AB133-SSA1,880,1917 3. "Credit card reimbursement fee" means the fee that a taxpayer receives from
18a merchant's bank because a person to whom the taxpayer has issued a credit card
19has paid for merchandise or services sold by the merchant with the credit card.
AB133-SSA1,881,620 4. "Financial organization" means a bank; a savings bank; a bank holding
21company; a savings and loan association; a trust company; a credit union, except a
22credit union that is exempt from taxes under s. 71.26 (1) (a); a production credit
23association; or an agency or branch of a foreign depository; whether chartered under
24the laws of this state, another state or territory, the laws of the United States or the
25laws of a foreign county. "Financial organization" includes a corporation that derives

1at least 50% of its total gross income from finance leases, including direct finance
2leases and leverage leases as defined by rule, and a corporation that derives at least
350% of its total gross income from an activity that a financial organization performs,
4except that "financial organization" does not include an insurance company that is
5taxable under s. 71.43 or a real estate broker, securities dealer or broker-dealer that
6is taxable under s. 71.26.
AB133-SSA1,881,167 5. "Loan" means any extension of credit or creation of debt that results from
8direct negotiations between the taxpayer under this subsection and the taxpayer's
9customer; the purchase, in whole or in part, of an extension of credit; and
10participations, syndications and leases that are considered loans for federal income
11tax purposes. "Loan" does not include loans under section 595 of the Internal
12Revenue Code; futures or forward contracts; options; notional principal contracts;
13credit card receivables; purchased credit card relationships; noninterest bearing
14balances that are due from depository institutions; cash items in the process of
15collection; federal funds sold; securities; assets held in a trading account; and
16interest in any mortgage-backed or assets-backed security.
AB133-SSA1,881,1917 6. "Merchant discount" means a fee or discount that is charged to a merchant
18for accepting a credit card as payment for merchandise or services that are sold to
19the credit card holder.
AB133-SSA1,881,2120 7. "State" means a state of the United States, the District of Columbia, the
21commonwealth of Puerto Rico or a territory or possession of the United States.
AB133-SSA1,881,2322 8. "Taxpayer" means a financial organization that is subject to apportionment
23under this subsection.
AB133-SSA1,882,924 (b) Apportionment. For taxable years beginning after December 31, 1999, a
25financial organization that does business in this state and outside this state shall

1apportion its net business income as provided in this subsection. A taxpayer that is
2subject to this subsection shall apportion its nonbusiness income under sub. (5) (b)
3and shall deduct the net business income that follows the situs of its property from
4its total net business income. The taxpayer's remaining net business income shall
5be apportioned to this state by multiplying the remaining net business income by an
6apportionment fraction that has as a numerator the gross receipts of the taxpayer
7in this state during the taxable year and that has a denominator the taxpayer's total
8gross receipts during the taxable year. The following sources of a taxpayer's business
9income are subject to apportionment:
AB133-SSA1,882,1210 1. `Gross receipts from the lease of real property.' Gross receipts from the lease,
11rental or sublease of real property owned by the taxpayer shall be apportioned under
12sub. (9) (dc).
AB133-SSA1,882,1513 2. `Gross receipts from the lease of tangible personal property.' Gross receipts
14from the lease, rental or sublease of tangible personal property owned by the
15taxpayer shall be apportioned under sub. (9) (dc) and (dg).
AB133-SSA1,882,2516 3. `Gross interest from loans secured by real property.' The numerator of the
17apportionment fraction includes gross interest, fees or penalties from loans that are
18secured by real property if the real property is located in this state at the time the
19loan is secured and if the value of the real property represents at least 50% of the
20aggregate value of the collateral that is used to secure the loan. If the real property
21that is used to secure a loan is located in this state and in another state or a foreign
22country, the gross interest, fees or penalties from the loan are included in the
23numerator of the apportionment fraction, if at least 50% of the fair market value of
24the real property is located within this state or if the loan borrower is located in this
25state.
AB133-SSA1,883,3
14. `Gross interest from loans.' The numerator of the apportionment fraction
2includes gross interest, fees or penalties from loans that are not secured by real
3property, if the loan borrower is located in this state.
AB133-SSA1,883,64 5. `Sale of loans.' The numerator of the apportionment fraction includes income
5from the sale of loans and income under section 1286 of the Internal Revenue Code.
6The income that is included in the numerator is determined as follows:
AB133-SSA1,883,107 a. The gross receipts from the sale of loans secured by real property is
8multiplied by a fraction that has as a numerator the amount included in the
9numerator under subd. 3. and that has as a denominator the total amount of interest,
10fees and penalties from loans that are secured by real property.
AB133-SSA1,883,1411 b. The net gains from the sale of loans that are not secured by real property is
12multiplied by a fraction that has as a numerator the amount included in the
13numerator under subd. 4. and that has as a denominator the total amount of interest,
14fees and penalties from loans that are not secured by real property.
AB133-SSA1,883,1815 6. `Credit card receivables.' The numerator of the apportionment fraction
16includes gross interest, fees or penalties from credit card receivables and gross
17receipts from fees charged to credit card holders, if the billing address of the credit
18card holder is in this state.
