AB150-ASA, s. 3399g 22Section 3399g. 71.26 (2) (b) 2. of the statutes is repealed.
AB150-ASA, s. 3399h 23Section 3399h. 71.26 (2) (b) 8. of the statutes is amended to read:
AB150-ASA,1139,1824 71.26 (2) (b) 8. For taxable years that begin after December 31, 1992, and before
25January 1, 1994, for a corporation, conduit or common law trust which qualifies as

1a regulated investment company, real estate mortgage investment conduit or real
2estate investment trust under the internal revenue code as amended to December
331, 1992, excluding sections 103, 104 and 110 of P.L. 102-227, and as amended by P.L.
4103-66, excluding sections 13101 (a) and (c) 1., 13113, 13150, 13171, 13174 and
513203 of P.L. 103-66, and P.L. 103-465 and as indirectly affected in the provisions
6applicable to this subchapter by P.L. 99-514, P.L. 100-203, P.L. 100-647, P.L.
7101-73, P.L. 101-140, P.L. 101-179, P.L. 101-239, P.L. 101-508, P.L. 102-227,
8excluding sections 103, 104 and 110 of P.L. 102-227, P.L. 102-318, P.L. 102-486 and,
9P.L. 103-66, excluding sections 13101 (a) and (c) 1, 13113, 13150, 13171, 13174 and
1013203 of P.L. 103-66, and P.L. 103-465 "net income" means the federal regulated
11investment company taxable income, federal real estate mortgage investment
12conduit taxable income or federal real estate investment trust taxable income of the
13corporation, conduit or trust as determined under the internal revenue code as
14amended to December 31, 1992, excluding sections 103, 104 and 110 of P.L. 102-227,
15and as amended by P.L. 103-66, and P.L. 103-465 excluding sections 13101 (a) and
16(c) 1, 13113, 13150, 13171, 13174 and 13203 of P.L. 103-66, and as indirectly affected
17in the provisions applicable to this subchapter by P.L. 99-514, P.L. 100-203, P.L.
18100-647, P.L. 101-73, P.L. 101-140, P.L. 101-179, P.L. 101-239, P.L. 101-508, P.L.
19102-227, excluding sections 103, 104 and 110 of P.L. 102-227, P.L. 102-318, P.L.
20102-486 and P.L. 103-66, excluding sections 13101 (a) and (c) 1., 13113, 13150,
2113171, 13174 and 13203 of P.L. 103-66, and P.L. 103-465 except that property that,
22under s. 71.02 (1) (c) 8. to 11., 1985 stats., is required to be depreciated for taxable
23years 1983 to 1986 under the internal revenue code as amended to December 31,
241980, shall continue to be depreciated under the internal revenue code as amended
25to December 31, 1980, and except that the appropriate amount shall be added or

1subtracted to reflect differences between the depreciation or adjusted basis for
2federal income tax purposes and the depreciation or adjusted basis under this
3chapter of any property disposed of during the taxable year. The internal revenue
4code as amended to December 31, 1992, excluding sections 103, 104 and 110 of P.L.
5102-227, and as amended by P.L. 103-66, excluding sections 13101 (a) and (c) 1,
613113, 13150, 13171, 13174 and 13203 of P.L. 103-66, and P.L. 103-465 and as
7indirectly affected in the provisions applicable to this subchapter by P.L. 99-514, P.L.
8100-203, P.L. 100-647, P.L. 101-73, P.L. 101-140, P.L. 101-179, P.L. 101-239, P.L.
9101-508, P.L. 102-227, excluding sections 103, 104 and 110 of P.L. 102-227, P.L.
10102-318, P.L. 102-486 and, P.L. 103-66, excluding sections 13101 (a) and (c) 1,
1113113, 13150, 13171, 13174 and 13203 of P.L. 103-66, and P.L. 103-465 applies for
12Wisconsin purposes at the same time as for federal purposes. Amendments to the
13internal revenue code enacted after December 31, 1992, do not apply to this
14subdivision with respect to taxable years that begin after December 31, 1992, and
15before January 1, 1994, except that changes to the internal revenue code made by
16P.L. 103-66 and P.L. 103-465 and changes that indirectly affect the provisions
17applicable to this subchapter made by P.L. 103-66 and P.L. 103-465 apply for
18Wisconsin purposes at the same time as for federal purposes.
AB150-ASA, s. 3399i 19Section 3399i. 71.26 (2) (b) 9. of the statutes is amended to read:
AB150-ASA,1141,1520 71.26 (2) (b) 9. For taxable years that begin after December 31, 1993, and before
21January 1, 1995
, for a corporation, conduit or common law trust which qualifies as
22a regulated investment company, real estate mortgage investment conduit or real
23estate investment trust under the internal revenue code as amended to December
2431, 1993, excluding sections 103, 104 and 110 of P.L. 102-227 and sections 13113,
2513150 (d), 13171 (d), 13174, 13203 (d) and 13215 of P.L. 103-66, and as amended by

