSA1,733,1310
71.26
(3) (n) Sections 381, 382 and 383 (relating to carry-overs in certain
11corporate acquisitions) are modified so that they apply to losses under sub. (4) and
12credits under s. 71.28
(1di), (1dL), (1dm), (1dx), (3), (4), (4m), and (5) instead of to
13federal credits and federal net operating losses.
SB21-SSA1,2256
14Section
2256. 71.28 (1dd) of the statutes is repealed.
SB21-SSA1,2257
15Section
2257. 71.28 (1de) of the statutes is repealed.
SB21-SSA1,2258
16Section
2258. 71.28 (1di) of the statutes is repealed.
SB21-SSA1,2259
17Section
2259. 71.28 (1dj) of the statutes is repealed.
SB21-SSA1,2260
18Section
2260. 71.28 (1dL) of the statutes is repealed.
SB21-SSA1,2270
19Section
2270. 71.28 (1ds) of the statutes is repealed.
SB21-SSA1,2272
20Section
2272. 71.28 (1dx) (a) 3. of the statutes is amended to read:
SB21-SSA1,734,221
71.28
(1dx) (a) 3. "Environmental remediation" means removal or
22containment of environmental pollution, as defined in s. 299.01 (4), and restoration
23of soil or groundwater that is affected by environmental pollution, as defined in s.
24299.01 (4), in a brownfield if that removal, containment or restoration fulfills the
25requirement under sub. (1de) (a) 1.
, 2013 stats., and investigation unless the
1investigation determines that remediation is required and that remediation is not
2undertaken.
SB21-SSA1,2274
3Section
2274. 71.28 (1dx) (a) 5. of the statutes is amended to read:
SB21-SSA1,734,174
71.28
(1dx) (a) 5. "Member of a targeted group" means a person who resides
5in an area designated by the federal government as an economic revitalization area,
6a person who is employed in an unsubsidized job but meets the eligibility
7requirements under s. 49.145 (2) and (3) for a Wisconsin Works employment position,
8a person who is employed in a trial job, as defined in s. 49.141 (1) (n), 2011 stats., or
9in a trial employment match program job, as defined in s. 49.141 (1) (n), a person who
10is eligible for child care assistance under s. 49.155, a person who is a vocational
11rehabilitation referral, an economically disadvantaged youth, an economically
12disadvantaged veteran, a supplemental security income recipient, a general
13assistance recipient, an economically disadvantaged ex-convict, a qualified summer
14youth employee, as defined in
26 USC 51 (d) (7), a dislocated worker, as defined in
1529 USC 2801 (9), or a food stamp recipient, if the person has been certified in the
16manner under sub. (1dj) (am) 3.
, 2013 stats., by a designated local agency, as defined
17in sub. (1dj) (am) 2
., 2013 stats.
SB21-SSA1,2278b
18Section 2278b. 71.28 (1dx) (b) 4. of the statutes is amended to read:
SB21-SSA1,734,2519
71.28
(1dx) (b) 4. The amount determined by multiplying the amount
20determined under s. 238.385 (1) (bm) or s. 560.785 (1) (bm), 2009 stats., by the
21number of full-time jobs retained, as provided in the rules under s. 238.385 or s.
22560.785, 2009 stats.,
excluding jobs for which a credit has been claimed under sub.
23(1dj), in an enterprise development zone under s. 238.397 or s. 560.797, 2009 stats.,
24and for which significant capital investment was made and by then subtracting the
25subsidies paid under s. 49.147 (3) (a) for those jobs.
SB21-SSA1,2279b
1Section 2279b. 71.28 (1dx) (b) 5. of the statutes is amended to read:
SB21-SSA1,735,72
71.28
(1dx) (b) 5. The amount determined by multiplying the amount
3determined under s. 238.385 (1) (c) or s. 560.785 (1) (c), 2009 stats., by the number
4of full-time jobs retained, as provided in the rules under s. 238.385 or s. 560.785,
52009 stats.,
excluding jobs for which a credit has been claimed under sub. (1dj), in
6a development zone and not filled by a member of a targeted group and by then
7subtracting the subsidies paid under s. 49.147 (3) (a) for those jobs.
SB21-SSA1,2284
8Section
2284. 71.28 (1dx) (e) of the statutes is renumbered 71.28 (1dx) (e) 1.
