9,1740c
Section 1740c. 71.26 (2) (a) of the statutes is amended to read:
71.26 (2) (a) Corporations in general. The "net income" of a corporation means the gross income as computed under the internal revenue code as modified under sub. (3) minus the amount of recapture under s. 71.28 (1di) plus the amount of credit computed under s. 71.28 (1) and (3) to (5) plus the amount of the credit computed under s. 71.28 (1dd), (1de), (1di), (1dj), (1dL), (1ds) and, (1dx) and (1dy) and not passed through by a partnership, limited liability company or tax-option corporation that has added that amount to the partnership's, limited liability company's or tax-option corporation's income under s. 71.21 (4) or 71.34 (1) (g) plus the amount of losses from the sale or other disposition of assets the gain from which would be wholly exempt income, as defined in sub. (3) (L), if the assets were sold or otherwise disposed of at a gain and minus deductions, as computed under the internal revenue code as modified under sub. (3), plus or minus, as appropriate, an amount equal to the difference between the federal basis and Wisconsin basis of any asset sold, exchanged, abandoned or otherwise disposed of in a taxable transaction during the taxable year, except as provided in par. (b) and s. 71.45 (2) and (5).
9,1740d
Section 1740d. 71.26 (2) (b) 5. of the statutes is repealed.
9,1740e
Section 1740e. 71.26 (2) (b) 6. of the statutes is amended to read:
71.26
(2) (b) 6. For taxable years that begin after December 31, 1990, and before January 1, 1992, for a corporation, conduit or common law trust which qualifies as a regulated investment company, real estate mortgage investment conduit or real estate investment trust under the
internal revenue code Internal Revenue Code as amended to December 31, 1990, and as amended by P.L.
102-227, P.L.
102-486, P.L.
103-66, P.L.
104-188, excluding section 1311 of P.L.
104-188,
and, P.L.
105-34, P.L. 105-206 and P.L. 105-277, and as indirectly affected in the provisions applicable to this subchapter by P.L.
99-514, P.L.
100-203, P.L.
100-647, P.L.
101-73, P.L.
101-140, P.L.
101-179, P.L.
101-239, P.L.
101-508, P.L.
102-227, P.L.
102-486, P.L.
103-66, P.L.
104-188, excluding section 1311 of P.L.
104-188,
and P.L.
105-34, P.L. 105-206 and P.L. 105-277, "net income" means the federal regulated investment company taxable income, federal real estate mortgage investment conduit taxable income or federal real estate investment trust taxable income of the corporation, conduit or trust as determined under the
internal revenue code
Internal Revenue Code as amended to December 31, 1990, and as amended by P.L.
102-227, P.L.
102-486, P.L.
103-66, P.L.
104-188, excluding section 1311 of P.L.
104-188,
and P.L.
105-34, P.L. 105-206 and P.L. 105-277 and as indirectly affected in the provisions applicable to this subchapter by P.L.
99-514, P.L.
100-203, P.L.
100-647, P.L.
101-73, P.L.
101-140, P.L.
101-179, P.L.
101-239, P.L.
101-508, P.L.
102-227, P.L.
102-486, P.L.
103-66, P.L.
104-188, excluding section 1311 of P.L.
104-188,
and P.L.
105-34, P.L. 105-206 and P.L. 105-277, except that property that, under s. 71.02 (1) (c) 8. to 11., 1985 stats., is required to be depreciated for taxable years 1983 to 1986 under the
internal revenue code Internal Revenue Code as amended to December 31, 1980, shall continue to be depreciated under the
internal revenue code Internal Revenue Code as amended to December 31, 1980, and except that the appropriate amount shall be added or subtracted to reflect differences between the depreciation or adjusted basis for federal income tax purposes and the depreciation or adjusted basis under this chapter of any property disposed of during the taxable year. The
internal revenue code
Internal Revenue Code as amended to December 31, 1990, and as amended by P.L.
102-227, P.L.
102-486, P.L.
103-66, P.L.
104-188, excluding section 1311 of P.L.
104-188,
and P.L.
105-34, P.L. 105-206 and P.L. 105-277, and as indirectly affected in the provisions applicable to this subchapter by P.L.
99-514, P.L.
100-203, P.L.
100-647, P.L.
101-73, P.L.
101-140, P.L.
101-179, P.L.
101-239, P.L.
101-508, P.L.
102-227, P.L.
102-486, P.L.
103-66, P.L.
104-188, excluding section 1311 of P.L.
104-188,
and P.L.
105-34, P.L. 105-206 and P.L. 105-277, applies for Wisconsin purposes at the same time as for federal purposes. Amendments to the
internal revenue code Internal Revenue Code enacted after December 31, 1990, do not apply to this subdivision with respect to taxable years that begin after December 31, 1990, and before January 1, 1992, except that changes to the
internal revenue code Internal Revenue Code made by P.L.
102-227, P.L.
102-486, P.L.
103-66, P.L.
104-188, excluding section 1311 of P.L.
104-188,
and P.L.
105-34, P.L. 105-206 and P.L. 105-277 and changes that indirectly affect the provisions applicable to this subchapter made by P.L.
102-227, P.L.
102-486, P.L.
103-66, P.L.
104-188, excluding section 1311 of P.L.
104-188,
and, P.L.
105-34, P.L. 105-206 and P.L. 105-277, apply for Wisconsin purposes at the same time as for federal purposes.
9,1740f
Section 1740f. 71.26 (2) (b) 7. of the statutes is amended to read:
71.26
(2) (b) 7. For taxable years that begin after December 31, 1991, and before January 1, 1993, for a corporation, conduit or common law trust which qualifies as a regulated investment company, real estate mortgage investment conduit or real estate investment trust under the
internal revenue code Internal Revenue Code as amended to December 31, 1991, excluding sections 103, 104 and 110 of P.L.
102-227, and as amended by P.L.
102-318, P.L.
102-486, P.L.
103-66, excluding sections 13101 (a) and (c) 1, 13171 and 13174 of P.L.
103-66, P.L.
104-188, excluding section 1311 of P.L.
104-188,
and P.L.
105-34, P.L. 105-206 and P.L. 105-277, and as indirectly affected in the provisions applicable to this subchapter by P.L.
99-514, P.L.
100-203, P.L.
100-647, P.L.
101-73, P.L.
101-140, P.L.
101-179, P.L.
101-239, P.L.
101-508, P.L.
102-227, excluding sections 103, 104 and 110 of P.L.
102-227, P.L.
102-318, P.L.
102-486, P.L.
103-66, excluding sections 13101 (a) and (c) 1, 13171 and 13174 of P.L.
103-66, P.L.
104-188, excluding section 1311 of P.L.
104-188,
and P.L.
105-34, P.L. 105-206 and P.L. 105-277, "net income" means the federal regulated investment company taxable income, federal real estate mortgage investment conduit taxable income or federal real estate investment trust taxable income of the corporation, conduit or trust as determined under the
internal revenue code Internal Revenue Code as amended to December 31, 1991, excluding sections 103, 104 and 110 of P.L.
102-227, and as amended by P.L.
102-318, P.L.
102-486, P.L.
103-66, excluding sections 13101 (a) and (c) 1, 13171 and 13174 of P.L.
103-66, P.L.
104-188, excluding section 1311 of P.L.
104-188,
and P.L.
105-34, P.L. 105-206 and P.L. 105-277 and as indirectly affected in the provisions applicable to this subchapter by P.L.
99-514, P.L.
100-203, P.L.
100-647, P.L.
101-73, P.L.
101-140, P.L.
101-179, P.L.
101-239, P.L.
101-508, P.L.
102-227, excluding sections 103, 104 and 110 of P.L.
102-227, P.L.
102-318, P.L.
102-486, P.L.
103-66, excluding sections 13101 (a) and (c) 1, 13171 and 13174 of P.L.
103-66, P.L.
104-188, excluding section 1311 of P.L.
104-188,
and P.L.