1P.L. 103-296, P.L. 103-337 and P.L. 103-465
and as indirectly affected in the
2provisions applicable to this subchapter by P.L. 99-514, P.L. 100-203, P.L. 100-647,
3P.L. 101-73, P.L. 101-140, P.L. 101-179, P.L. 101-239, P.L. 101-508, P.L. 102-227,
4excluding sections 103, 104 and 110 of P.L. 102-227, P.L. 102-318, P.L. 102-486 and,
5P.L. 103-66, excluding sections 13113, 13150 (d), 13171 (d), 13174, 13203 (d) and
613215 of P.L. 103-66, P.L. 103-296, P.L. 103-337 and P.L. 103-465 "net income"
7means the federal regulated investment company taxable income, federal real estate
8mortgage investment conduit taxable income or federal real estate investment trust
9taxable income of the corporation, conduit or trust as determined under the internal
10revenue code as amended to December 31, 1993, excluding sections 103, 104 and 110
11of P.L. 102-227 and sections 13113, 13150 (d), 13171 (d), 13174, 13203 (d) and 13215
12of P.L. 103-66, and as amended by P.L. 103-296, P.L. 103-337 and P.L. 103-465 and
13as indirectly affected in the provisions applicable to this subchapter by P.L. 99-514,
14P.L. 100-203, P.L. 100-647, P.L. 101-73, P.L. 101-140, P.L. 101-179, P.L. 101-239,
15P.L. 101-508, P.L. 102-227, excluding sections 103, 104 and 110 of P.L. 102-227, P.L.
16102-318, P.L. 102-486 and, P.L. 103-66, P.L. 103-296, P.L. 103-337 and P.L.
17103-465
excluding sections 13113, 13150 (d), 13171 (d), 13174, 13203 (d) and 13215
18of P.L. 103-66, except that property that, under s. 71.02 (1) (c) 8. to 11., 1985 stats.,
19is required to be depreciated for taxable years 1983 to 1986 under the internal
20revenue code as amended to December 31, 1980, shall continue to be depreciated
21under the internal revenue code as amended to December 31, 1980, and except that
22the appropriate amount shall be added or subtracted to reflect differences between
23the depreciation or adjusted basis for federal income tax purposes and the
24depreciation or adjusted basis under this chapter of any property disposed of during
25the taxable year. The internal revenue code as amended to December 31, 1993,

1excluding sections 103, 104 and 110 of P.L. 102-227 and sections 13113, 13150 (d),
213171 (d), 13174, 13203 (d) and 13215 of P.L. 103-66, and as amended by P.L.
3103-296, P.L. 103-337 and P.L. 103-465
and as indirectly affected in the provisions
4applicable to this subchapter by P.L. 99-514, P.L. 100-203, P.L. 100-647, P.L.
5101-73, P.L. 101-140, P.L. 101-179, P.L. 101-239, P.L. 101-508, P.L. 102-227,
6excluding sections 103, 104 and 110 of P.L. 102-227, P.L. 102-318, P.L. 102-486 and,
7P.L. 103-66, excluding sections 13113, 13150 (d), 13171 (d), 13174, 13203 (d) and
813215 of P.L. 103-66, P.L. 103-296, P.L. 103-337 and P.L. 103-465 applies for
9Wisconsin purposes at the same time as for federal purposes. Amendments to the
10internal revenue code enacted after December 31, 1993, do not apply to this
11subdivision with respect to taxable years that begin after December 31, 1993, and
12before January 1, 1995, except that changes to the internal revenue code made by
13P.L. 103-296, P.L. 103-337 and P.L. 103-465 and changes that indirectly affect the
14provisions applicable to this subchapter made by P.L. 103-296, P.L. 103-337 and P.L.
15103-465 apply for Wisconsin purposes at the same time as for federal purposes
.
AB150-ASA, s. 3399j 16Section 3399j. 71.26 (2) (b) 10. of the statutes is created to read:
AB150-ASA,1143,517 71.26 (2) (b) 10. For taxable years that begin after December 31, 1994, for a
18corporation, conduit or common law trust which qualifies as a regulated investment
19company, real estate mortgage investment conduit or real estate investment trust
20under the internal revenue code as amended to December 31, 1994, excluding
21sections 103, 104 and 110 of P.L. 102-227 and sections 13113, 13150 (d), 13171 (d),
2213174 and 13203 (d) of P.L. 103-66, and as indirectly affected in the provisions
23applicable to this subchapter by P.L. 99-514, P.L. 100-203, P.L. 100-647, P.L.
24101-73, P.L. 101-140, P.L. 101-179, P.L. 101-239, P.L. 101-508, P.L. 102-227,
25excluding sections 103, 104 and 110 of P.L. 102-227, P.L. 102-318, P.L. 102-486 and

1P.L. 103-66, excluding sections 13113, 13150 (d), 13171 (d), 13174 and 13203 (d) of
2P.L. 103-66, P.L. 103-296, P.L. 103-337 and P.L. 103-465 "net income" means the
3federal regulated investment company taxable income, federal real estate mortgage
4investment conduit taxable income or federal real estate investment trust taxable
5income of the corporation, conduit or trust as determined under the internal revenue
6code as amended to December 31, 1994, excluding sections 103, 104 and 110 of P.L.
7102-227 and sections 13113, 13150 (d), 13171 (d), 13174, 13203 (d) and 13215 of P.L.
8103-66, and as indirectly affected in the provisions applicable to this subchapter by
9P.L. 99-514, P.L. 100-203, P.L. 100-647, P.L. 101-73, P.L. 101-140, P.L. 101-179,
10P.L. 101-239, P.L. 101-508, P.L. 102-227, excluding sections 103, 104 and 110 of P.L.
11102-227, P.L. 102-318, P.L. 102-486, P.L. 103-66, P.L. 103-296, P.L. 103-337 and
12P.L. 103-465 excluding sections 13113, 13150 (d), 13171 (d), 13174 and 13203 (d) of
13P.L. 103-66, except that property that, under s. 71.02 (1) (c) 8. to 11., 1985 stats., is
14required to be depreciated for taxable years 1983 to 1986 under the internal revenue
15code as amended to December 31, 1980, shall continue to be depreciated under the
16internal revenue code as amended to December 31, 1980, and except that the
17appropriate amount shall be added or subtracted to reflect differences between the
18depreciation or adjusted basis for federal income tax purposes and the depreciation
19or adjusted basis under this chapter of any property disposed of during the taxable
20year. The internal revenue code as amended to December 31, 1994, excluding
21sections 103, 104 and 110 of P.L. 102-227 and sections 13113, 13150 (d), 13171 (d),
2213174, 13203 (d) and 13215 of P.L. 103-66, and as indirectly affected in the provisions
23applicable to this subchapter by P.L. 99-514, P.L. 100-203, P.L. 100-647, P.L.
24101-73, P.L. 101-140, P.L. 101-179, P.L. 101-239, P.L. 101-508, P.L. 102-227,
25excluding sections 103, 104 and 110 of P.L. 102-227, P.L. 102-318, P.L. 102-486, P.L.