9and amended to read:
SB21-SSA1,735,1410
71.28
(1dx) (e) 1. Subsection (4) (e) to (h), as it applies to the credit under sub.
11(4), applies to the credit under this subsection.
Subsection (1dj) (c), as it applies to
12the credit under sub. (1dj), applies to the credit under this subsection. Claimants
13shall include with their returns a copy of their certification for tax benefits and a copy
14of the department of commerce's verification of their expenses.
SB21-SSA1,2285
15Section
2285. 71.28 (1dx) (e) 2. of the statutes is created to read:
SB21-SSA1,735,2416
71.28
(1dx) (e) 2. The credit under this subsection may not be claimed by
17partnerships, limited liability companies and tax-option corporations but the
18eligibility for, and the amount of, that credit shall be determined on the basis of their
19economic activity, not that of their shareholders, partners or members. The
20corporation, partnership or limited liability company shall compute the amount of
21credit that may be claimed by each of its shareholders, partners or members and
22shall provide that information to each of its shareholders, partners or members.
23That credit may be claimed by partners, members of limited liability companies and
24shareholders of tax-option corporations in proportion to their ownership interests.
SB21-SSA1,2316
25Section
2316. 71.28 (3y) of the statutes is created to read:
SB21-SSA1,736,1
171.28
(3y) Business development credit. (a)
Definitions. In this subsection:
SB21-SSA1,736,22
1. "Claimant" means a person certified to receive tax benefits under s. 238.308.
SB21-SSA1,736,33
2. "Eligible employee" has the meaning given in s. 238.308 (1) (a).
SB21-SSA1,736,64
(b)
Filing claims. Subject to the limitations provided in this subsection and s.
5238.308, for taxable years beginning after December 31, 2015, a claimant may claim
6as a credit against the tax imposed under s. 71.23 all of the following:
SB21-SSA1,736,97
1. The amount of wages that the claimant paid to an eligible employee in the
8taxable year, not to exceed 10 percent of such wages, as determined by the Wisconsin
9Economic Development Corporation under s. 238.308.
SB21-SSA1,736,1410
2. In addition to any amount claimed for an eligible employee under subd. 1.,
11the amount of wages that the claimant paid to the eligible employee in the taxable
12year, not to exceed 5 percent of such wages, if the eligible employee is employed in
13an economically distressed area, as determined by the Wisconsin Economic
14Development Corporation.
SB21-SSA1,736,1715
3. The amount of training costs that the claimant incurred under s. 238.308 (4)
16(a) 3., not to exceed 50 percent of such costs, as determined by the Wisconsin
17Economic Development Corporation.
SB21-SSA1,736,2118
4. The amount of the personal property investment, not to exceed 3 percent of
19such investment, and the amount of the real property investment, not to exceed 5
20percent of such investment, in a capital investment project that satisfies s. 238.308
21(4) (a) 4., as determined by the Wisconsin Economic Development Corporation.
SB21-SSA1,737,322
5. An amount, as determined by the Wisconsin Economic Development
23Corporation under s. 238.308 (4) (a) 5., equal to a percentage of the amount of wages
24that the claimant paid to an eligible employee in the taxable year if the position in
25which the eligible employee was employed was created or retained in connection with
1the claimant's location or retention of the claimant's corporate headquarters in
2Wisconsin and the job duties associated with the eligible employee's position involve
3the performance of corporate headquarters functions.
SB21-SSA1,737,114
(c)
Limitations. 1. Partnerships, limited liability companies, and tax-option
5corporations may not claim the credit under this subsection, but the eligibility for,
6and the amount of, the credit are based on their payment of amounts under par. (b).
7A partnership, limited liability company, or tax-option corporation shall compute
8the amount of credit that each of its partners, members, or shareholders may claim
9and shall provide that information to each of them. Partners, members of limited
10liability companies, and shareholders of tax-option corporations may claim the
11credit in proportion to their ownership interests.
SB21-SSA1,737,1412
2. No credit may be allowed under this subsection unless the claimant includes
13with the claimant's return a copy of the claimant's certification for tax benefits under
14s. 238.308.
SB21-SSA1,737,1615
(d)
Administration. 1. Subsection (4) (e), (g), and (h), as it applies to the credit
16under sub. (4), applies to the credit under this subsection.