AB133-SSA1,883,2319 7. `Gross receipts from the sale of credit card receivables.' The numerator of
20the apportionment fraction includes gross receipts from the sale of credit card
21receivables, multiplied by a fraction that has as a numerator the amount included
22in the numerator under subd. 6. and that has as a denominator the total amount of
23interest, fees and penalties that are charged to credit card holders.
AB133-SSA1,884,324 8. `Credit card reimbursement fees.' The numerator of the apportionment
25fraction includes credit card reimbursement fees, multiplied by a fraction that has

1as a numerator the amount included in the numerator under subd. 6. and that has
2as a denominator the total amount of interest, fees and penalties that are charged
3to credit card holders.
AB133-SSA1,884,94 9. `Gross receipts from a merchant discount.' The numerator of the
5apportionment fraction includes gross receipts from a merchant discount if the
6merchant's business is principally managed from a location in this state. The gross
7receipts from a merchant discount shall not include credit card holder charge backs.
8The amount of gross receipts from a merchant discount shall not be reduced by
9interchange transaction fees or by a credit card reimbursement fee.
AB133-SSA1,884,1910 10. `Loan servicing fees.' a. The numerator of the apportionment fraction
11includes loan servicing fees derived from loans that are secured by real property,
12multiplied by a fraction that has as a numerator the amount included in the
13numerator under subd. 3. and that has as a denominator the total amount of interest,
14fees and penalties from loans that are secured by real property. The numerator of
15the apportionment fraction also includes loan servicing fees derived from loans that
16are not secured by real property, multiplied by a fraction that has as a numerator the
17amount included in the numerator under subd. 4. and that has as a denominator the
18total amount of interest, fees and penalties from loans that are not secured by real
19property.
AB133-SSA1,884,2220 b. If the taxpayer receives loan servicing fees for servicing a loan, the
21numerator of the apportionment fraction shall include such fees if the borrower of
22the loan is located in this state.
AB133-SSA1,885,223 11. `Gross income from investment banking services.' The numerator of the
24apportionment fraction includes gross income, including commissions, management

1fees or underwriting fees, earned from investment banking services if the purchaser
2of the services is located in this state.
AB133-SSA1,885,43 12. `Gross receipts from other services.' The gross receipts from services that
4are not described under subds. 1. to 11. shall be apportioned under sub. (9) (dr).
AB133-SSA1,885,65 13. `Other sales.' Sales under sub. (9) that are not apportioned under this
6subsection shall be apportioned under sub. (9).
AB133-SSA1,885,107 (c) Receipts not taxed. Fifty percent of the gross receipts of the taxpayer that
8are apportioned under this subsection to a state in which the taxpayer is not taxable
9is included in the numerator of the apportionment fraction under par. (b), if the
10taxpayer's commercial domicile is in this state.
AB133-SSA1, s. 1738k 11Section 1738k. 71.25 (9g) of the statutes is created to read:
AB133-SSA1,885,1312 71.25 (9g) Brokers-dealer and underwriters. (a) Definitions. In this
13subsection:
AB133-SSA1,885,1414 1. "Billing address" has the meaning given in sub. (9d) (a) 1.
AB133-SSA1,885,1615 2. "Brokerage commission" includes sales fees on agency or principal
16transactions.
AB133-SSA1,885,2217 3. "Broker-dealer" means a person who does business as a broker of securities
18or commodities. "Broker-dealer" does not include a sales agent; a bank, savings
19institution or trust company that enters a securities or commodities transaction as
20an agent; a executor, guardian or conservator who enters a securities or commodities
21transaction as an agent for another; or a person who purchases or sells the person's
22own securities or commodities.
AB133-SSA1,885,2423 4. "Taxpayer" means a broker-dealer or an underwriter who is subject to
24apportionment under this subsection.
AB133-SSA1,886,5
15. "Underwriter" means a person who guarantees to provide a definite sum of
2money by a definite date to a corporate or government entity in exchange for
3securities; who markets a corporate or government security offering to the public; or
4who buys a security offering for a specified price and sells the security offering to the
5public.
AB133-SSA1,886,166 (b) Apportionment. For taxable years beginning after December 31, 1999, a
7broker-dealer or an underwriter who does business in this state and outside this
8state shall apportion its net business income as provided under this subsection. A
9taxpayer that is subject to this subsection shall apportion its nonbusiness income
10under sub. (5) (b) and shall deduct the net business income that follows the situs of
11its property from its total net business income. The taxpayer's remaining net
12business income shall be apportioned to this state by multiplying the remaining net
13business income by an apportionment fraction that has as a numerator the gross
14receipts of the taxpayer in this state during the taxable year and that has a
15denominator the taxpayer's total gross receipts during the taxable year. The
16following sources of a taxpayer's business income are subject to apportionment:
AB133-SSA1,886,2017 1. `Security brokerage services.' The numerator of the apportionment fraction
18includes gross brokerage commissions and total margin interest paid on behalf of
19brokerage accounts owned by customers, if the billing address of the customer is in
20this state.