1103-66, excluding sections 13113, 13150 (d), 13171 (d), 13174, 13203 (d) and 13215
2of P.L. 103-66, P.L. 103-296, P.L. 103-337 and P.L. 103-465 applies for Wisconsin
3purposes at the same time as for federal purposes. Amendments to the internal
4revenue code enacted after December 31, 1994, do not apply to this subdivision with
5respect to taxable years that begin after December 31, 1994.
AB150-ASA, s. 3399k 6Section 3399k. 71.26 (3) (y) of the statutes is amended to read:
AB150-ASA,1143,177 71.26 (3) (y) A corporation may compute amortization and depreciation under
8either the federal internal revenue code as amended to December 31, 1993 1994, or
9the federal internal revenue code in effect for the taxable year for which the return
10is filed, except that property first placed in service by the taxpayer on or after
11January 1, 1983, but before January 1, 1987, that, under s. 71.04 (15) (b) and (br),
121985 stats., is required to be depreciated under the internal revenue code as
13amended to December 31, 1980, and property first placed in service in taxable year
141981 or thereafter but before January 1, 1987, that, under s. 71.04 (15) (bm), 1985
15stats., is required to be depreciated under the internal revenue code as amended to
16December 31, 1980, shall continue to be depreciated under the internal revenue code
17as amended to December 31, 1980.
AB150-ASA, s. 3399r 18Section 3399r. 71.28 (1dd) of the statutes is created to read:
AB150-ASA,1143,1919 71.28 (1dd) Development zones day care credit. (a) In this subsection:
AB150-ASA,1143,2220 1. "Day care center benefits" means benefits provided at a day care facility that
21is licensed under s. 48.65 or 48.69 and that for compensation provides care for at least
226 children.
AB150-ASA,1144,223 2. "Employment-related day care expenses" means amounts paid or incurred
24by a claimant for providing or making day care center benefits available to a