SB21-SSA1,737,2117
2. If the allowable amount of the claim under par. (b) exceeds the tax otherwise
18due under s. 71.23, the amount of the claim not used to offset the tax due shall be
19certified by the department of revenue to the department of administration for
20payment by check, share draft, or other draft drawn from the appropriation account
21under s. 20.835 (2) (bg).
SB21-SSA1,2317
22Section
2317. 71.28 (4) (ad) 1. of the statutes is amended to read:
SB21-SSA1,738,1323
71.28
(4) (ad) 1. Except as provided in subds. 2. and 3.,
for taxable years
24beginning before January 1, 2015, any corporation may credit against taxes
25otherwise due under this chapter an amount equal to 5 percent of the amount
1obtained by subtracting from the corporation's qualified research expenses, as
2defined in section
41 of the Internal Revenue Code, except that "qualified research
3expenses" includes only expenses incurred by the claimant, incurred for research
4conducted in this state for the taxable year, except that a taxpayer may elect the
5alternative computation under section
41 (c) (4) of the Internal Revenue Code and
6that election applies until the department permits its revocation, except as provided
7in par. (af), and except that "qualified research expenses" does not include
8compensation used in computing the credit under
subs. (1dj) and sub. (1dx), the
9corporation's base amount, as defined in section
41 (c) of the Internal Revenue Code,
10except that gross receipts used in calculating the base amount means gross receipts
11from sales attributable to Wisconsin under s. 71.25 (9) (b) 1. and 2., (df) 1. and 2., (dh)
121., 2., and 3., (dj), and (dk). Section
41 (h) of the Internal Revenue Code does not apply
13to the credit under this paragraph.
SB21-SSA1,2318
14Section
2318. 71.28 (4) (ad) 2. of the statutes is amended to read:
SB21-SSA1,739,715
71.28
(4) (ad) 2. For taxable years beginning after June 30, 2007,
and before
16January 1, 2015, any corporation may credit against taxes otherwise due under this
17chapter an amount equal to 10 percent of the amount obtained by subtracting from
18the corporation's qualified research expenses, as defined in section
41 of the Internal
19Revenue Code, except that "qualified research expenses" includes only expenses
20incurred by the claimant for research related to designing internal combustion
21engines for vehicles, including expenses related to designing vehicles that are
22powered by such engines and improving production processes for such engines and
23vehicles, incurred for research conducted in this state for the taxable year, except
24that a taxpayer may elect the alternative computation under section
41 (c) (4) of the
25Internal Revenue Code and that election applies until the department permits its
1revocation, except as provided in par. (af), and except that "qualified research
2expenses" does not include compensation used in computing the credit under
subs.
3(1dj) and sub. (1dx), the corporation's base amount, as defined in section
41 (c) of the
4Internal Revenue Code, except that gross receipts used in calculating the base
5amount means gross receipts from sales attributable to Wisconsin under s. 71.25 (9)
6(b) 1. and 2., (df) 1. and 2., (dh) 1., 2., and 3., (dj), and (dk). Section
41 (h) of the
7Internal Revenue Code does not apply to the credit under this paragraph.
SB21-SSA1,2319
8Section
2319. 71.28 (4) (ad) 3. of the statutes is amended to read:
SB21-SSA1,740,29
71.28
(4) (ad) 3. For taxable years beginning after June 30, 2007,
and before
10January 1, 2015, any corporation may credit against taxes otherwise due under this
11chapter an amount equal to 10 percent of the amount obtained by subtracting from
12the corporation's qualified research expenses, as defined in section
41 of the Internal
13Revenue Code, except that "qualified research expenses" includes only expenses
14incurred by the claimant for research related to the design and manufacturing of
15energy efficient lighting systems, building automation and control systems, or
16automotive batteries for use in hybrid-electric vehicles, that reduce the demand for
17natural gas or electricity or improve the efficiency of its use, incurred for research
18conducted in this state for the taxable year, except that a taxpayer may elect the
19alternative computation under section
41 (c) (4) of the Internal Revenue Code and
20that election applies until the department permits its revocation, except as provided
21in par. (af), and except that "qualified research expenses" does not include
22compensation used in computing the credit under
subs. (1dj) and sub. (1dx), the
23corporation's base amount, as defined in section
41 (c) of the Internal Revenue Code,
24except that gross receipts used in calculating the base amount means gross receipts
25from sales attributable to Wisconsin under s. 71.25 (9) (b) 1. and 2., (df), 1. and 2., (dh)
11., 2., and 3., (dj), and (dk). Section
41 (h) of the Internal Revenue Code does not apply
2to the credit under this paragraph.