AB133-SSA1,886,2421 2. `Underwriting services.' The numerator of the apportionment fraction
22includes gross income, including commissions, management fees or underwriting
23fees, earned from underwriting services if the purchaser of the services is located in
24this state.
AB133-SSA1,887,4
13. `Other services.' The numerator of the apportionment fraction includes gross
2income, including commissions or management fees, earned from providing
3investment research, management services or financial services to a customer, if the
4customer's billing address is in this state.
AB133-SSA1,887,65 4. `Other sales.' Sales under sub. (9) that are not apportioned under this
6subsection shall be apportioned under sub. (9).
AB133-SSA1,887,107 (c) Receipts not taxed. Fifty percent of the gross receipts of the taxpayer that
8are apportioned under this subsection to a state in which the taxpayer is not taxable
9are included in the numerator of the apportionment fraction under par. (b), if the
10taxpayer's commercial domicile is in this state.
AB133-SSA1, s. 1738m 11Section 1738m. 71.25 (10) (title) of the statutes is amended to read:
AB133-SSA1,887,1312 71.25 (10) (title) Railroads, financial organizations telecommunications
13companies
and public utilities.
AB133-SSA1, s. 1738n 14Section 1738n. 71.25 (10) (a) of the statutes is amended to read:
AB133-SSA1,887,2015 71.25 (10) (a) In this section, "financial organization" means any bank, trust
16company, savings bank, industrial bank, land bank, safe deposit company, private
17banker, savings and loan association, credit union, cooperative bank, small loan
18company, sales finance company, investment company, brokerage house,
19underwriter or any type of insurance company. This paragraph does not apply to
20taxable years beginning after December 31, 1999.
AB133-SSA1, s. 1738p 21Section 1738p. 71.25 (10) (c) of the statutes is amended to read:
AB133-SSA1,888,322 71.25 (10) (c) The net business income of railroads, sleeping car companies, car
23line companies, financial organizations, telecommunications companies and public
24utilities requiring apportionment shall be apportioned pursuant to rules of the
25department of revenue, but the income taxed is limited to the income derived from

1business transacted and property located within the state. For taxable years
2beginning after December 31, 1999, the net business income of financial
3organizations shall be apportioned under sub. (9d).
AB133-SSA1, s. 1738r 4Section 1738r. 71.25 (11) of the statutes is amended to read:
AB133-SSA1,888,145 71.25 (11) Department may waive factor. Where, in the case of any corporation
6engaged in business within and without the state of Wisconsin and required to
7apportion its income as provided in sub. (6), it shall be shown to the satisfaction of
8the department of revenue that the use of any one of the 3 factors provided in sub.
9(6) gives an unreasonable or inequitable final average ratio because of the fact that
10such corporation does not employ, to any appreciable extent in its trade or business
11in producing the income taxed, the factors made use of in obtaining such ratio, this
12factor may, with the approval of the department of revenue, be omitted in obtaining
13the final average ratio which is to be applied to the remaining net income. This
14subsection does not apply to taxable years beginning after December 31, 2002.
AB133-SSA1, s. 1738s 15Section 1738s. 71.25 (15) of the statutes is created to read:
AB133-SSA1,888,2016 71.25 (15) Partnerships and limited liability companies. (a) A general or
17limited partner's share of the numerator and denominator of a partnership's
18apportionment fractions under this section are included in the numerator and
19denominator of the general or limited partner's apportionment fractions under this
20section.
AB133-SSA1,888,2521 (b) If a limited liability company is considered by the department of revenue
22to be a partnership, for tax purposes, a member's share of the numerator and
23denominator of a limited liability company's apportionment fractions under this
24section are included in the numerator and denominator of the member's
25apportionment fractions under this section.
AB133-SSA1, s. 1740
1Section 1740. 71.26 (1) (b) of the statutes is amended to read:
AB133-SSA1,889,52 71.26 (1) (b) Political units. Income received by the United States, the state
3and all counties, cities, villages, towns, school districts, technical college districts,
4joint local water authorities created under s. 66.0735, family care districts under s.
546.2895
or other political units of this state.
AB133-SSA1, s. 1740c 6Section 1740c. 71.26 (2) (a) of the statutes is amended to read:
AB133-SSA1,889,217 71.26 (2) (a) Corporations in general. The "net income" of a corporation means
8the gross income as computed under the internal revenue code as modified under
9sub. (3) minus the amount of recapture under s. 71.28 (1di) plus the amount of credit
10computed under s. 71.28 (1) and (3) to (5) plus the amount of the credit computed
11under s. 71.28 (1dd), (1de), (1di), (1dj), (1dL), (1ds) and , (1dx) and (1dy) and not
12passed through by a partnership, limited liability company or tax-option corporation
13that has added that amount to the partnership's, limited liability company's or
14tax-option corporation's income under s. 71.21 (4) or 71.34 (1) (g) plus the amount
15of losses from the sale or other disposition of assets the gain from which would be
16wholly exempt income, as defined in sub. (3) (L), if the assets were sold or otherwise
17disposed of at a gain and minus deductions, as computed under the internal revenue
18code as modified under sub. (3), plus or minus, as appropriate, an amount equal to
19the difference between the federal basis and Wisconsin basis of any asset sold,
20exchanged, abandoned or otherwise disposed of in a taxable transaction during the
21taxable year, except as provided in par. (b) and s. 71.45 (2) and (5).