1qualifying child in order to enable a member of a targeted group to be employed by
2the claimant.
AB150-ASA,1144,43 3. "Qualifying child" means a child of a member of a targeted group who is
4employed by a claimant.
AB150-ASA,1144,55 4. "Member of a targeted group" means a person under sub. (1dj) (am) 1.
AB150-ASA,1144,136 (b) Except as provided in s. 73.03 (35), for any taxable year for which that
7person is certified under s. 560.765 (3) and begins business operations in a zone
8under s. 560.71 after the effective date of this paragraph .... [revisor inserts date],
9entitled under s. 560.795 (3) (a) and begins business operations in a zone under s.
10560.795 after the effective date of this paragraph .... [revisor inserts date], or certified
11under s. 560.797 (4) (a), for each zone for which the person is certified or entitled a
12person may credit against taxes otherwise due under this subchapter
13employment-related day care expenses, up to $1,200 for each qualifying child.
AB150-ASA,1144,1514 (c) Subsection (1di) (b), (d), (f) and (g), as it applies to the credit under sub. (1di),
15applies to the credit under this subsection.
AB150-ASA,1144,1716 (d) Subsection (4) (e) to (h), as it applies to the credit under sub. (4), applies to
17the credit under this subsection.
AB150-ASA,1144,2318 (e) The credit under this subsection, as it applies to a person certified under s.
19560.765 (3), applies to a corporation that conducts economic activity in a zone under
20s. 560.795 (1) and that is entitled to tax benefits under s. 560.795 (3), subject to the
21limits under s. 560.795 (2). A credit under this subsection may be credited using
22expenses incurred by a claimant on the effective date of this paragraph .... [revisor
23inserts date].
AB150-ASA, s. 3399t 24Section 3399t. 71.28 (1de) of the statutes is created to read:
AB150-ASA,1145,13
171.28 (1de) Development zones environmental remediation credit. (a)
2Except as provided in s. 73.03 (35), for any taxable year for which a person is certified
3under s. 560.765 (3) and begins business operations in a zone under s. 560.71 after
4the effective date of this paragraph .... [revisor inserts date], entitled under s.
5560.795 (3) (a) and begins business operations in a zone under s. 560.795 after the
6effective date of this paragraph .... [revisor inserts date], or certified under s. 560.797
7(4) (a), for each zone for which the person is certified or entitled the person may claim
8as a credit against taxes otherwise due under this subchapter an amount equal to
97.5% of the amount that the person expends to remove or contain environmental
10pollution, as defined in s. 144.01 (3), in the zone or to restore soil or groundwater that
11is affected by environmental pollution, as defined in s. 144.01 (3), in the zone or to
12restore soil or groundwater that is affected by environmental pollution, as defined
13in s. 144.01 (3), in the zone if the person fulfills all of the following requirements:
AB150-ASA,1145,1714 1. Begins the work, other than planning and investigating, for which the credit
15is claimed after the area that includes the site where the work is done is designated
16a development zone under s. 560.71, a development opportunity zone under s.
17560.795 or an enterprise development zone under s. 560.797.
AB150-ASA,1145,2018 2. Completes the project for which the credit is claimed after the claimant is
19certified under s. 560.765 (3), entitled under s. 560.795 (3) (a) or certified under s.
20560.797 (4) (a).
AB150-ASA,1145,2221 (b) Subsection (1di) (b), (d), (f) and (g), as it applies to the credit under sub. (1di),
22applies to the credit under this subsection.
AB150-ASA,1145,2423 (c) Subsection (4) (e) to (h), as it applies to the credit under sub. (4), applies to
24the credit under this subsection.
AB150-ASA,1146,6
1(d) The credit under this subsection, as it applies to a person certified under s.
2560.765 (3), applies to a corporation that conducts economic activity in a zone under
3s. 560.795 (1) and that is entitled to tax benefits under s. 560.795 (3), subject to the
4limits under s. 560.795 (2). A credit under this subsection may be credited using
5expenses incurred by a claimant on the effective date of this paragraph .... [revisor
6inserts date].
AB150-ASA, s. 3400f 7Section 3400f. 71.28 (1dj) (am) 4b. of the statutes is created to read:
AB150-ASA,1146,128 71.28 (1dj) (am) 4b. Modify "qualified wages", as defined in section 51 (b) of the
9internal revenue code, to include up to $2,500 in day care center benefits, as defined
10in sub. (1dd) (a) 1., if the claimant begins operations in a zone under s. 560.71 or
11560.795 after the effective date of this subdivision .... [revisor inserts date], or if the
12claimant conducts economic activity in a zone under s. 560.797.
AB150-ASA, s. 3400g 13Section 3400g. 71.28 (1dj) (d) of the statutes is amended to read:
AB150-ASA,1146,1914 71.28 (1dj) (d) If the allowable amount of the credit under par. (am) exceeds the
15taxes otherwise due under this chapter on or measured by the claimant's income, the
16amount of the credit not used as an offset against those taxes shall be certified to the
17department of administration for payment to the claimant by check, share draft or
18other draft unless the claimant does not fulfill the requirements under sub. (1di) (b)
192. and bases the claim on activity in a zone under s. 560.797
.
AB150-ASA, s. 3402m 20Section 3402m. 71.28 (1dj) (f) of the statutes is amended to read:
AB150-ASA,1146,2221 71.28 (1dj) (f) The rules under sub. (1di) (b), (f) and (g) as they apply to the
22credit under that subsection apply to the credit under this subsection.
AB150-ASA, s. 3402r 23Section 3402r. 71.28 (1ds) (c) of the statutes is amended to read:
AB150-ASA,1147,424 71.28 (1ds) (c) If the allowable amount of the credit under par. (b) exceeds the
25taxes otherwise due under this chapter on or measured by the claimant's income, the