105-34, P.L. 105-206 and P.L. 105-277, except that property that, under s. 71.02 (1) (c) 8. to 11., 1985 stats., is required to be depreciated for taxable years 1983 to 1986 under the
internal revenue code Internal Revenue Code as amended to December 31, 1980, shall continue to be depreciated under the
internal revenue code Internal Revenue Code as amended to December 31, 1980, and except that the appropriate amount shall be added or subtracted to reflect differences between the depreciation or adjusted basis for federal income tax purposes and the depreciation or adjusted basis under this chapter of any property disposed of during the taxable year. The
internal revenue code
Internal Revenue Code as amended to December 31, 1991, excluding sections 103, 104 and 110 of P.L.
102-227, and as amended by P.L.
102-318, P.L.
102-486, P.L.
103-66, excluding sections 13101 (a) and (c) 1, 13171 and 13174 of P.L.
103-66, P.L.
104-188, excluding section 1311 of P.L.
104-188,
and P.L.
105-34, P.L. 105-206 and P.L. 105-277, and as indirectly affected in the provisions applicable to this subchapter by P.L.
99-514, P.L.
100-203, P.L.
100-647, P.L.
101-73, P.L.
101-140, P.L.
101-179, P.L.
101-239, P.L.
101-508, P.L.
102-227, excluding sections 103, 104 and 110 of P.L.
102-227, P.L.
102-318, P.L.
102-486, P.L.
103-66, excluding sections 13101 (a) and (c) 1, 13171 and 13174 of P.L.
103-66, P.L.
104-188, excluding section 1311 of P.L.
104-188,
and P.L.
105-34, P.L. 105-206 and P.L. 105-277 applies for Wisconsin purposes at the same time as for federal purposes. Amendments to the
internal revenue code Internal Revenue Code enacted after December 31, 1991, do not apply to this subdivision with respect to taxable years that begin after December 31, 1991, and before January 1, 1993, except that changes to the
internal revenue code Internal Revenue Code made by P.L.
102-318, P.L.
102-486, P.L.
103-66, P.L.
104-188, excluding section 1311 of P.L.
104-188,
and P.L.
105-34, P.L. 105-206 and P.L. 105-277 and changes that indirectly affect the provisions applicable to this subchapter made by P.L.
102-318, P.L.
102-486, P.L.
103-66, P.L.
104-188, excluding section 1311 of P.L.
104-188,
and P.L.
105-34, P.L. 105-206 and P.L. 105-277 apply for Wisconsin purposes at the same time as for federal purposes.
9,1740g
Section 1740g. 71.26 (2) (b) 8. of the statutes is amended to read:
71.26
(2) (b) 8. For taxable years that begin after December 31, 1992, and before January 1, 1994, for a corporation, conduit or common law trust which qualifies as a regulated investment company, real estate mortgage investment conduit or real estate investment trust under the
internal revenue code Internal Revenue Code as amended to December 31, 1992, excluding sections 103, 104 and 110 of P.L.
102-227, and as amended by P.L.
103-66, excluding sections 13101 (a) and (c) 1., 13113, 13150, 13171, 13174 and 13203 of P.L.
103-66, P.L.
103-465, P.L.
104-188, excluding section 1311 of P.L.
104-188,
and P.L.
105-34, P.L. 105-206 and P.L. 105-277, and as indirectly affected in the provisions applicable to this subchapter by P.L.
99-514, P.L.
100-203, P.L.
100-647, P.L.
101-73, P.L.
101-140, P.L.
101-179, P.L.
101-239, P.L.
101-508, P.L.
102-227, excluding sections 103, 104 and 110 of P.L.
102-227, P.L.
102-318, P.L.
102-486, P.L.
103-66, excluding sections 13101 (a) and (c) 1, 13113, 13150, 13171, 13174 and 13203 of P.L.
103-66, P.L.
103-465, P.L.
104-188, excluding section 1311 of P.L.
104-188,
and P.L.
105-34, P.L. 105-206 and P.L. 105-277, "net income" means the federal regulated investment company taxable income, federal real estate mortgage investment conduit taxable income or federal real estate investment trust taxable income of the corporation, conduit or trust as determined under the
internal revenue code Internal Revenue Code as amended to December 31, 1992, excluding sections 103, 104 and 110 of P.L.
102-227, and as amended by P.L.
103-66, excluding sections 13101 (a) and (c) 1, 13113, 13150, 13171, 13174 and 13203 of P.L.
103-66, P.L.
103-465, P.L.
104-188, excluding section 1311 of P.L.
104-188,
and P.L.
105-34, P.L. 105-206 and P.L. 105-277, and as indirectly affected in the provisions applicable to this subchapter by P.L.
99-514, P.L.
100-203, P.L.
100-647, P.L.
101-73, P.L.
101-140, P.L.
101-179, P.L.
101-239, P.L.
101-508, P.L.
102-227, excluding sections 103, 104 and 110 of P.L.
102-227, P.L.
102-318, P.L.
102-486, P.L.
103-66, excluding sections 13101 (a) and (c) 1., 13113, 13150, 13171, 13174 and 13203 of P.L.
103-66, P.L.
103-465, P.L.
104-188, excluding section 1311 of P.L.
104-188,
and P.L.
105-34, P.L. 105-206 and P.L. 105-277, except that property that, under s. 71.02 (1) (c) 8. to 11., 1985 stats., is required to be depreciated for taxable years 1983 to 1986 under the
internal revenue code Internal Revenue Code as amended to December 31, 1980, shall continue to be depreciated under the
internal revenue code Internal Revenue Code as amended to December 31, 1980, and except that the appropriate amount shall be added or subtracted to reflect differences between the depreciation or adjusted basis for federal income tax purposes and the depreciation or adjusted basis under this chapter of any property disposed of during the taxable year. The
internal revenue code Internal Revenue Code as amended to December 31, 1992, excluding sections 103, 104 and 110 of P.L.
102-227, and as amended by P.L.
103-66, excluding sections 13101 (a) and (c) 1, 13113, 13150, 13171, 13174 and 13203 of P.L.
103-66, P.L.
103-465, P.L.
104-188, excluding section 1311 of P.L.
104-188,
and P.L.
105-34, P.L. 105-206 and P.L. 105-277, and as indirectly affected in the provisions applicable to this subchapter by P.L.
99-514, P.L.
100-203, P.L.
100-647, P.L.
101-73, P.L.
101-140, P.L.
101-179, P.L.
101-239, P.L.
101-508, P.L.
102-227, excluding sections 103, 104 and 110 of P.L.
102-227, P.L.
102-318, P.L.
102-486, P.L.
103-66, excluding sections 13101 (a) and (c) 1, 13113, 13150, 13171, 13174 and 13203 of P.L.
103-66, P.L.
103-465, P.L.
104-188, excluding section 1311 of P.L.
104-188,
and P.L.
105-34, P.L. 105-206 and P.L. 105-277, applies for Wisconsin purposes at the same time as for federal purposes. Amendments to the
internal revenue code Internal Revenue Code enacted after December 31, 1992, do not apply to this subdivision with respect to taxable years that begin after December 31, 1992, and before January 1, 1994, except that changes to the
internal revenue code Internal Revenue Code made by P.L.
103-66, P.L.
103-465, P.L.
104-188, excluding section 1311 of P.L.
104-188,
and P.L.
105-34, P.L. 105-206 and P.L. 105-277 and changes that indirectly affect the provisions applicable to this subchapter made by P.L.
103-66, P.L.
103-465, P.L.
104-188, excluding section 1311 of P.L.
104-188,
and P.L.
105-34, P.L. 105-206 and P.L. 105-277, apply for Wisconsin purposes at the same time as for federal purposes.
9,1740h
Section 1740h. 71.26 (2) (b) 9. of the statutes is amended to read:
71.26
(2) (b) 9. For taxable years that begin after December 31, 1993, and before January 1, 1995, for a corporation, conduit or common law trust which qualifies as a regulated investment company, real estate mortgage investment conduit or real estate investment trust under the
internal revenue code Internal Revenue Code as amended to December 31, 1993, excluding sections 103, 104 and 110 of P.L.
102-227 and sections 13113, 13150 (d), 13171 (d), 13174, 13203 (d) and 13215 of P.L.
103-66, and as amended by P.L.
103-296, P.L.
103-337, P.L.
103-465, P.L.
104-7, excluding section 1 of P.L.
104-7, P.L.