AB133-SSA1, s. 1740d 22Section 1740d. 71.26 (2) (b) 5. of the statutes is repealed.
AB133-SSA1, s. 1740e 23Section 1740e. 71.26 (2) (b) 6. of the statutes is amended to read:
AB133-SSA1,891,1924 71.26 (2) (b) 6. For taxable years that begin after December 31, 1990, and
25before January 1, 1992, for a corporation, conduit or common law trust which

1qualifies as a regulated investment company, real estate mortgage investment
2conduit or real estate investment trust under the internal revenue code Internal
3Revenue Code
as amended to December 31, 1990, and as amended by P.L. 102-227,
4P.L. 102-486, P.L. 103-66, P.L. 104-188, excluding section 1311 of P.L. 104-188, and,
5P.L. 105-34, P.L. 105-206 and P.L. 105-277, and as indirectly affected in the
6provisions applicable to this subchapter by P.L. 99-514, P.L. 100-203, P.L. 100-647,
7P.L. 101-73, P.L. 101-140, P.L. 101-179, P.L. 101-239, P.L. 101-508, P.L. 102-227,
8P.L. 102-486, P.L. 103-66, P.L. 104-188, excluding section 1311 of P.L. 104-188, and
9P.L. 105-34, P.L. 105-206 and P.L. 105-277, "net income" means the federal
10regulated investment company taxable income, federal real estate mortgage
11investment conduit taxable income or federal real estate investment trust taxable
12income of the corporation, conduit or trust as determined under the internal revenue
13code
Internal Revenue Code as amended to December 31, 1990, and as amended by
14P.L. 102-227, P.L. 102-486, P.L. 103-66, P.L. 104-188, excluding section 1311 of P.L.
15104-188, and P.L. 105-34, P.L. 105-206 and P.L. 105-277 and as indirectly affected
16in the provisions applicable to this subchapter by P.L. 99-514, P.L. 100-203, P.L.
17100-647, P.L. 101-73, P.L. 101-140, P.L. 101-179, P.L. 101-239, P.L. 101-508, P.L.
18102-227, P.L. 102-486, P.L. 103-66, P.L. 104-188, excluding section 1311 of P.L.
19104-188, and P.L. 105-34, P.L. 105-206 and P.L. 105-277, except that property that,
20under s. 71.02 (1) (c) 8. to 11., 1985 stats., is required to be depreciated for taxable
21years 1983 to 1986 under the internal revenue code Internal Revenue Code as
22amended to December 31, 1980, shall continue to be depreciated under the internal
23revenue code
Internal Revenue Code as amended to December 31, 1980, and except
24that the appropriate amount shall be added or subtracted to reflect differences
25between the depreciation or adjusted basis for federal income tax purposes and the

1depreciation or adjusted basis under this chapter of any property disposed of during
2the taxable year. The internal revenue code Internal Revenue Code as amended to
3December 31, 1990, and as amended by P.L. 102-227, P.L. 102-486, P.L. 103-66, P.L.
4104-188, excluding section 1311 of P.L. 104-188, and P.L. 105-34, P.L. 105-206 and
5P.L. 105-277,
and as indirectly affected in the provisions applicable to this
6subchapter by P.L. 99-514, P.L. 100-203, P.L. 100-647, P.L. 101-73, P.L. 101-140,
7P.L. 101-179, P.L. 101-239, P.L. 101-508, P.L. 102-227, P.L. 102-486, P.L. 103-66,
8P.L. 104-188, excluding section 1311 of P.L. 104-188, and P.L. 105-34, P.L. 105-206
9and P.L. 105-277,
applies for Wisconsin purposes at the same time as for federal
10purposes. Amendments to the internal revenue code Internal Revenue Code enacted
11after December 31, 1990, do not apply to this subdivision with respect to taxable
12years that begin after December 31, 1990, and before January 1, 1992, except that
13changes to the internal revenue code Internal Revenue Code made by P.L. 102-227,
14P.L. 102-486, P.L. 103-66, P.L. 104-188, excluding section 1311 of P.L. 104-188, and
15P.L. 105-34, P.L. 105-206 and P.L. 105-277 and changes that indirectly affect the
16provisions applicable to this subchapter made by P.L. 102-227, P.L. 102-486, P.L.
17103-66, P.L. 104-188, excluding section 1311 of P.L. 104-188, and, P.L. 105-34, P.L.
18105-206 and P.L. 105-277,
apply for Wisconsin purposes at the same time as for
19federal purposes.