1amount of the credit not used as an offset against those taxes shall be certified to the
2department of administration for payment to the claimant by check, share draft or
3other draft unless the claimant does not fulfill the requirements under sub. (1di) (b)
42. and bases the claim on activity in a zone under s. 560.797
.
AB150-ASA, s. 3403m 5Section 3403m. 71.28 (1ds) (e) of the statutes is amended to read:
AB150-ASA,1147,76 71.28 (1ds) (e) The rules under sub. (1di) (b), (f) and (g) as they apply to the
7credit under that subsection apply to the credit under this subsection.
AB150-ASA, s. 3404c 8Section 3404c. 71.28 (6) (a) of the statutes is amended to read:
AB150-ASA,1147,159 71.28 (6) (a) Any person may credit against taxes otherwise due under this
10chapter, up to the amount of those taxes, an amount equal to 5% of the costs of
11qualified rehabilitation expenditures, as defined in section 48 (g) (2) 47 (c) (2) of the
12internal revenue code, for certified historic structures on property located in this
13state if the physical work of construction or destruction in preparation for
14construction begins after December 31, 1988, and the rehabilitated property is
15placed in service after June 30, 1989.
AB150-ASA, s. 3404cg 16Section 3404cg. 71.30 (3) (eo) and (ep) of the statutes are created to read:
AB150-ASA,1147,1717 71.30 (3) (eo) Development zones day care credit under s. 71.28 (1dd).
AB150-ASA,1147,1818 (ep) Development zones environmental remediation credit under s. 71.28 (1de).
AB150-ASA, s. 3404cm 19Section 3404cm. 71.34 (1) (g) of the statutes is amended to read:
AB150-ASA,1147,2220 71.34 (1) (g) An addition shall be made for credits computed by a tax-option
21corporation under s. 71.28 (1dd), (1de), (1di), (1dj), (1dL) and (1ds) and passed
22through to shareholders.
AB150-ASA, s. 3404e 23Section 3404e. 71.34 (1g) (b) of the statutes is repealed.
AB150-ASA, s. 3404h 24Section 3404h. 71.34 (1g) (h) of the statutes is amended to read:
AB150-ASA,1148,21
171.34 (1g) (h) "Internal revenue code" for tax-option corporations, for taxable
2years that begin after December 31, 1992, and before January 1, 1994, means the
3federal internal revenue code as amended to December 31, 1992, excluding sections
4103, 104 and 110 of P.L. 102-227, and as amended by P.L. 103-66, excluding sections
513101 (a) and (c) 1, 13113, 13150, 13171, 13174 and 13203 of P.L. 103-66, and P.L.
6103-465
and as indirectly affected in the provisions applicable to this subchapter by
7P.L. 99-514, P.L. 100-203, P.L. 100-647 excluding sections 803 (d) (2) (B), 805 (d) (2),
8812 (c) (2), 821 (b) (2) and 823 (c) (2) of P.L. 99-514 and section 1008 (g) (5) of P.L.
9100-647, P.L. 101-73, P.L. 101-140, P.L. 101-179, P.L. 101-239, P.L. 101-508, P.L.
10102-227, excluding sections 103, 104 and 110 of P.L. 102-227, P.L. 102-318, P.L.
11102-486 and, P.L. 103-66, excluding sections 13101 (a) and (c) 1, 13113, 13150,
1213171, 13174 and 13203 of P.L. 103-66, and P.L. 103-465 except that section 1366
13(f) (relating to pass-through of items to shareholders) is modified by substituting the
14tax under s. 71.35 for the taxes under sections 1374 and 1375. The internal revenue
15code applies for Wisconsin purposes at the same time as for federal purposes.
16Amendments to the federal internal revenue code enacted after December 31, 1992,
17do not apply to this paragraph with respect to taxable years beginning after
18December 31, 1992, and before January 1, 1994, except that changes to the internal
19revenue code made by P.L. 103-66 and P.L. 103-465 and changes that indirectly
20affect the provisions applicable to this subchapter made by P.L. 103-66 and P.L.
21103-465
apply for Wisconsin purposes at the same time as for federal purposes.
AB150-ASA, s. 3404i 22Section 3404i. 71.34 (1g) (i) of the statutes is amended to read:
AB150-ASA,1149,1923 71.34 (1g) (i) "Internal revenue code" for tax-option corporations, for taxable
24years that begin after December 31, 1993, and before January 1, 1995, means the
25federal internal revenue code as amended to December 31, 1993, excluding sections

1103, 104 and 110 of P.L. 102-227 and sections 13113, 13150 (d), 13171 (d), 13174,
213203 (d) and 13215 of P.L. 103-66, and as amended by P.L. 103-296, P.L. 103-337
3and P.L. 103-465
and as indirectly affected in the provisions applicable to this
4subchapter by P.L. 99-514, P.L. 100-203, P.L. 100-647 excluding sections 803 (d) (2)
5(B), 805 (d) (2), 812 (c) (2), 821 (b) (2) and 823 (c) (2) of P.L. 99-514 and section 1008
6(g) (5) of P.L. 100-647, P.L. 101-73, P.L. 101-140, P.L. 101-179, P.L. 101-239, P.L.
7101-508, P.L. 102-227, excluding sections 103, 104 and 110 of P.L. 102-227, P.L.
8102-318, P.L. 102-486 and, P.L. 103-66, excluding sections 13113, 13150 (d), 13171
9(d), 13174, 13203 (d) and 13215 of P.L. 103-66, P.L. 103-296, P.L. 103-337 and P.L.
10103-465
except that section 1366 (f) (relating to pass-through of items to
11shareholders) is modified by substituting the tax under s. 71.35 for the taxes under
12sections 1374 and 1375. The internal revenue code applies for Wisconsin purposes
13at the same time as for federal purposes. Amendments to the federal internal
14revenue code enacted after December 31, 1993, do not apply to this paragraph with
15respect to taxable years beginning after December 31, 1993, and before January 1,
161995, except that changes to the internal revenue code made by P.L. 103-296, P.L.
17103-337 and P.L. 103-465 and changes that indirectly affect the provisions
18applicable to this subchapter made by P.L. 103-296, P.L. 103-337 and P.L. 103-465
19apply for Wisconsin purposes at the same time as for federal purposes
.
AB150-ASA, s. 3404j 20Section 3404j. 71.34 (1g) (j) of the statutes is created to read:
AB150-ASA,1150,1221 71.34 (1g) (j) "Internal revenue code" for tax-option corporations, for taxable
22years that begin after December 31, 1994, means the federal internal revenue code
23as amended to December 31, 1994, excluding sections 103, 104 and 110 of P.L.
24102-227 and sections 13113, 13150 (d), 13171 (d), 13174 and 13203 (d) of P.L. 103-66,
25and as indirectly affected in the provisions applicable to this subchapter by P.L.