104-188, excluding section 1311 of P.L.
104-188, P.L.
104-191, P.L.
104-193 and, P.L.
105-34, P.L. 105-206 and P.L. 105-277, and as indirectly affected in the provisions applicable to this subchapter by P.L.
99-514, P.L.
100-203, P.L.
100-647, P.L.
101-73, P.L.
101-140, P.L.
101-179, P.L.
101-239, P.L.
101-508, P.L.
102-227, excluding sections 103, 104 and 110 of P.L.
102-227, P.L.
102-318, P.L.
102-486, P.L.
103-66, excluding sections 13113, 13150 (d), 13171 (d), 13174, 13203 (d) and 13215 of P.L.
103-66, P.L.
103-296, P.L.
103-337, P.L.
103-465, P.L.
104-7, excluding section 1 of P.L.
104-7, P.L.
104-188, excluding section 1311 of P.L.
104-188, P.L.
104-191, P.L.
104-193 and, P.L.
105-34, P.L. 105-206 and P.L. 105-277, "net income" means the federal regulated investment company taxable income, federal real estate mortgage investment conduit taxable income or federal real estate investment trust taxable income of the corporation, conduit or trust as determined under the
internal revenue code Internal Revenue Code as amended to December 31, 1993, excluding sections 103, 104 and 110 of P.L.
102-227 and sections 13113, 13150 (d), 13171 (d), 13174, 13203 (d) and 13215 of P.L.
103-66, and as amended by P.L.
103-296, P.L.
103-337, P.L.
103-465, P.L.
104-7, excluding section 1 of P.L.
104-7, P.L.
104-188, excluding section 1311 of P.L.
104-188, P.L.
104-191, P.L.
104-193 and, P.L.
105-34, P.L. 105-206 and P.L. 105-277, and as indirectly affected in the provisions applicable to this subchapter by P.L.
99-514, P.L.
100-203, P.L.
100-647, P.L.
101-73, P.L.
101-140, P.L.
101-179, P.L.
101-239, P.L.
101-508, P.L.
102-227, excluding sections 103, 104 and 110 of P.L.
102-227, P.L.
102-318, P.L.
102-486, P.L.
103-66, excluding sections 13113, 13150 (d), 13171 (d), 13174, 13203 (d) and 13215 of P.L.
103-66, P.L.
103-296, P.L.
103-337, P.L.
103-465, P.L.
104-7, excluding section 1 of P.L.
104-7, P.L.
104-188, excluding section 1311 of P.L.
104-188, P.L.
104-191, P.L.
104-193,
and P.L.
105-34, P.L. 105-206 and P.L. 105-277, except that property that, under s. 71.02 (1) (c) 8. to 11., 1985 stats., is required to be depreciated for taxable years 1983 to 1986 under the
internal revenue code Internal Revenue Code as amended to December 31, 1980, shall continue to be depreciated under the
internal revenue code Internal Revenue Code as amended to December 31, 1980, and except that the appropriate amount shall be added or subtracted to reflect differences between the depreciation or adjusted basis for federal income tax purposes and the depreciation or adjusted basis under this chapter of any property disposed of during the taxable year. The
internal revenue code
Internal Revenue Code as amended to December 31, 1993, excluding sections 103, 104 and 110 of P.L.
102-227 and sections 13113, 13150 (d), 13171 (d), 13174, 13203 (d) and 13215 of P.L.
103-66, and as amended by P.L.
103-296, P.L.
103-337, P.L.
103-465, P.L.
104-7, excluding section 1 of P.L.
104-7, P.L.
104-188, excluding section 1311 of P.L.
104-188, P.L.
104-191, P.L.
104-193 and, P.L.
105-34, P.L. 105-206 and P.L. 105-277, and as indirectly affected in the provisions applicable to this subchapter by P.L.
99-514, P.L.
100-203, P.L.
100-647, P.L.
101-73, P.L.
101-140, P.L.
101-179, P.L.
101-239, P.L.
101-508, P.L.
102-227, excluding sections 103, 104 and 110 of P.L.
102-227, P.L.
102-318, P.L.
102-486, P.L.
103-66, excluding sections 13113, 13150 (d), 13171 (d), 13174, 13203 (d) and 13215 of P.L.
103-66, P.L.
103-296, P.L.
103-337, P.L.
103-465, P.L.
104-7, excluding section 1 of P.L.
104-7, P.L.
104-188, excluding section 1311 of P.L.
104-188, P.L.
104-191, P.L.
104-193 and, P.L.
105-34, P.L. 105-206 and P.L. 105-277, applies for Wisconsin purposes at the same time as for federal purposes. Amendments to the
internal revenue code Internal Revenue Code enacted after December 31, 1993, do not apply to this subdivision with respect to taxable years that begin after December 31, 1993, and before January 1, 1995, except that changes to the
internal revenue code
Internal Revenue Code made by P.L.
103-296, P.L.
103-337, P.L.
103-465, P.L.
104-7, excluding section 1 of P.L.
104-7, P.L.
104-188, excluding section 1311 of P.L.
104-188, P.L.
104-191, P.L.
104-193 and, P.L.
105-34, P.L. 105-206 and P.L. 105-277 and changes that indirectly affect the provisions applicable to this subchapter made by P.L.
103-296, P.L.
103-337, P.L.
103-465, P.L.
104-7, excluding section 1 of P.L.
104-7, P.L.
104-188, excluding section 1311 of P.L.
104-188, P.L.
104-191, P.L.
104-193 and, P.L.
105-34, P.L. 105-206 and P.L. 105-277, apply for Wisconsin purposes at the same time as for federal purposes.
9,1740i
Section 1740i. 71.26 (2) (b) 10. of the statutes is amended to read:
71.26
(2) (b) 10. For taxable years that begin after December 31, 1994, and before January 1, 1996, for a corporation, conduit or common law trust which qualifies as a regulated investment company, real estate mortgage investment conduit or real estate investment trust under the
internal revenue code Internal Revenue Code as amended to December 31, 1994, excluding sections 103, 104 and 110 of P.L.
102-227 and sections 13113, 13150 (d), 13171 (d), 13174 and 13203 (d) of P.L.
103-66, and as amended by P.L.
104-7, P.L.
104-188, excluding sections 1202, 1204, 1311 and 1605 of P.L.
104-188, P.L.
104-191, P.L.
104-193 and, P.L.
105-34, P.L. 105-206 and P.L. 105-277, and as indirectly affected in the provisions applicable to this subchapter by P.L.
99-514, P.L.
100-203, P.L.
100-647, P.L.
101-73, P.L.
101-140, P.L.
101-179, P.L.
101-239, P.L.
101-508, P.L.
102-227, excluding sections 103, 104 and 110 of P.L.
102-227, P.L.
102-318, P.L.
102-486, P.L.
103-66, excluding sections 13113, 13150 (d), 13171 (d), 13174 and 13203 (d) of P.L.
103-66, P.L.
103-296, P.L.
103-337, P.L.
103-465, P.L.
104-7, P.L.
104-188, excluding sections 1202, 1204, 1311 and 1605 of P.L.
104-188, P.L.
104-191, P.L.
104-193 and, P.L.
105-34, P.L. 105-206 and P.L. 105-277, "net income" means the federal regulated investment company taxable income, federal real estate mortgage investment conduit taxable income or federal real estate investment trust taxable income of the corporation, conduit or trust as determined under the
internal revenue code Internal Revenue Code as amended to December 31, 1994, excluding sections 103, 104 and 110 of P.L.
102-227 and sections 13113, 13150 (d), 13171 (d), 13174 and 13203 (d) of P.L.
103-66, and as amended by P.L.
104-7, P.L.
104-188, excluding sections 1202, 1204, 1311 and 1605 of P.L.
104-188, P.L.
104-191, P.L.
104-193 and, P.L.
105-34, P.L. 105-206 and P.L. 105-277, and as indirectly affected in the provisions applicable to this subchapter by P.L.
99-514, P.L.
100-203, P.L.
100-647, P.L.
101-73, P.L.
101-140, P.L.
101-179, P.L.
101-239, P.L.
101-508, P.L.
102-227, excluding sections 103, 104 and 110 of P.L.
102-227, P.L.