AB133-SSA1, s. 1740f 20Section 1740f. 71.26 (2) (b) 7. of the statutes is amended to read:
AB133-SSA1,893,2521 71.26 (2) (b) 7. For taxable years that begin after December 31, 1991, and
22before January 1, 1993, for a corporation, conduit or common law trust which
23qualifies as a regulated investment company, real estate mortgage investment
24conduit or real estate investment trust under the internal revenue code Internal
25Revenue Code
as amended to December 31, 1991, excluding sections 103, 104 and

1110 of P.L. 102-227, and as amended by P.L. 102-318, P.L. 102-486, P.L. 103-66,
2excluding sections 13101 (a) and (c) 1, 13171 and 13174 of P.L. 103-66, P.L. 104-188,
3excluding section 1311 of P.L. 104-188, and P.L. 105-34, P.L. 105-206 and P.L.
4105-277,
and as indirectly affected in the provisions applicable to this subchapter
5by P.L. 99-514, P.L. 100-203, P.L. 100-647, P.L. 101-73, P.L. 101-140, P.L. 101-179,
6P.L. 101-239, P.L. 101-508, P.L. 102-227, excluding sections 103, 104 and 110 of P.L.
7102-227, P.L. 102-318, P.L. 102-486, P.L. 103-66, excluding sections 13101 (a) and
8(c) 1, 13171 and 13174 of P.L. 103-66, P.L. 104-188, excluding section 1311 of P.L.
9104-188, and P.L. 105-34, P.L. 105-206 and P.L. 105-277, "net income" means the
10federal regulated investment company taxable income, federal real estate mortgage
11investment conduit taxable income or federal real estate investment trust taxable
12income of the corporation, conduit or trust as determined under the internal revenue
13code
Internal Revenue Code as amended to December 31, 1991, excluding sections
14103, 104 and 110 of P.L. 102-227, and as amended by P.L. 102-318, P.L. 102-486, P.L.
15103-66, excluding sections 13101 (a) and (c) 1, 13171 and 13174 of P.L. 103-66, P.L.
16104-188, excluding section 1311 of P.L. 104-188, and P.L. 105-34, P.L. 105-206 and
17P.L. 105-277
and as indirectly affected in the provisions applicable to this
18subchapter by P.L. 99-514, P.L. 100-203, P.L. 100-647, P.L. 101-73, P.L. 101-140,
19P.L. 101-179, P.L. 101-239, P.L. 101-508, P.L. 102-227, excluding sections 103, 104
20and 110 of P.L. 102-227, P.L. 102-318, P.L. 102-486, P.L. 103-66, excluding sections
2113101 (a) and (c) 1, 13171 and 13174 of P.L. 103-66, P.L. 104-188, excluding section
221311 of P.L. 104-188, and P.L. 105-34, P.L. 105-206 and P.L. 105-277, except that
23property that, under s. 71.02 (1) (c) 8. to 11., 1985 stats., is required to be depreciated
24for taxable years 1983 to 1986 under the internal revenue code Internal Revenue
25Code
as amended to December 31, 1980, shall continue to be depreciated under the

1internal revenue code Internal Revenue Code as amended to December 31, 1980,
2and except that the appropriate amount shall be added or subtracted to reflect
3differences between the depreciation or adjusted basis for federal income tax
4purposes and the depreciation or adjusted basis under this chapter of any property
5disposed of during the taxable year. The internal revenue code Internal Revenue
6Code
as amended to December 31, 1991, excluding sections 103, 104 and 110 of P.L.
7102-227, and as amended by P.L. 102-318, P.L. 102-486, P.L. 103-66, excluding
8sections 13101 (a) and (c) 1, 13171 and 13174 of P.L. 103-66, P.L. 104-188, excluding
9section 1311 of P.L. 104-188, and P.L. 105-34, P.L. 105-206 and P.L. 105-277, and
10as indirectly affected in the provisions applicable to this subchapter by P.L. 99-514,
11P.L. 100-203, P.L. 100-647, P.L. 101-73, P.L. 101-140, P.L. 101-179, P.L. 101-239,
12P.L. 101-508, P.L. 102-227, excluding sections 103, 104 and 110 of P.L. 102-227, P.L.
13102-318, P.L. 102-486, P.L. 103-66, excluding sections 13101 (a) and (c) 1, 13171 and
1413174 of P.L. 103-66, P.L. 104-188, excluding section 1311 of P.L. 104-188, and P.L.
15105-34, P.L. 105-206 and P.L. 105-277 applies for Wisconsin purposes at the same
16time as for federal purposes. Amendments to the internal revenue code Internal
17Revenue Code
enacted after December 31, 1991, do not apply to this subdivision with
18respect to taxable years that begin after December 31, 1991, and before
19January 1, 1993, except that changes to the internal revenue code Internal Revenue
20Code
made by P.L. 102-318, P.L. 102-486, P.L. 103-66, P.L. 104-188, excluding
21section 1311 of P.L. 104-188, and P.L. 105-34, P.L. 105-206 and P.L. 105-277 and
22changes that indirectly affect the provisions applicable to this subchapter made by
23P.L. 102-318, P.L. 102-486, P.L. 103-66, P.L. 104-188, excluding section 1311 of P.L.