199-514, P.L. 100-203, P.L. 100-647 excluding sections 803 (d) (2) (B), 805 (d) (2), 812
2(c) (2), 821 (b) (2) and 823 (c) (2) of P.L. 99-514 and section 1008 (g) (5) of P.L. 100-647,
3P.L. 101-73, P.L. 101-140, P.L. 101-179, P.L. 101-239, P.L. 101-508, P.L. 102-227,
4excluding sections 103, 104 and 110 of P.L. 102-227, P.L. 102-318, P.L. 102-486, P.L.
5103-66, excluding sections 13113, 13150 (d), 13171 (d), 13174 and 13203 (d) of P.L.
6103-66, P.L. 103-296, P.L. 103-337 and P.L. 103-465, except that section 1366 (f)
7(relating to pass-through of items to shareholders) is modified by substituting the
8tax under s. 71.35 for the taxes under sections 1374 and 1375. The internal revenue
9code applies for Wisconsin purposes at the same time as for federal purposes.
10Amendments to the federal internal revenue code enacted after December 31, 1994,
11do not apply to this paragraph with respect to taxable years beginning after
12December 31, 1994.
AB150-ASA, s. 3404k 13Section 3404k. 71.365 (1m) of the statutes is amended to read:
AB150-ASA,1151,1414 71.365 (1m) Tax-option corporations; depreciation. A tax-option corporation
15may compute amortization and depreciation under either the federal internal
16revenue code as amended to December 31, 1993 1994, or the federal internal revenue
17code in effect for the taxable year for which the return is filed, except that property
18first placed in service by the taxpayer on or after January 1, 1983, but before January
191, 1987, that, under s. 71.04 (15) (b) and (br), 1985 stats., is required to be depreciated
20under the internal revenue code as amended to December 31, 1980, and property first
21placed in service in taxable year 1981 or thereafter but before January 1, 1987, that,
22under s. 71.04 (15) (bm), 1985 stats., is required to be depreciated under the internal
23revenue code as amended to December 31, 1980, shall continue to be depreciated
24under the internal revenue code as amended to December 31, 1980. Any difference
25between the adjusted basis for federal income tax purposes and the adjusted basis

1under this chapter shall be taken into account in determining net income or loss in
2the year or years for which the gain or loss is reportable under this chapter. If that
3property was placed in service by the taxpayer during taxable year 1986 and
4thereafter but before the property is used in the production of income subject to
5taxation under this chapter, the property's adjusted basis and the depreciation or
6other deduction schedule are not required to be changed from the amount allowable
7on the owner's federal income tax returns for any year because the property is used
8in the production of income subject to taxation under this chapter. If that property
9was acquired in a transaction in taxable year 1986 or thereafter in which the
10adjusted basis of the property in the hands of the transferee is the same as the
11adjusted basis of the property in the hands of the transferor, the Wisconsin adjusted
12basis of that property on the date of transfer is the adjusted basis allowable under
13the internal revenue code as defined for Wisconsin purposes for the property in the
14hands of the transferor.
AB150-ASA, s. 3404q 15Section 3404q. 71.42 (2) (g) of the statutes is amended to read:
AB150-ASA,1152,816 71.42 (2) (g) For taxable years that begin after December 31, 1992, and before
17January 1, 1994, "internal revenue code" means the federal internal revenue code as
18amended to December 31, 1992, excluding sections 103, 104 and 110 of P.L. 102-227,
19and as amended by P.L. 103-66, excluding sections 13101 (a) and (c) 1, 13113, 13150,
2013171, 13174 and 13203 of P.L. 103-66, and P.L. 103-465 and as indirectly affected
21by P.L. 99-514, P.L. 100-203, P.L. 100-647, P.L. 101-73, P.L. 101-140, P.L. 101-179,
22P.L. 101-239, P.L. 101-508, P.L. 102-227, excluding sections 103, 104 and 110 of P.L.
23102-227, P.L. 102-318, P.L. 102-486 and, P.L. 103-66, excluding sections 13101 (a)
24and (c) 1, 13113, 13150, 13171, 13174 and 13203 of P.L. 103-66, and P.L. 103-465
25except that "internal revenue code" does not include section 847 of the federal

1internal revenue code. The internal revenue code applies for Wisconsin purposes at
2the same time as for federal purposes. Amendments to the federal internal revenue
3code enacted after December 31, 1992, do not apply to this paragraph with respect
4to taxable years beginning after December 31, 1992, and before January 1, 1994,
5except that changes to the internal revenue code made by P.L. 103-66 and P.L.
6103-465
and changes that indirectly affect the federal internal revenue code made
7by P.L. 103-66 and P.L. 103-465 apply for Wisconsin purposes at the same time as
8for federal purposes.
AB150-ASA, s. 3404r 9Section 3404r. 71.42 (2) (h) of the statutes is amended to read:
AB150-ASA,1153,210 71.42 (2) (h) For taxable years that begin after December 31, 1993, and before
11January 1, 1995
, "internal revenue code" means the federal internal revenue code as
12amended to December 31, 1993 excluding sections 103, 104 and 110 of P.L. 102-227
13and sections 13113, 13150 (d), 13171 (d), 13174, 13203 (d) and 13215 of P.L. 103-66,
14and as amended by P.L. 103-296, P.L. 103-337 and P.L. 103-465 and as indirectly
15affected by P.L. 99-514, P.L. 100-203, P.L. 100-647, P.L. 101-73, P.L. 101-140, P.L.
16101-179, P.L. 101-239, P.L. 101-508, P.L. 102-227, excluding sections 103, 104 and
17110 of P.L. 102-227, P.L. 102-318, P.L. 102-486 and P.L. 103-66, excluding sections
1813113, 13150 (d), 13171 (d), 13174, 13203 (d) and 13215 of P.L. 103-66, P.L. 103-296,
19P.L. 103-337 and P.L. 103-465
except that "internal revenue code" does not include
20section 847 of the federal internal revenue code. The internal revenue code applies
21for Wisconsin purposes at the same time as for federal purposes. Amendments to the
22federal internal revenue code enacted after December 31, 1993, do not apply to this
23paragraph with respect to taxable years beginning after December 31, 1993, and
24before January 1, 1995, except that changes to the internal revenue code made by
25P.L. 103-296, P.L. 103-337 and P.L. 103-465 and changes that indirectly affect the