SB21-SSA1,2319d
3Section 2319d. 71.28 (4) (ad) 4. of the statutes is created to read:
SB21-SSA1,740,144
71.28
(4) (ad) 4. a. Except as provided in subds. 5. and 6., for taxable years
5beginning after December 31, 2014, a corporation may claim a credit against the tax
6imposed under s. 71.23, as allocated under par. (d), an amount equal to 5.75 percent
7of the amount by which the corporation's qualified research expenses for the taxable
8year exceed 50 percent of the average qualified research expenses for the 3 taxable
9years immediately preceding the taxable year for which the claimant claims the
10credit. If the corporation had no qualified research expenses in any of the 3 taxable
11years immediately preceding the taxable year for which the claimant claims the
12credit, the claimant may claim an amount equal to 2.875 percent of the corporation's
13qualified research expenses for the taxable year for which the claimant claims the
14credit.
SB21-SSA1,740,2115
b. For purposes of subd. 4. a. "qualified research expenses" means qualified
16research expenses as defined in section
41 of the Internal Revenue Code, except that
17"qualified research expenses" includes only expenses incurred by the claimant,
18incurred for research conducted in this state for the taxable year and does not include
19compensation used in computing the credit under sub. (1dx), the corporation's base
20amount. Section
41 (f) (1), (2), (5), and (6) and (h) of the Internal Revenue Code does
21not apply to the credit under this subdivision.
SB21-SSA1,2319e
22Section 2319e. 71.28 (4) (ad) 5. of the statutes is created to read:
SB21-SSA1,741,723
71.28
(4) (ad) 5. a. For taxable years beginning after December 31, 2014, a
24corporation may claim a credit against the tax imposed under s. 71.23, as allocated
25under par. (d), an amount equal to 11.5 percent of the amount by which the
1corporation's qualified research expenses for the taxable year exceed 50 percent of
2the average qualified research expenses for the 3 taxable years immediately
3preceding the taxable year for which the claimant claims the credit. If the
4corporation had no qualified research expenses in any of the 3 taxable years
5immediately preceding the taxable year for which the claimant claims the credit, the
6claimant may claim an amount equal to 5.75 percent of the corporation's qualified
7research expenses for the taxable year for which the claimant claims the credit.
SB21-SSA1,741,168
b. For purposes of subd. 5. a., "qualified research expenses" means qualified
9research expenses as defined in section
41 of the Internal Revenue Code, except that
10"qualified research expenses" includes only expenses incurred by the claimant for
11research related to designing internal combustion engines for vehicles, including
12expenses related to designing vehicles that are powered by such engines and
13improving production processes for such engines and vehicles, incurred for research
14conducted in this state for the taxable year and does not include compensation used
15in computing the credit under sub. (1dx). Section
41 (f) (1), (2), (5), and (6) and (h)
16of the Internal Revenue Code does not apply to the credit under this subdivision.
SB21-SSA1,2319f
17Section 2319f. 71.28 (4) (ad) 6. of the statutes is created to read:
SB21-SSA1,742,218
71.28
(4) (ad) 6. a. For taxable years beginning after December 31, 2014, a
19corporation may claim a credit against the tax imposed under s. 71.23, as allocated
20under par. (d), an amount equal to 11.5 percent of the amount by which the
21corporation's qualified research expenses for the taxable year exceed 50 percent of
22the average qualified research expenses for the 3 taxable years immediately
23preceding the taxable year for which the claimant claims the credit. If the
24corporation had no qualified research expenses in any of the 3 taxable years
25immediately preceding the taxable year for which the claimant claims the credit, the
1claimant may claim an amount equal to 5.75 percent of the corporation's qualified
2research expenses for the taxable year for which the claimant claims the credit.
SB21-SSA1,742,123
b. For purposes of subd. 6. a., "qualified research expenses" means qualified
4research expenses as defined in section
41 of the Internal Revenue Code, except that
5"qualified research expenses" includes only expenses incurred by the claimant for
6research related to the design and manufacturing of energy efficient lighting
7systems, building automation and control systems, or automotive batteries for use
8in hybrid-electric vehicles, that reduce the demand for natural gas or electricity or
9improve the efficiency of its use, incurred for research conducted in this state for the
10taxable year and does not include compensation used in computing the credit under
11sub. (1dx). Section
41 (f) (1), (2), (5), and (6) and (h) of the Internal Revenue Code does
12not apply to the credit under this subdivision.