102-318, P.L.
102-486, P.L.
103-66, excluding sections 13113, 13150 (d), 13171 (d), 13174 and 13203 (d) of P.L.
103-66, P.L.
103-296, P.L.
103-337, P.L.
103-465, P.L.
104-7, P.L.
104-188, excluding sections 1202, 1204, 1311 and 1605 of P.L.
104-188, P.L.
104-191, P.L.
104-193,
and P.L.
105-34
, P.L. 105-206 and P.L. 105-277, except that property that, under s. 71.02 (1) (c) 8. to 11., 1985 stats., is required to be depreciated for taxable years 1983 to 1986 under the
internal revenue code Internal Revenue Code as amended to December 31, 1980, shall continue to be depreciated under the
internal revenue code Internal Revenue Code as amended to December 31, 1980, and except that the appropriate amount shall be added or subtracted to reflect differences between the depreciation or adjusted basis for federal income tax purposes and the depreciation or adjusted basis under this chapter of any property disposed of during the taxable year. The
internal revenue code Internal Revenue Code as amended to December 31, 1994, excluding sections 103, 104 and 110 of P.L.
102-227 and sections 13113, 13150 (d), 13171 (d), 13174 and 13203 (d) of P.L.
103-66, and as amended by P.L.
104-7, P.L.
104-188, excluding sections 1202, 1204, 1311 and 1605 of P.L.
104-188, P.L.
104-191, P.L.
104-193 and, P.L.
105-34, P.L. 105-206 and P.L. 105-277, and as indirectly affected in the provisions applicable to this subchapter by P.L.
99-514, P.L.
100-203, P.L.
100-647, P.L.
101-73, P.L.
101-140, P.L.
101-179, P.L.
101-239, P.L.
101-508, P.L.
102-227, excluding sections 103, 104 and 110 of P.L.
102-227, P.L.
102-318, P.L.
102-486, P.L.
103-66, excluding sections 13113, 13150 (d), 13171 (d), 13174 and 13203 (d) of P.L.
103-66, P.L.
103-296, P.L.
103-337, P.L.
103-465, P.L.
104-7, P.L.
104-188, excluding sections 1202, 1204, 1311 and 1605 of P.L.
104-188, P.L.
104-191, P.L.
104-193 and, P.L.
105-34, P.L. 105-206 and P.L. 105-277, applies for Wisconsin purposes at the same time as for federal purposes. Amendments to the
internal revenue code Internal Revenue Code enacted after December 31, 1994, do not apply to this subdivision with respect to taxable years that begin after December 31, 1994, and before January 1, 1996, except that changes made by P.L.
104-7, P.L.
104-188, excluding sections 1202, 1204, 1311 and 1605 of P.L.
104-188, P.L.
104-191, P.L.
104-193 and, P.L.
105-34, P.L. 105-206 and P.L. 105-277 and changes that indirectly affect the provisions applicable to this subchapter made by P.L.
104-7, P.L.
104-188, excluding sections 1202, 1204, 1311 and 1605 of P.L.
104-188, P.L.
104-191, P.L.
104-193 and, P.L.
105-34, P.L. 105-206 and P.L. 105-277 apply for Wisconsin purposes at the same time as for federal purposes.
9,1740j
Section 1740j. 71.26 (2) (b) 11. of the statutes is amended to read:
71.26
(2) (b) 11. For taxable years that begin after December 31, 1995, and before January 1, 1997, for a corporation, conduit or common law trust which qualifies as a regulated investment company, real estate mortgage investment conduit or real estate investment trust under the
internal revenue code Internal Revenue Code as amended to December 31, 1995, excluding sections 103, 104 and 110 of P.L.
102-227 and sections 13113, 13150 (d), 13171 (d), 13174 and 13203 (d) of P.L.
103-66, and as amended by P.L.
104-188, excluding sections 1123, 1202, 1204, 1311 and 1605 of P.L.
104-188, P.L.
104-191, P.L.
104-193, P.L.
105-33 and, P.L.
105-34, P.L. 105-206 and P.L. 105-277, and as indirectly affected in the provisions applicable to this subchapter by P.L.
99-514, P.L.
100-203, P.L.
100-647, P.L.
101-73, P.L.
101-140, P.L.
101-179, P.L.
101-239, P.L.
101-508, P.L.
102-227, excluding sections 103, 104 and 110 of P.L.
102-227, P.L.
102-318, P.L.
102-486, P.L.
103-66, excluding sections 13113, 13150 (d), 13171 (d), 13174 and 13203 (d) of P.L.
103-66, P.L.
103-296, P.L.
103-337, P.L.
103-465, P.L.
104-7, P.L.
104-188, excluding sections 1123, 1202, 1204, 1311 and 1605 of P.L.
104-188, P.L.
104-191, P.L.
104-193, P.L.
105-33 and, P.L.
105-34, P.L. 105-206 and P.L. 105-277, "net income" means the federal regulated investment company taxable income, federal real estate mortgage investment conduit taxable income or federal real estate investment trust taxable income of the corporation, conduit or trust as determined under the
internal revenue code
Internal Revenue Code as amended to December 31, 1995, excluding sections 103, 104 and 110 of P.L.
102-227 and sections 13113, 13150 (d), 13171 (d), 13174 and 13203 (d) of P.L.
103-66, and as amended by P.L.
104-188, excluding sections 1123, 1202, 1204, 1311 and 1605 of P.L.
104-188, P.L.
104-191, P.L.
104-193, P.L.
105-33 and, P.L.
105-34, P.L. 105-206 and P.L. 105-277, and as indirectly affected in the provisions applicable to this subchapter by P.L.
99-514, P.L.
100-203, P.L.
100-647, P.L.
101-73, P.L.
101-140, P.L.
101-179, P.L.
101-239, P.L.
101-508, P.L.
102-227, excluding sections 103, 104 and 110 of P.L.
102-227, P.L.
102-318, P.L.
102-486, P.L.
103-66, excluding sections 13113, 13150 (d), 13171 (d), 13174 and 13203 (d) of P.L.
103-66, P.L.
103-296, P.L.
103-337, P.L.
103-465, P.L.
104-7, P.L.
104-188, excluding sections 1123, 1202, 1204, 1311 and 1605 of P.L.
104-188, P.L.
104-191, P.L.
104-193, P.L.
105-33 and, P.L.
105-34,
P.L. 105-206 and P.L. 105-277, except that property that, under s. 71.02 (1) (c) 8. to 11., 1985 stats., is required to be depreciated for taxable years 1983 to 1986 under the
internal revenue code Internal Revenue Code as amended to December 31, 1980, shall continue to be depreciated under the
internal revenue code
Internal Revenue Code as amended to December 31, 1980, and except that the appropriate amount shall be added or subtracted to reflect differences between the depreciation or adjusted basis for federal income tax purposes and the depreciation or adjusted basis under this chapter of any property disposed of during the taxable year. The
internal revenue code Internal Revenue Code as amended to December 31, 1995, excluding sections 103, 104 and 110 of P.L.
102-227 and sections 13113, 13150 (d), 13171 (d), 13174 and 13203 (d) of P.L.
103-66, and as amended by P.L.
104-188, excluding sections 1123, 1202, 1204, 1311 and 1605 of P.L.
104-188, P.L.
104-191, P.L.
104-193, P.L.
105-33 and, P.L.
105-34, P.L. 105-206 and P.L. 105-277, and as indirectly affected in the provisions applicable to this subchapter by P.L.
99-514, P.L.
100-203, P.L.
100-647, P.L.
101-73, P.L.
101-140, P.L.
101-179, P.L.
101-239, P.L.
101-508, P.L.
102-227, excluding sections 103, 104 and 110 of P.L.
102-227, P.L.
102-318, P.L.
102-486, P.L.
103-66, excluding sections 13113, 13150 (d), 13171 (d), 13174 and 13203 (d) of P.L.
103-66, P.L.
103-296, P.L.
103-337, P.L.
103-465, P.L.
104-7, P.L.
104-188, excluding sections 1123, 1202, 1204, 1311 and 1605 of P.L.
104-188, P.L.
104-191, P.L.
104-193, P.L.
105-33 and, P.L.