24104-188, and P.L. 105-34, P.L. 105-206 and P.L. 105-277 apply for Wisconsin
25purposes at the same time as for federal purposes.
AB133-SSA1, s. 1740g
1Section 1740g. 71.26 (2) (b) 8. of the statutes is amended to read:
AB133-SSA1,896,72 71.26 (2) (b) 8. For taxable years that begin after December 31, 1992, and
3before January 1, 1994, for a corporation, conduit or common law trust which
4qualifies as a regulated investment company, real estate mortgage investment
5conduit or real estate investment trust under the internal revenue code Internal
6Revenue Code
as amended to December 31, 1992, excluding sections 103, 104 and
7110 of P.L. 102-227, and as amended by P.L. 103-66, excluding sections 13101 (a) and
8(c) 1., 13113, 13150, 13171, 13174 and 13203 of P.L. 103-66, P.L. 103-465, P.L.
9104-188, excluding section 1311 of P.L. 104-188, and P.L. 105-34, P.L. 105-206 and
10P.L. 105-277,
and as indirectly affected in the provisions applicable to this
11subchapter by P.L. 99-514, P.L. 100-203, P.L. 100-647, P.L. 101-73, P.L. 101-140,
12P.L. 101-179, P.L. 101-239, P.L. 101-508, P.L. 102-227, excluding sections 103, 104
13and 110 of P.L. 102-227, P.L. 102-318, P.L. 102-486, P.L. 103-66, excluding sections
1413101 (a) and (c) 1, 13113, 13150, 13171, 13174 and 13203 of P.L. 103-66, P.L.
15103-465, P.L. 104-188, excluding section 1311 of P.L. 104-188, and P.L. 105-34, P.L.
16105-206 and P.L. 105-277,
"net income" means the federal regulated investment
17company taxable income, federal real estate mortgage investment conduit taxable
18income or federal real estate investment trust taxable income of the corporation,
19conduit or trust as determined under the internal revenue code Internal Revenue
20Code
as amended to December 31, 1992, excluding sections 103, 104 and 110 of P.L.
21102-227, and as amended by P.L. 103-66, excluding sections 13101 (a) and (c) 1,
2213113, 13150, 13171, 13174 and 13203 of P.L. 103-66, P.L. 103-465, P.L. 104-188,
23excluding section 1311 of P.L. 104-188, and P.L. 105-34, P.L. 105-206 and P.L.
24105-277,
and as indirectly affected in the provisions applicable to this subchapter
25by P.L. 99-514, P.L. 100-203, P.L. 100-647, P.L. 101-73, P.L. 101-140, P.L. 101-179,

1P.L. 101-239, P.L. 101-508, P.L. 102-227, excluding sections 103, 104 and 110 of P.L.
2102-227, P.L. 102-318, P.L. 102-486, P.L. 103-66, excluding sections 13101 (a) and
3(c) 1., 13113, 13150, 13171, 13174 and 13203 of P.L. 103-66, P.L. 103-465, P.L.
4104-188, excluding section 1311 of P.L. 104-188, and P.L. 105-34, P.L. 105-206 and
5P.L. 105-277,
except that property that, under s. 71.02 (1) (c) 8. to 11., 1985 stats.,
6is required to be depreciated for taxable years 1983 to 1986 under the internal
7revenue code
Internal Revenue Code as amended to December 31, 1980, shall
8continue to be depreciated under the internal revenue code Internal Revenue Code
9as amended to December 31, 1980, and except that the appropriate amount shall be
10added or subtracted to reflect differences between the depreciation or adjusted basis
11for federal income tax purposes and the depreciation or adjusted basis under this
12chapter of any property disposed of during the taxable year. The internal revenue
13code
Internal Revenue Code as amended to December 31, 1992, excluding sections
14103, 104 and 110 of P.L. 102-227, and as amended by P.L. 103-66, excluding sections
1513101 (a) and (c) 1, 13113, 13150, 13171, 13174 and 13203 of P.L. 103-66, P.L.
16103-465, P.L. 104-188, excluding section 1311 of P.L. 104-188, and P.L. 105-34, P.L.
17105-206 and P.L. 105-277,
and as indirectly affected in the provisions applicable to
18this subchapter by P.L. 99-514, P.L. 100-203, P.L. 100-647, P.L. 101-73, P.L.
19101-140, P.L. 101-179, P.L. 101-239, P.L. 101-508, P.L. 102-227, excluding sections
20103, 104 and 110 of P.L. 102-227, P.L. 102-318, P.L. 102-486, P.L. 103-66, excluding
21sections 13101 (a) and (c) 1, 13113, 13150, 13171, 13174 and 13203 of P.L. 103-66,
22P.L. 103-465, P.L. 104-188, excluding section 1311 of P.L. 104-188, and P.L. 105-34,
23P.L. 105-206 and P.L. 105-277,
applies for Wisconsin purposes at the same time as
24for federal purposes. Amendments to the internal revenue code Internal Revenue
25Code
enacted after December 31, 1992, do not apply to this subdivision with respect

1to taxable years that begin after December 31, 1992, and before January 1, 1994,
2except that changes to the internal revenue code Internal Revenue Code made by P.L.