1provisions applicable to this subchapter made by P.L. 103-296, P.L. 103-337 and P.L.
2103-465 apply for Wisconsin purposes at the same time as for federal purposes
.
AB150-ASA, s. 3404s 3Section 3404s. 71.42 (2) (i) of the statutes is created to read:
AB150-ASA,1153,164 71.42 (2) (i) For taxable years that begin after December 31, 1994, "internal
5revenue code" means the federal internal revenue code as amended to December 31,
61994, excluding sections 103, 104 and 110 of P.L. 102-227 and sections 13113, 13150
7(d), 13171 (d), 13174 and 13203 (d) of P.L. 103-66, and as indirectly affected by P.L.
899-514, P.L. 100-203, P.L. 100-647, P.L. 101-73, P.L. 101-140, P.L. 101-179, P.L.
9101-239, P.L. 101-508, P.L. 102-227, excluding sections 103, 104 and 110 of P.L.
10102-227, P.L. 102-318, P.L. 102-486, P.L. 103-66, excluding sections 13113, 13150
11(d), 13171 (d), 13174 and 13203 (d) of P.L. 103-66, P.L. 103-296, P.L. 103-337 and
12P.L. 103-465 except that "internal revenue code" does not include section 847 of the
13federal internal revenue code. The internal revenue code applies for Wisconsin
14purposes at the same time as for federal purposes. Amendments to the federal
15internal revenue code enacted after December 31, 1994, do not apply to this
16paragraph with respect to taxable years beginning after December 31, 1994.
AB150-ASA, s. 3405 17Section 3405. 71.45 (1) of the statutes is amended to read:
AB150-ASA,1154,818 71.45 (1) Exempt and excludable income. There shall be exempt from taxation
19under this subchapter income of insurers exempt from federal income taxation
20pursuant to section 501 (c) (15) of the internal revenue code, town mutuals organized
21under or subject to ch. 612, foreign insurers, and domestic insurers engaged
22exclusively in life insurance business, domestic insurers insuring against financial
23loss by reason of nonpayment of principal, interest and other sums agreed to be paid
24under the terms of any note or bond or other evidence of indebtedness secured by a
25mortgage, deed of trust or other instrument constituting a lien or charge on real

1estate and corporations organized under ch. 185, but not including income of
2cooperative sickness care associations organized under s. 185.981, or of a service
3insurance corporation organized under ch. 613, that is derived from a health
4maintenance organization as defined in s. 609.01 (2) or a limited service health
5organization as defined in s. 609.01 (3),
or operating under subch. I of ch. 616 which
6are bona fide cooperatives operated without pecuniary profit to any shareholder or
7member, or operated on a cooperative plan pursuant to which they determine and
8distribute their proceeds in substantial compliance with s. 185.45.
AB150-ASA, s. 3406 9Section 3406. 71.45 (2) (a) (intro.) of the statutes is amended to read:
AB150-ASA,1154,1410 71.45 (2) (a) (intro.) Insurers subject to taxation under this chapter shall pay
11a tax according to or measured by net income. Such tax is payable under s. 71.44 (1).
12"Net Except as provided in sub. (5), "net income" of an insurer subject to taxation
13under this chapter means federal taxable income as determined in accordance with
14the provisions of the internal revenue code adjusted as follows:
AB150-ASA, s. 3406r 15Section 3406r. 71.45 (2) (a) 10. of the statutes is amended to read:
AB150-ASA,1154,2116 71.45 (2) (a) 10. By adding to federal taxable income the amount of credit
17computed under s. 71.47 (1di) (1dd) to (1ds) and not passed through by a partnership,
18limited liability company or tax-option corporation that has added that amount to
19the partnership's, limited liability company's or tax-option corporation's income
20under s. 71.21 (4) or 71.34 (1) (g) and the amount of credit computed under s. 71.47
21(1), (3), (4) and (5).
AB150-ASA, s. 3406v 22Section 3406v. 71.45 (2) (a) 13. of the statutes is amended to read:
AB150-ASA,1155,1023 71.45 (2) (a) 13. By adding or subtracting, as appropriate, the difference
24between the depreciation deduction under the federal internal revenue code as
25amended to December 31, 1993 1994, and the depreciation deduction under the

1federal internal revenue code in effect for the taxable year for which the return is
2filed, so as to reflect the fact that the insurer may choose between these 2 deductions,
3except that property first placed in service by the taxpayer on or after January 1,
41983, but before January 1, 1987, that, under s. 71.04 (15) (b) and (br), 1985 stats.,
5is required to be depreciated under the internal revenue code as amended to
6December 31, 1980, and property first placed in service in taxable year 1981 or
7thereafter but before January 1, 1987, that, under s. 71.04 (15) (bm), 1985 stats., is
8required to be depreciated under the internal revenue code as amended to December
931, 1980, shall continue to be depreciated under the internal revenue code as
10amended to December 31, 1980.
AB150-ASA, s. 3407 11Section 3407. 71.45 (5) of the statutes is created to read:
AB150-ASA,1155,1812 71.45 (5) Exceptions. The net income of a cooperative sickness care association
13organized under s. 185.981, or of a service insurance corporation organized under ch.
14613, that is derived from a health maintenance organization, as defined in s. 609.01
15(2), or a limited service health organization, as defined in s. 609.01 (3), is the net
16income that would be determined if the cooperative sickness care association or
17service insurance corporation were subject to federal income taxation and as if that
18income were that of an insurance company.
AB150-ASA, s. 3407m 19Section 3407m. 71.47 (1dd) of the statutes is created to read:
AB150-ASA,1155,2020 71.47 (1dd) Development zones day care credit. (a) In this subsection:
AB150-ASA,1155,2321 1. "Day care center benefits" means benefits provided at a day care facility that
22is licensed under s. 48.65 or 48.69 and that for compensation provides care for at least
236 children.
AB150-ASA,1156,224 2. "Employment-related day care expenses" means amounts paid or incurred
25by a claimant for providing or making day care center benefits available to a