105-34, P.L. 105-206 and P.L. 105-277, applies for Wisconsin purposes at the same time as for federal purposes. Amendments to the
internal revenue code Internal Revenue Code enacted after December 31, 1995, do not apply to this subdivision with respect to taxable years that begin after December 31, 1995, and before January 1, 1997, except that changes to the Internal Revenue Code made by P.L.
104-188, excluding sections 1123, 1202, 1204, 1311 and 1605 of P.L.
104-188, P.L.
104-191, P.L.
104-193, P.L.
105-33 and, P.L.
105-34, P.L. 105-206 and P.L. 105-277 and changes that indirectly affect the provisions applicable to this subchapter made by P.L.
104-188, excluding sections 1123, 1202, 1204, 1311 and 1605 of P.L.
104-188, P.L.
104-191, P.L.
104-193, P.L.
105-33 and, P.L.
105-34, P.L. 105-206 and P.L. 105-277, apply for Wisconsin purposes at the same time as for federal purposes.
9,1740k
Section 1740k. 71.26 (2) (b) 12. of the statutes is amended to read:
71.26
(2) (b) 12. For taxable years that begin after December 31, 1996, and before January 1, 1998, for a corporation, conduit or common law trust which qualifies as a regulated investment company, real estate mortgage investment conduit, real estate investment trust or financial asset securitization investment trust under the Internal Revenue Code as amended to December 31, 1996, excluding sections 103, 104 and 110 of P.L.
102-227, sections 13113, 13150 (d), 13171 (d), 13174 and 13203 (d) of P.L.
103-66 and sections 1123 (b), 1202 (c), 1204 (f), 1311 and 1605 (d) of P.L.
104-188, and as amended by P.L.
105-33 and, P.L.
105-34,
P.L. 105-206 and P.L. 105-277, and as indirectly affected in the provisions applicable to this subchapter by P.L.
99-514, P.L.
100-203, P.L.
100-647, P.L.
101-73, P.L.
101-140, P.L.
101-179, P.L.
101-239, P.L.
101-508, P.L.
102-227, excluding sections 103, 104 and 110 of P.L.
102-227, P.L.
102-318, P.L.
102-486, P.L.
103-66, excluding sections 13113, 13150 (d), 13171 (d), 13174 and 13203 (d) of P.L.
103-66, P.L.
103-296, P.L.
103-337, P.L.
103-465, P.L.
104-7, P.L.
104-188, excluding sections 1123 (b), 1202 (c), 1204 (f), 1311 and 1605 (d) of P.L.
104-188, P.L.
104-191, P.L.
104-193, P.L.
105-33 and, P.L.
105-34, P.L. 105-206 and P.L. 105-277, "net income" means the federal regulated investment company taxable income, federal real estate mortgage investment conduit taxable income, federal real estate investment trust or financial asset securitization investment trust taxable income of the corporation, conduit or trust as determined under the
internal revenue code Internal Revenue Code as amended to December 31, 1996, excluding sections 103, 104 and 110 of P.L.
102-227, sections 13113, 13150 (d), 13171 (d), 13174 and 13203 (d) of P.L.
103-66 and sections 1123 (b), 1202 (c), 1204 (f), 1311 and 1605 (d) of P.L.
104-188 and as amended by P.L.
105-33 and, P.L.
105-34,
P.L. 105-206 and P.L. 105-277, and as indirectly affected in the provisions applicable to this subchapter by P.L.
99-514, P.L.
100-203, P.L.
100-647, P.L.
101-73, P.L.
101-140, P.L.
101-179, P.L.
101-239, P.L.
101-508, P.L.
102-227, excluding sections 103, 104 and 110 of P.L.
102-227, P.L.
102-318, P.L.
102-486, P.L.
103-66, excluding sections 13113, 13150 (d), 13171 (d), 13174 and 13203 (d) of P.L.
103-66, P.L.
103-296, P.L.
103-337, P.L.
103-465, P.L.
104-7, P.L.
104-188, excluding sections 1123 (b), 1202 (c), 1204 (f), 1311 and 1605 (d) of P.L.
104-188, P.L.
104-191, P.L.
104-193, P.L.
105-33 and, P.L.
105-34,
P.L. 105-206 and P.L. 105-277, except that property that, under s. 71.02 (1) (c) 8. to 11., 1985 stats., is required to be depreciated for taxable years 1983 to 1986 under the
internal revenue code Internal Revenue Code as amended to December 31, 1980, shall continue to be depreciated under the Internal Revenue Code as amended to December 31, 1980, and except that the appropriate amount shall be added or subtracted to reflect differences between the depreciation or adjusted basis for federal income tax purposes and the depreciation or adjusted basis under this chapter of any property disposed of during the taxable year. The Internal Revenue Code as amended to December 31, 1996, excluding sections 103, 104 and 110 of P.L.
102-227, sections 13113, 13150 (d), 13171 (d), 13174 and 13203 (d) of P.L.
103-66, and sections 1123 (b), 1202 (c), 1204 (f), 1311 and 1605 (d) of P.L.
104-188, and as amended by P.L.
105-33 and, P.L.
105-34,
P.L. 105-206 and P.L. 105-277, and as indirectly affected in the provisions applicable to this subchapter by P.L.
99-514, P.L.
100-203, P.L.
100-647, P.L.
101-73, P.L.
101-140, P.L.
101-179, P.L.
101-239, P.L.
101-508, P.L.
102-227, excluding sections 103, 104 and 110 of P.L.
102-227, P.L.
102-318, P.L.
102-486, P.L.
103-66, excluding sections 13113, 13150 (d), 13171 (d), 13174 and 13203 (d) of P.L.
103-66, P.L.
103-296, P.L.
103-337, P.L.
103-465, P.L.
104-7, P.L.
104-188, excluding sections 1123 (b), 1202 (c), 1204 (f), 1311 and 1605 (d) of P.L.
104-188, P.L.
104-191, P.L.
104-193, P.L.
105-33 and, P.L.
105-34, P.L. 105-206 and P.L. 105-277, applies for Wisconsin purposes at the same time as for federal purposes. Amendments to the
internal revenue code Internal Revenue Code enacted after December 31, 1996, do not apply to this subdivision with respect to taxable years that begin after December 31, 1996, and before January 1, 1998, except that changes to the Internal Revenue Code made by P.L.
105-33 and, P.L.
105-34
, P.L. 105-206 and P.L. 105-277 and changes that indirectly affect the provisions applicable to this subchapter made by P.L.
105-33 and, P.L.
105-34, P.L. 105-206 and P.L. 105-277 apply for Wisconsin purposes at the same time as for federal purposes.
9,1740L
Section 1740L. 71.26 (2) (b) 13. of the statutes is amended to read:
71.26
(2) (b) 13. For taxable years that begin after December 31, 1997,
and before January 1, 1999, for a corporation, conduit or common law trust which qualifies as a regulated investment company, real estate mortgage investment conduit, real estate investment trust or financial asset securitization investment trust under the Internal Revenue Code as amended to December 31, 1997, excluding sections 103, 104 and 110 of P.L.
102-227, sections 13113, 13150 (d), 13171 (d), 13174 and 13203 (d) of P.L.
103-66 and sections 1123 (b), 1202 (c), 1204 (f), 1311 and 1605 (d) of P.L.
104-188,
and as amended by P.L. 105-178, P.L. 105-206 and P.L. 105-277, and as indirectly affected in the provisions applicable to this subchapter by P.L.
99-514, P.L.
100-203, P.L.
100-647, P.L.
101-73, P.L.
101-140, P.L.
101-179, P.L.
101-239, P.L.
101-508, P.L.
102-227, excluding sections 103, 104 and 110 of P.L.
102-227, P.L.
102-318, P.L.
102-486, P.L.
103-66, excluding sections 13113, 13150 (d), 13171 (d), 13174 and 13203 (d) of P.L.
103-66, P.L.
103-296, P.L.
103-337, P.L.
103-465, P.L.
104-7, P.L.
104-188, excluding sections 1123 (b), 1202 (c), 1204 (f), 1311 and 1605 (d) of P.L.
104-188, P.L.
104-191, P.L.
104-193, P.L.
105-33 and, P.L.