3103-66, P.L. 103-465, P.L. 104-188, excluding section 1311 of P.L. 104-188, and P.L.
4105-34, P.L. 105-206 and P.L. 105-277 and changes that indirectly affect the
5provisions applicable to this subchapter made by P.L. 103-66, P.L. 103-465, P.L.
6104-188, excluding section 1311 of P.L. 104-188, and P.L. 105-34, P.L. 105-206 and
7P.L. 105-277,
apply for Wisconsin purposes at the same time as for federal purposes.
AB133-SSA1, s. 1740h 8Section 1740h. 71.26 (2) (b) 9. of the statutes is amended to read:
AB133-SSA1,898,239 71.26 (2) (b) 9. For taxable years that begin after December 31, 1993, and
10before January 1, 1995, for a corporation, conduit or common law trust which
11qualifies as a regulated investment company, real estate mortgage investment
12conduit or real estate investment trust under the internal revenue code Internal
13Revenue Code
as amended to December 31, 1993, excluding sections 103, 104 and
14110 of P.L. 102-227 and sections 13113, 13150 (d), 13171 (d), 13174, 13203 (d) and
1513215 of P.L. 103-66, and as amended by P.L. 103-296, P.L. 103-337, P.L. 103-465,
16P.L. 104-7, excluding section 1 of P.L. 104-7, P.L. 104-188, excluding section 1311
17of P.L. 104-188, P.L. 104-191, P.L. 104-193 and, P.L. 105-34, P.L. 105-206 and P.L.
18105-277,
and as indirectly affected in the provisions applicable to this subchapter
19by P.L. 99-514, P.L. 100-203, P.L. 100-647, P.L. 101-73, P.L. 101-140, P.L. 101-179,
20P.L. 101-239, P.L. 101-508, P.L. 102-227, excluding sections 103, 104 and 110 of P.L.
21102-227, P.L. 102-318, P.L. 102-486, P.L. 103-66, excluding sections 13113, 13150
22(d), 13171 (d), 13174, 13203 (d) and 13215 of P.L. 103-66, P.L. 103-296, P.L. 103-337,
23P.L. 103-465, P.L. 104-7, excluding section 1 of P.L. 104-7, P.L. 104-188, excluding
24section 1311 of P.L. 104-188, P.L. 104-191, P.L. 104-193 and, P.L. 105-34, P.L.
25105-206 and P.L. 105-277,
"net income" means the federal regulated investment

1company taxable income, federal real estate mortgage investment conduit taxable
2income or federal real estate investment trust taxable income of the corporation,
3conduit or trust as determined under the internal revenue code Internal Revenue
4Code
as amended to December 31, 1993, excluding sections 103, 104 and 110 of P.L.
5102-227 and sections 13113, 13150 (d), 13171 (d), 13174, 13203 (d) and 13215 of P.L.
6103-66, and as amended by P.L. 103-296, P.L. 103-337, P.L. 103-465, P.L. 104-7,
7excluding section 1 of P.L. 104-7, P.L. 104-188, excluding section 1311 of P.L.
8104-188, P.L. 104-191, P.L. 104-193 and, P.L. 105-34, P.L. 105-206 and P.L.
9105-277,
and as indirectly affected in the provisions applicable to this subchapter
10by P.L. 99-514, P.L. 100-203, P.L. 100-647, P.L. 101-73, P.L. 101-140, P.L. 101-179,
11P.L. 101-239, P.L. 101-508, P.L. 102-227, excluding sections 103, 104 and 110 of P.L.
12102-227, P.L. 102-318, P.L. 102-486, P.L. 103-66, excluding sections 13113, 13150
13(d), 13171 (d), 13174, 13203 (d) and 13215 of P.L. 103-66, P.L. 103-296, P.L. 103-337,
14P.L. 103-465, P.L. 104-7, excluding section 1 of P.L. 104-7, P.L. 104-188, excluding
15section 1311 of P.L. 104-188, P.L. 104-191, P.L. 104-193, and P.L. 105-34, P.L.
16105-206 and P.L. 105-277,
except that property that, under s. 71.02 (1) (c) 8. to 11.,
171985 stats., is required to be depreciated for taxable years 1983 to 1986 under the
18internal revenue code Internal Revenue Code as amended to December 31, 1980,
19shall continue to be depreciated under the internal revenue code Internal Revenue
20Code
as amended to December 31, 1980, and except that the appropriate amount
21shall be added or subtracted to reflect differences between the depreciation or
22adjusted basis for federal income tax purposes and the depreciation or adjusted basis
23under this chapter of any property disposed of during the taxable year. The internal
24revenue code
Internal Revenue Code as amended to December 31, 1993, excluding
25sections 103, 104 and 110 of P.L. 102-227 and sections 13113, 13150 (d), 13171 (d),

113174, 13203 (d) and 13215 of P.L. 103-66, and as amended by P.L. 103-296, P.L.