SB21-SSA1,2319g
13Section 2319g. 71.28 (4) (af) of the statutes is amended to read:
SB21-SSA1,742,1814
71.28
(4) (af)
Computation.
If For taxable years beginning before January 1,
152015, if in any taxable year a corporation claims a credit under par. (ad) 1., 2., or 3.,
16or any combination of those credits, the corporation may use a different computation
17method to calculate each of the credits and may choose to change the computation
18method once for each credit without the department's approval.
SB21-SSA1,2320b
19Section 2320b. 71.28 (4) (am) 1. of the statutes is amended to read:
SB21-SSA1,743,2020
71.28
(4) (am) 1. In addition to the credit under par. (ad), any corporation may
21credit against taxes otherwise due under this chapter an amount equal to 5 percent
22of the amount obtained by subtracting from the corporation's qualified research
23expenses, as defined in section
41 of the Internal Revenue Code, except that
24"qualified research expenses" include only expenses incurred by the claimant in a
25development zone under subch. II of ch. 238 or subch. VI of ch. 560, 2009 stats., except
1that a taxpayer may elect the alternative computation under section
41 (c) (4) of the
2Internal Revenue Code and that election applies until the department permits its
3revocation and except that "qualified research expenses"
do does not include
4compensation used in computing the credit under sub. (1dj) nor research expenses
5incurred before the claimant is certified for tax benefits under s. 238.365 (3) or s.
6560.765 (3), 2009 stats.,
or the corporation's base amount, as defined in section
41 (c)
7of the Internal Revenue Code, in a development zone, except that gross receipts used
8in calculating the base amount means gross receipts from sales attributable to
9Wisconsin under s. 71.25 (9) (b) 1. and 2., (df) 1. and 2., (dh) 1., 2., and 3., (dj), and
10(dk) and research expenses used in calculating the base amount include research
11expenses incurred before the claimant is certified for tax benefits under s. 238.365
12(3) or s. 560.765 (3), 2009 stats., in a development zone, if the claimant submits with
13the claimant's return a copy of the claimant's certification for tax benefits under s.
14238.365 (3) or s. 560.765 (3), 2009 stats., and a statement from the department of
15commerce or the Wisconsin Economic Development Corporation verifying the
16claimant's qualified research expenses for research conducted exclusively in a
17development zone. The rules under s. 73.03 (35) apply to the credit under this
18subdivision.
The rules under sub. (1di) (f) and (g) as they apply to the credit under
19that subsection apply to claims under this subdivision. Section
41 (h) of the Internal
20Revenue Code does not apply to the credit under this subdivision.
SB21-SSA1,2322
21Section
2322. 71.28 (4m) (a) of the statutes is amended to read:
SB21-SSA1,744,222
71.28
(4m) (a)
Definition. In this subsection, "qualified research expenses"
23means qualified research expenses as defined in section
41 of the Internal Revenue
24Code, except that "qualified research expenses" includes only expenses incurred by
25the claimant for research conducted in this state for the taxable year and except that
1"qualified research expenses"
do
does not include compensation used in computing
2the
credits credit under
subs. (1dj) and sub. (1dx).
SB21-SSA1,2327b
3Section 2327b. 71.28 (5j) (a) 2d. of the statutes is amended to read:
SB21-SSA1,744,94
71.28
(5j) (a) 2d. "Diesel replacement renewable fuel" includes biodiesel and
5any other fuel derived from a renewable resource that meets all of the applicable
6requirements of the American Society for Testing and Materials for that fuel and that
7the department of
commerce or the department of safety and professional services 8agriculture, trade and consumer protection designates by rule as a diesel
9replacement renewable fuel.
SB21-SSA1,2328b
10Section 2328b. 71.28 (5j) (a) 2m. of the statutes is amended to read:
SB21-SSA1,744,1611
71.28
(5j) (a) 2m. "Gasoline replacement renewable fuel" includes ethanol and
12any other fuel derived from a renewable resource that meets all of the applicable
13requirements of the American Society for Testing and Materials for that fuel and that
14the department of
commerce or the department of safety and professional services 15agriculture, trade and consumer protection designates by rule as a gasoline
16replacement renewable fuel.