105-34,
P.L. 105-178, P.L. 105-206 and P.L. 105-277, "net income" means the federal regulated investment company taxable income, federal real estate mortgage investment conduit taxable income, federal real estate investment trust or financial asset securitization investment trust taxable income of the corporation, conduit or trust as determined under the Internal Revenue Code as amended to December 31, 1997, excluding sections 103, 104 and 110 of P.L.
102-227, sections 13113, 13150 (d), 13171 (d), 13174 and 13203 (d) of P.L.
103-66 and sections 1123 (b), 1202 (c), 1204 (f), 1311 and 1605 (d) of P.L.
104-188,
and as amended by P.L. 105-178, P.L. 105-206 and P.L. 105-277, and as indirectly affected in the provisions applicable to this subchapter by P.L.
99-514, P.L.
100-203, P.L.
100-647, P.L.
101-73, P.L.
101-140, P.L.
101-179, P.L.
101-239, P.L.
101-508, P.L.
102-227, excluding sections 103, 104 and 110 of P.L.
102-227, P.L.
102-318, P.L.
102-486, P.L.
103-66, excluding sections 13113, 13150 (d), 13171 (d), 13174 and 13203 (d) of P.L.
103-66, P.L.
103-296, P.L.
103-337, P.L.
103-465, P.L.
104-7, P.L.
104-188, excluding sections 1123 (b), 1202 (c), 1204 (f), 1311 and 1605 (d) of P.L.
104-188, P.L.
104-191, P.L.
104-193, P.L.
105-33 and, P.L.
105-34,
P.L. 105-178, P.L. 105-206 and P.L. 105-277, except that property that, under s. 71.02 (1) (c) 8. to 11., 1985 stats., is required to be depreciated for taxable years 1983 to 1986 under the Internal Revenue Code as amended to December 31, 1980, shall continue to be depreciated under the Internal Revenue Code as amended to December 31, 1980, and except that the appropriate amount shall be added or subtracted to reflect differences between the depreciation or adjusted basis for federal income tax purposes and the depreciation or adjusted basis under this chapter of any property disposed of during the taxable year. The Internal Revenue Code as amended to December 31, 1997, excluding sections 103, 104 and 110 of P.L.
102-227, sections 13113, 13150 (d), 13171 (d), 13174 and 13203 (d) of P.L.
103-66, and sections 1123 (b), 1202 (c), 1204 (f), 1311 and 1605 (d) of P.L.
104-188,
and as amended by P.L. 105-178, P.L. 105-206 and P.L. 105-277, and as indirectly affected in the provisions applicable to this subchapter by P.L.
99-514, P.L.
100-203, P.L.
100-647, P.L.
101-73, P.L.
101-140, P.L.
101-179, P.L.
101-239, P.L.
101-508, P.L.
102-227, excluding sections 103, 104 and 110 of P.L.
102-227, P.L.
102-318, P.L.
102-486, P.L.
103-66, excluding sections 13113, 13150 (d), 13171 (d), 13174 and 13203 (d) of P.L.
103-66, P.L.
103-296, P.L.
103-337, P.L.
103-465, P.L.
104-7, P.L.
104-188, excluding sections 1123 (b), 1202 (c), 1204 (f), 1311 and 1605 (d) of P.L.
104-188, P.L.
104-191, P.L.
104-193, P.L.
105-33 and, P.L.
105-34,
P.L. 105-178, P.L. 105-206 and P.L. 105-277, applies for Wisconsin purposes at the same time as for federal purposes. Amendments to the Internal Revenue Code enacted after December 31, 1997, do not apply to this subdivision with respect to taxable years that begin after December 31, 1997
, and before January 1, 1999, except that changes to the Internal Revenue Code made by P.L. 105-178, P.L. 105-206 and P.L. 105-277 and changes that indirectly affect the provisions applicable to this subchapter made by P.L. 105-178, P.L. 105-206 and P.L. 105-277 apply for Wisconsin purposes at the same time as for federal purposes.
9,1740m
Section 1740m. 71.26 (2) (b) 14. of the statutes is created to read:
71.26
(2) (b) 14. For taxable years that begin after December 31, 1998, for a corporation, conduit or common law trust which qualifies as a regulated investment company, real estate mortgage investment conduit, real estate investment trust or financial asset securitization investment trust under the Internal Revenue Code as amended to December 31, 1998, excluding sections 103, 104 and 110 of P.L.
102-227, sections 13113, 13150 (d), 13171 (d), 13174 and 13203 (d) of P.L.
103-66 and sections 1123 (b), 1202 (c), 1204 (f), 1311 and 1605 (d) of P.L.
104-188, and as indirectly affected in the provisions applicable to this subchapter by P.L.
99-514, P.L.
100-203, P.L.
100-647, P.L.
101-73, P.L.
101-140, P.L.
101-179, P.L.
101-239, P.L.
101-508, P.L.
102-227, excluding sections 103, 104 and 110 of P.L.
102-227, P.L.
102-318, P.L.
102-486, P.L.
103-66, excluding sections 13113, 13150 (d), 13171 (d), 13174 and 13203 (d) of P.L.
103-66, P.L.
103-296, P.L.
103-337, P.L.
103-465, P.L.
104-7, P.L.
104-188, excluding sections 1123 (b), 1202 (c), 1204 (f), 1311 and 1605 (d) of P.L.
104-188, P.L.
104-191, P.L.
104-193, P.L.
105-33, P.L.
105-34, P.L.
105-178, P.L.
105-206 and P.L.
105-277, "net income" means the federal regulated investment company taxable income, federal real estate mortgage investment conduit taxable income, federal real estate investment trust or financial asset securitization investment trust taxable income of the corporation, conduit or trust as determined under the Internal Revenue Code as amended to December 31, 1998, excluding sections 103, 104 and 110 of P.L.
102-227, sections 13113, 13150 (d), 13171 (d), 13174 and 13203 (d) of P.L.
103-66 and sections 1123 (b), 1202 (c), 1204 (f), 1311 and 1605 (d) of P.L.
104-188, and as indirectly affected in the provisions applicable to this subchapter by P.L.
99-514, P.L.
100-203, P.L.
100-647, P.L.
101-73, P.L.
101-140, P.L.
101-179, P.L.
101-239, P.L.
101-508, P.L.
102-227, excluding sections 103, 104 and 110 of P.L.
102-227, P.L.
102-318, P.L.
102-486, P.L.
103-66, excluding sections 13113, 13150 (d), 13171 (d), 13174 and 13203 (d) of P.L.
103-66, P.L.
103-296, P.L.
103-337, P.L.
103-465, P.L.
104-7, P.L.
104-188, excluding sections 1123 (b), 1202 (c), 1204 (f), 1311 and 1605 (d) of P.L.
104-188, P.L.
104-191, P.L.
104-193, P.L.
105-33, P.L.
105-34, P.L.
105-178, P.L.
105-206 and P.L.
105-277, except that property that, under s. 71.02 (1) (c) 8. to 11., 1985 stats., is required to be depreciated for taxable years 1983 to 1986 under the Internal Revenue Code as amended to December 31, 1980, shall continue to be depreciated under the Internal Revenue Code as amended to December 31, 1980, and except that the appropriate amount shall be added or subtracted to reflect differences between the depreciation or adjusted basis for federal income tax purposes and the depreciation or adjusted basis under this chapter of any property disposed of during the taxable year. The Internal Revenue Code as amended to December 31, 1998, excluding sections 103, 104 and 110 of P.L.
102-227, sections 13113, 13150 (d), 13171 (d), 13174 and 13203 (d) of P.L.
103-66, and sections 1123 (b), 1202 (c), 1204 (f), 1311 and 1605 (d) of P.L.
104-188, and as indirectly affected in the provisions applicable to this subchapter by P.L.
99-514, P.L.
100-203, P.L.
100-647, P.L.
101-73, P.L.
101-140, P.L.
101-179, P.L.
101-239, P.L.
101-508, P.L.
102-227, excluding sections 103, 104 and 110 of P.L.
102-227, P.L.
102-318, P.L.
102-486, P.L.
103-66, excluding sections 13113, 13150 (d), 13171 (d), 13174 and 13203 (d) of P.L.