1qualifying child in order to enable a member of a targeted group to be employed by
2the claimant.
AB150-ASA,1156,43 3. "Qualifying child" means a child of a member of a targeted group who is
4employed by a claimant.
AB150-ASA,1156,55 4. "Member of a targeted group" means a person under sub. (1dj) (am) 1.
AB150-ASA,1156,136 (b) Except as provided in s. 73.03 (35), for any taxable year for which that
7person is certified under s. 560.765 (3) and begins business operations in a zone
8under s. 560.71 after the effective date of this paragraph .... [revisor inserts date],
9entitled under s. 560.795 (3) (a) and begins business operations in a zone under s.
10560.795 after the effective date of this paragraph .... [revisor inserts date], or certified
11under s. 560.797 (4) (a), for each zone for which the person is certified or entitled a
12person may credit against taxes otherwise due under this subchapter
13employment-related day care expenses, up to $1,200 for each qualifying child.
AB150-ASA,1156,1514 (c) Subsection (1di) (b), (d), (f) and (g), as it applies to the credit under sub. (1di),
15applies to the credit under this subsection.
AB150-ASA,1156,1716 (d) Section 71.28 (4) (e) to (h), as it applies to the credit under s. 71.28 (4),
17applies to the credit under this subsection.
AB150-ASA,1156,2318 (e) The credit under this subsection, as it applies to a person certified under s.
19560.765 (3), applies to a person who conducts economic activity in a zone under s.
20560.795 (1) and who is entitled to tax benefits under s. 560.795 (3), subject to the
21limits under s. 560.795 (2). A credit under this subsection may be credited using
22expenses incurred by a claimant on the effective date of this paragraph .... [revisor
23inserts date].
AB150-ASA, s. 3407r 24Section 3407r. 71.47 (1de) of the statutes is created to read:
AB150-ASA,1157,12
171.47 (1de) Development zones environmental remediation credit. (a)
2Except as provided in s. 73.03 (35), for any taxable year for which a person is certified
3under s. 560.765 (3) and begins business operations in a zone under s. 560.71 after
4the effective date of this paragraph .... [revisor inserts date], entitled under s.
5560.795 (3) (a) and begins business operations in a zone under s. 560.795 after the
6effective date of this paragraph .... [revisor inserts date], or certified under s. 560.797
7(4) (a), for each zone for which the person is certified or entitled the person may claim
8as a credit against taxes otherwise due under this subchapter an amount equal to
97.5% of the amount that the person expends to remove or contain environmental
10pollution, as defined in s. 144.01 (3), in the zone or to restore soil or groundwater that
11is affected by environmental pollution, as defined in s. 144.01 (3), in the zone if the
12person fulfills all of the following requirements:
AB150-ASA,1157,1613 1. Begins the work, other than planning and investigating, for which the credit
14is claimed after the area that includes the site where the work is done is designated
15a development zone under s. 560.71, a development opportunity zone under s.
16560.795 or an enterprise development zone under s. 560.797.
AB150-ASA,1157,1917 2. Completes the project for which the credit is claimed after the claimant is
18certified under s. 560.765 (3), entitled under s. 560.795 (3) (a) or certified under s.
19560.797 (4) (a).
AB150-ASA,1157,2120 (b) Subsection (1di) (b), (d), (f) and (g), as it applies to the credit under s. 71.07
21(2di), applies to the credit under this subsection.
AB150-ASA,1157,2322 (c) Section 71.28 (4) (e) to (h), as it applies to the credit under s. 71.28 (4), applies
23to the credit under this subsection.
AB150-ASA,1158,424 (d) The credit under this subsection, as it applies to a person certified under s.
25560.765 (3), applies to a person who conducts economic activity in a zone under s.

1560.795 (1) and who is entitled to tax benefits under s. 560.795 (3), subject to the
2limits under s. 560.795 (2). A credit under this subsection may be credited using
3expenses incurred by a claimant on the effective date of this paragraph .... [revisor
4inserts date].
AB150-ASA, s. 3408f 5Section 3408f. 71.47 (1dj) (am) 4b. of the statutes is created to read:
AB150-ASA,1158,106 71.47 (1dj) (am) 4b. Modify "qualified wages", as defined in section 51 (b) of the
7internal revenue code, to include up to $2,500 in day care center benefits, as defined
8in sub. (1dd) (a) 1., if the claimant begins operations in a zone under s. 560.71 or
9560.795 after the effective date of this subdivision .... [revisor inserts date], or if the
10claimant conducts economic activity in a zone under s. 560.797.
AB150-ASA, s. 3408g 11Section 3408g. 71.47 (1dj) (d) of the statutes is amended to read:
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