SB21-SSA1,2329b
17Section 2329b. 71.28 (5j) (c) 3. of the statutes is amended to read:
SB21-SSA1,744,2318
71.28
(5j) (c) 3. The department of
commerce or the department of safety and
19professional services agriculture, trade and consumer protection shall establish
20standards to adequately prevent, in the distribution of conventional fuel to an end
21user, the inadvertent distribution of fuel containing a higher percentage of
22renewable fuel than the maximum percentage established by the federal
23environmental protection agency for use in conventionally-fueled engines.
SB21-SSA1,2331
24Section
2331. 71.28 (5n) (a) 3. of the statutes is amended to read:
SB21-SSA1,745,5
171.28
(5n) (a) 3. "Direct costs" includes all of the claimant's ordinary and
2necessary expenses paid or incurred during the taxable year in carrying on the trade
3or business that are deductible
as business expenses under
section 162 of the
4Internal Revenue Code and identified as direct costs in the claimant's managerial or
5cost accounting records.
SB21-SSA1,2332
6Section
2332. 71.28 (5n) (a) 4. of the statutes is amended to read:
SB21-SSA1,745,117
71.28
(5n) (a) 4. "Indirect costs" includes all of the claimant's ordinary and
8necessary expenses paid or incurred during the taxable year in carrying on the trade
9or business that are deductible
as business expenses under
section 162 of the
10Internal Revenue Code, other than cost of goods sold and direct costs, and identified
11as indirect costs in the claimant's managerial or cost accounting records.
SB21-SSA1,2333
12Section
2333. 71.28 (5n) (a) 5. d. of the statutes is created to read:
SB21-SSA1,745,1713
71.28
(5n) (a) 5. d. For purposes of subd. 5. a., a claimant who the department
14approves to be classified as a manufacturer for purposes of s. 70.995, but who is not
15eligible to be listed on the department's manufacturing roll until January 1 of the
16following year, may claim the credit in the year in which the manufacturing
17classification is approved.
SB21-SSA1,2333d
18Section 2333d. 71.28 (5n) (b) 3. of the statutes is amended to read:
SB21-SSA1,745,2019
71.28
(5n) (b) 3. For taxable years beginning after December 31, 2014, and
20before January 1, 2016,
5.526 5.025 percent.
SB21-SSA1,2337d
21Section 2337d. 71.28 (6) (cn) of the statutes is created to read:
SB21-SSA1,745,2422
71.28
(6) (cn) For taxable years beginning after December 31, 2014, the
23Wisconsin Economic Development Corporation shall certify a person to claim a credit
24under par. (a) 3. if all of the following applies:
SB21-SSA1,746,2
11. The corporation previously certified the person to claim a credit under par.
2(a) 3. for any taxable year beginning before January 1, 2015.
SB21-SSA1,746,53
2. The proposed project for which the person wishes to claim a credit under this
4paragraph for any taxable year beginning after December 31, 2014, is located in the
5city of Green Bay.
SB21-SSA1,746,96
3. The proposed project described under subd. 2. is located on the same parcel
7as the project for which the person received certification under subd. 1. or on a parcel
8that is contiguous to the project for which the person received certification under
9subd. 1.
SB21-SSA1,746,1310
4. The corporation determines that the person is eligible to claim the credit
11under section
47 of the Internal Revenue Code for the qualified rehabilitation
12expenses incurred for the project for which the person received certification under
13subd. 1.
SB21-SSA1,2339d
14Section 2339d. 71.29 (7) (d) of the statutes is created to read:
SB21-SSA1,746,1715
71.29
(7) (d) The taxpayer has underpaid the taxpayer's estimated taxes due
16to the change in the percentage under s. 71.28 (5n) (b) 3. This paragraph applies only
17to taxable years beginning after December 31, 2014, and before January 1, 2016.
SB21-SSA1,2340
18Section
2340. 71.30 (3) (eb) of the statutes is repealed.
SB21-SSA1,2341
19Section
2341. 71.30 (3) (ec) of the statutes is repealed.
SB21-SSA1,2342
20Section
2342. 71.30 (3) (eg) of the statutes is repealed.
SB21-SSA1,2343
21Section
2343. 71.30 (3) (eh) of the statutes is repealed.