103-66, P.L.
103-296, P.L.
103-337, P.L.
103-465, P.L.
104-7, P.L.
104-188, excluding sections 1123 (b), 1202 (c), 1204 (f), 1311 and 1605 (d) of P.L.
104-188, P.L.
104-191, P.L.
104-193, P.L.
105-33, P.L.
105-34, P.L.
105-178, P.L.
105-206 and P.L.
105-277, applies for Wisconsin purposes at the same time as for federal purposes. Amendments to the Internal Revenue Code enacted after December 31, 1998, do not apply to this subdivision with respect to taxable years that begin after December 31, 1998.
9,1740n
Section 1740n. 71.26 (3) (L) of the statutes is amended to read:
71.26 (3) (L) Section 265 is excluded and replaced by the rule that any amount otherwise deductible under this chapter that is directly or indirectly related to income wholly exempt from taxes imposed by this chapter or to losses from the sale or other disposition of assets the gain from which would be exempt under this paragraph if the assets were sold or otherwise disposed of at a gain is not deductible. In this paragraph, "wholly exempt income", for corporations subject to franchise or income taxes, includes amounts received from affiliated or subsidiary corporations for interest, dividends or capital gains that, because of the degree of common ownership, control or management between the payor and payee, are not subject to taxes under this chapter. In this paragraph, "wholly exempt income", for corporations subject to income taxation under this chapter, also includes interest on obligations of the United States. In this paragraph, "wholly exempt income" does not include income excludable, not recognized, exempt or deductible under specific provisions of this chapter. If any expense or amount otherwise deductible is indirectly related both to wholly exempt income or loss and to other income or loss, a reasonable proportion of the expense or amount shall be allocated to each type of income or loss, in light of all the facts and circumstances.
9,1741m
Section 1741m. 71.26 (3) (y) of the statutes is amended to read:
71.26 (3) (y) A corporation may compute amortization and depreciation under either the federal internal revenue code Internal Revenue Code as amended to December 31, 1997 1998, or the federal internal revenue code Internal Revenue Code in effect for the taxable year for which the return is filed, except that property first placed in service by the taxpayer on or after January 1, 1983, but before January 1, 1987, that, under s. 71.04 (15) (b) and (br), 1985 stats., is required to be depreciated under the internal revenue code Internal Revenue Code as amended to December 31, 1980, and property first placed in service in taxable year 1981 or thereafter but before January 1, 1987, that, under s. 71.04 (15) (bm), 1985 stats., is required to be depreciated under the internal revenue code Internal Revenue Code as amended to December 31, 1980, shall continue to be depreciated under the internal revenue code Internal Revenue Code as amended to December 31, 1980.
9,1741n
Section 1741n. 71.28 (1di) (a) (intro.) of the statutes is amended to read:
71.28
(1di) (a) (intro.) Except as provided in pars. (dm) and (f) and s. 73.03 (35), for any taxable year for which the person is
certified under s. 560.765 (3) for entitled under s. 560.795 (3) to claim tax benefits, any person may claim as a credit against taxes otherwise due under this chapter 2.5% of the purchase price of depreciable, tangible personal property, or 1.75% of the purchase price of depreciable, tangible personal property that is expensed under section
179 of the internal revenue code for purposes of the taxes under this chapter, except that:
9,1741o
Section 1741o. 71.28 (1di) (a) 1. of the statutes is amended to read:
71.28 (1di) (a) 1. The investment must be in property that is purchased after the person is certified under s. 560.765 (3) for entitled under s. 560.795 (3) to claim tax benefits and that is used for at least 50% of its use in the conduct of the person's business operations for which the claimant is certified under s. 560.765 (3) at a location in a development zone under subch. VI of ch. 560 or, if the property is mobile, the base of operations of the property for at least 50% of its use must be a location in a development zone.
9,1741p
Section 1741p. 71.28 (1di) (d) 1. of the statutes is amended to read:
71.28 (1di) (d) 1. A copy of the claimant's certification for a verification from the department of commerce that the claimant may claim tax benefits under s. 560.765 (3) 560.795 (3).
9,1741pm
Section 1741pm. 71.28 (1di) (f) of the statutes is amended to read:
71.28 (1di) (f) If the certification of a person for who is entitled under s. 560.795 (3) to claim tax benefits under s. 560.765 (3) is revoked becomes ineligible for such tax benefits, that person may claim no credits under this subsection for the taxable year that includes the day on which the certification is revoked person becomes ineligible for tax benefits or succeeding taxable years and that person may carry over no unused credits from previous years to offset tax under this chapter for the taxable year that includes the day on which certification is revoked
the person becomes ineligible for tax benefits or succeeding taxable years.
9,1741pn
Section 1741pn. 71.28 (1di) (g) of the statutes is amended to read:
71.28 (1di) (g) If a person who is certified under s. 560.765 (3) for entitled under s. 560.795 (3) to claim tax benefits ceases business operations in the development zone during any of the taxable years that that zone exists, that person may not carry over to any taxable year following the year during which operations cease any unused credits from the taxable year during which operations cease or from previous taxable years.
9,1741pp
Section 1741pp. 71.28 (1di) (j) of the statutes is amended to read:
71.28 (1di) (j) No credit may be claimed under this subsection for taxable years that begin on January 1, 1998, or thereafter after December 31, 1997, and end before January 1, 2000. Credits under this subsection for taxable years that begin before January 1, 1998, may be carried forward to taxable years that begin on January 1, 1998, or thereafter.
9,1741t
Section 1741t. 71.28 (1dj) (am) 1. of the statutes is amended to read:
71.28
(1dj) (am) 1. Modify "member of a targeted group", as defined in section
51 (d) of the internal revenue code as amended to December 31, 1995, to include persons unemployed as a result of a business action subject to s. 109.07 (1m) and
persons specified under 29 USC 1651 (a) dislocated workers, as defined in 29 USC 2801 (9), and to require a member of a targeted group to be a resident of this state.
9,1741v
Section 1741v. 71.28 (1dj) (am) 2. of the statutes is amended to read:
71.28
(1dj) (am) 2. Modify "designated local agency", as defined in section
51 (d) (15) of the internal revenue code, to include the
job training partnership act organization local workforce development board established under 29 USC 2832 for the area that includes the development zone in which the employe in respect to whom the credit under this subsection is claimed works, if the department of commerce approves the criteria used for certification, and the department of commerce.
9,1742
Section
1742. 71.28 (1dj) (am) 3. of the statutes is amended to read:
71.28
(1dj) (am) 3. Modify the rule for certification under section
51 (d) (16) (A) of the internal revenue code to allow certification within the
90-day period beginning with the first day of employment of the employe
by the claimant.
9,1742g
Section 1742g. 71.28 (1dx) (b) (intro.) of the statutes is amended to read:
71.28 (1dx) (b) Credit. (intro.) Except as provided in s. 73.03 (35) and subject to s. 560.785, for any taxable year for which the person is entitled under s. 560.795 (3) to claim tax benefits or certified under s. 560.765 (3) or 560.797 (4), any person may claim as a credit against taxes imposed on the person's income from the person's business activities in a development zone under this subchapter the following amounts:
9,1743
Section
1743. 71.28 (1dx) (b) 4. of the statutes is amended to read:
71.28 (1dx) (b) 4. The amount determined by multiplying the amount determined under s. 560.785 (1) (b) (bm) by the number of full-time jobs retained, as provided in the rules under s. 560.785, excluding jobs for which a credit has been claimed under sub. (1dj), in a
an enterprise development zone under s. 560.797 and filled by a member of a targeted group for which significant capital investment was made and by then subtracting the subsidies paid under s. 49.147 (3) (a) for those jobs.
9,1743b
Section 1743b. 71.28 (1dx) (c) of the statutes is amended to read:
71.28 (1dx) (c) Credit precluded. If the certification of a person for tax benefits under s. 560.765 (3) or 560.797 (4) is revoked, or if the person becomes ineligible for tax benefits under s. 560.795 (3), that person may not claim credits under this subsection for the taxable year that includes the day on which the certification is revoked; the taxable year that includes the day on which the person becomes ineligible for tax benefits; or succeeding taxable years and that person may not carry over unused credits from previous years to offset tax under this chapter for the taxable year that includes the day on which certification is revoked; the taxable year that includes the day on which the person becomes ineligible for tax benefits; or succeeding taxable years.
9,1743bb
Section 1743bb. 71.28 (1dx) (d) of the statutes is amended to read:
71.28 (1dx) (d) Carry-over precluded. If a person who is entitled under s. 560.795 (3) to claim tax benefits or certified under s. 560.765 (3) or 560.797 (4) for tax benefits ceases business operations in the development zone during any of the taxable years that that zone exists, that person may not carry over to any taxable year following the year during which operations cease any unused credits from the taxable year during which operations cease or from previous taxable years.
9,1743d
Section 1743d. 71.28 (1dy) of the statutes is created to read:
71.28 (1dy) Sustainable urban development zone credit. (a) Definitions. In this subsection:
1. "Brownfield" has the meaning given in sub. (1dx) (a) 1.
2. "Environmental remediation" means removal or containment of environmental pollution, as defined in s. 299.01 (4), and restoration of soil or groundwater that is affected by environmental pollution, as defined in s. 299.01 (4), in a brownfield and investigation unless the investigation determines that remediation is required but remediation is not undertaken.
(b) Credit. For any taxable year for which the person is certified under s. 292.77 (5), a person may claim as a credit against taxes imposed under this subchapter 50% of the amount expended for environmental remediation under the program under s. 292.77.
(c) Administration. Subsection (1dx) (c), (d) and (e), as it applies to the credit under sub. (1dx), applies to the credit under this subsection.
9,1744bd
Section 1744bd. 71.28 (2m) (b) 1. a. of the statutes is amended to read:
71.28 (2m) (b) 1. a. Subject to the limitations provided in this subsection and s. 71.80 (3) and (3m), a claimant may claim as a credit against Wisconsin income or franchise taxes otherwise due, the amount derived under par. (c). If the allowable amount of claim exceeds the income or franchise taxes otherwise due on or measured by the claimant's income or if there are no Wisconsin income or franchise taxes due on or measured by the claimant's income, the amount of the claim not used as an offset against income or franchise taxes shall be certified to the department of administration for payment to the claimant by check, share draft or other draft paid from the appropriation appropriations under s. 20.835 (2) (q) (dn) and (ka).
9,1744be
Section 1744be. 71.28 (2m) (b) 1. a. of the statutes, as affected by 1999 Wisconsin Act .... (this act), is repealed and recreated to read:
71.28 (2m) (b) 1. a. Subject to the limitations provided in this subsection and s. 71.80 (3) and (3m), a claimant may claim as a credit against Wisconsin income taxes otherwise due, the amount derived under par. (c). If the allowable amount of claim exceeds the income taxes otherwise due on the claimant's income or if there are no Wisconsin income taxes due on the claimant's income, the amount of the claim not used as an offset against income taxes shall be certified to the department of administration for payment to the claimant by check, share draft or other draft paid from the appropriations under s. 20.835 (2) (ka) and (q).
71.28 (2m) (c) 3. The department shall annually adjust the percentage that is used to determine the amount of a claim under subd. 1. based on the estimated number of claims and the amount estimated to be expended from the appropriation under s. 20.835 (2) (q) (dn), as determined under s. 79.13. The department shall incorporate the annually adjusted percentage into the income tax forms and instructions.
9,1757bg
Section 1757bg. 71.28 (2m) (c) 3. of the statutes, as affected by 1999 Wisconsin Act .... (this act), is repealed and recreated to read:
71.28 (2m) (c) 3. The department shall annually adjust the percentage that is used to determine the amount of a claim under subd. 1. based on the estimated number of claims and the amount estimated to be expended from the appropriation under s. 20.835 (2) (q), as determined under s. 79.13. The department shall incorporate the annually adjusted percentage into the income tax forms and instructions.
9,1747m
Section 1747m. 71.30 (3) (eon) of the statutes is created to read:
71.30 (3) (eon) Sustainable urban development zone credit under s. 71.28 (1dy).
9,1748b
Section 1748b. 71.30 (10) of the statutes is created to read:
71.30 (10) Endangered resources. (a) Definitions. In this subsection:
1. "Conservation fund" means the fund under s. 25.29.
2. "Endangered resources program" means purchasing or improving land or habitats for any native Wisconsin endangered or threatened species, as defined in s. 29.604 (2) (a) or (b), or for any nongame species, as defined in s. 29.001 (60); conducting the natural heritage inventory program under s. 23.27 (3); conducting wildlife and resource research and surveys; providing wildlife management services; providing for wildlife damage control or the payment of claims for damage associated with endangered or threatened species; and the payment of administrative expenses related to the administration of this subsection.
(b) Voluntary payments. 1. `Designation on return.' A corporation filing an income or franchise tax return may designate on the return any amount of additional payment or any amount of a refund that is due the corporation for the endangered resources program.
2. `Designation added to tax owed.' If the corporation owes any tax, the corporation shall remit in full the tax due and the amount designated on the return for the endangered resources program when the corporation files a tax return.
3. `Designation deducted from refund.' Except as provided under par. (d), and subject to ss. 71.75 (9) and 71.80 (3), if the corporation is owed a refund, the department shall deduct the amount designated on the return for the endangered resources program from the amount of the refund.
(c) Errors; failure to remit correct amount. 1. `Reduced designation.' If a corporation remits an amount that exceeds the tax due, after error corrections, but that is less than the total of the tax due, after error corrections, and the amount that is designated by the corporation on the return for the endangered resources program, the department shall reduce the designation for the endangered resources program to reflect the amount remitted that exceeds the tax due, after error corrections.
2. `Void designation.' The designation for the endangered resources program is void if the corporation remits an amount equal to or less than the tax due, after error corrections.
(d) Errors; insufficient refund. If a corporation is owed a refund that is less than the amount designated on the return for the endangered resources program, after attachment and crediting under ss. 71.75 (9) and 71.80 (3) and after error corrections, the department shall reduce the designation for the endangered resources program to reflect the actual amount of the refund the corporation is otherwise owed.
(e) Conditions. If a corporation places any conditions on a designation for the endangered resources program, the designation is void.
(f) Void designation. If a designation for the endangered resources program is void, the department shall disregard the designation and determine the amounts due, owed, refunded and received.
(g) Tax return. The secretary of revenue shall provide a place for the designations under this subsection on the corporate income and franchise tax returns and the secretary shall highlight that place on the returns by a symbol chosen by the department that relates to endangered resources.
(h) Certification of amounts. Annually, on or before September 15, the secretary of revenue shall certify to the department of natural resources, the department of administration and the state treasurer:
1. The total amount of the administrative costs, including data processing costs, incurred by the department of revenue in administering this subsection during the previous fiscal year.
2. The total amount received from all designations for the endangered resources program made by corporations during the previous fiscal year.
3. The net amount remaining after the administrative costs under subd. 1. are subtracted from the total received under subd. 2.
(i) Appropriations. From the moneys received from designations for the endangered resources program, an amount equal to the sum of administrative expenses certified under par. (h) 1. shall be deposited into the general fund and credited to the appropriation under s. 20.566 (1) (hp), and the net amount remaining certified under par. (h) 3. shall be deposited into the conservation fund and credited to the appropriation under s. 20.370 (1) (fs).
(j) Refunds. An amount designated for the endangered resources program under this subsection is not subject to refund to a corporation that designates a donation under par. (b) unless the corporation submits information to the satisfaction of the department within 18 months from the date that taxes are due from the corporation or from the date that the corporation filed the return, whichever is later, that the amount designated is clearly in error. A refund granted by the department under this paragraph shall be deducted from the moneys received under this subsection in the fiscal year that the refund is certified under 71.75 (7).
9,1748bm
Section 1748bm. 71.34 (1) (g) of the statutes is amended to read:
71.34 (1) (g) An addition shall be made for credits computed by a tax-option corporation under s. 71.28 (1dd), (1de), (1di), (1dj), (1dL), (1ds), (1dx), (1dy) and (3) and passed through to shareholders.
9,1748c
Section 1748c. 71.34 (1g) (e) of the statutes is repealed.