2103-337, P.L. 103-465, P.L. 104-7, excluding section 1 of P.L. 104-7, P.L. 104-188,
3excluding section 1311 of P.L. 104-188, P.L. 104-191, P.L. 104-193 and, P.L. 105-34,
4P.L. 105-206 and P.L. 105-277,
and as indirectly affected in the provisions applicable
5to this subchapter by P.L. 99-514, P.L. 100-203, P.L. 100-647, P.L. 101-73, P.L.
6101-140, P.L. 101-179, P.L. 101-239, P.L. 101-508, P.L. 102-227, excluding sections
7103, 104 and 110 of P.L. 102-227, P.L. 102-318, P.L. 102-486, P.L. 103-66, excluding
8sections 13113, 13150 (d), 13171 (d), 13174, 13203 (d) and 13215 of P.L. 103-66, P.L.
9103-296, P.L. 103-337, P.L. 103-465, P.L. 104-7, excluding section 1 of P.L. 104-7,
10P.L. 104-188, excluding section 1311 of P.L. 104-188, P.L. 104-191, P.L. 104-193 and,
11P.L. 105-34, P.L. 105-206 and P.L. 105-277, applies for Wisconsin purposes at the
12same time as for federal purposes. Amendments to the internal revenue code
13Internal Revenue Code enacted after December 31, 1993, do not apply to this
14subdivision with respect to taxable years that begin after December 31, 1993, and
15before January 1, 1995, except that changes to the internal revenue code Internal
16Revenue Code
made by P.L. 103-296, P.L. 103-337, P.L. 103-465, P.L. 104-7,
17excluding section 1 of P.L. 104-7, P.L. 104-188, excluding section 1311 of P.L.
18104-188, P.L. 104-191, P.L. 104-193 and, P.L. 105-34, P.L. 105-206 and P.L.
19105-277
and changes that indirectly affect the provisions applicable to this
20subchapter made by P.L. 103-296, P.L. 103-337, P.L. 103-465, P.L. 104-7, excluding
21section 1 of P.L. 104-7, P.L. 104-188, excluding section 1311 of P.L. 104-188, P.L.
22104-191, P.L. 104-193 and, P.L. 105-34, P.L. 105-206 and P.L. 105-277, apply for
23Wisconsin purposes at the same time as for federal purposes.
AB133-SSA1, s. 1740i 24Section 1740i. 71.26 (2) (b) 10. of the statutes is amended to read:
AB133-SSA1,901,11
171.26 (2) (b) 10. For taxable years that begin after December 31, 1994, and
2before January 1, 1996, for a corporation, conduit or common law trust which
3qualifies as a regulated investment company, real estate mortgage investment
4conduit or real estate investment trust under the internal revenue code Internal
5Revenue Code
as amended to December 31, 1994, excluding sections 103, 104 and
6110 of P.L. 102-227 and sections 13113, 13150 (d), 13171 (d), 13174 and 13203 (d) of
7P.L. 103-66, and as amended by P.L. 104-7, P.L. 104-188, excluding sections 1202,
81204, 1311 and 1605 of P.L. 104-188, P.L. 104-191, P.L. 104-193 and, P.L. 105-34,
9P.L. 105-206 and P.L. 105-277,
and as indirectly affected in the provisions applicable
10to this subchapter by P.L. 99-514, P.L. 100-203, P.L. 100-647, P.L. 101-73, P.L.
11101-140, P.L. 101-179, P.L. 101-239, P.L. 101-508, P.L. 102-227, excluding sections
12103, 104 and 110 of P.L. 102-227, P.L. 102-318, P.L. 102-486, P.L. 103-66, excluding
13sections 13113, 13150 (d), 13171 (d), 13174 and 13203 (d) of P.L. 103-66, P.L.
14103-296, P.L. 103-337, P.L. 103-465, P.L. 104-7, P.L. 104-188, excluding sections
151202, 1204, 1311 and 1605 of P.L. 104-188, P.L. 104-191, P.L. 104-193 and, P.L.
16105-34, P.L. 105-206 and P.L. 105-277, "net income" means the federal regulated
17investment company taxable income, federal real estate mortgage investment
18conduit taxable income or federal real estate investment trust taxable income of the
19corporation, conduit or trust as determined under the internal revenue code Internal
20Revenue Code
as amended to December 31, 1994, excluding sections 103, 104 and
21110 of P.L. 102-227 and sections 13113, 13150 (d), 13171 (d), 13174 and 13203 (d) of
22P.L. 103-66, and as amended by P.L. 104-7, P.L. 104-188, excluding sections 1202,
231204, 1311 and 1605 of P.L. 104-188, P.L. 104-191, P.L. 104-193 and, P.L. 105-34,
24P.L. 105-206 and P.L. 105-277,
and as indirectly affected in the provisions applicable
25to this subchapter by P.L. 99-514, P.L. 100-203, P.L. 100-647, P.L. 101-73, P.L.

1101-140, P.L. 101-179, P.L. 101-239, P.L. 101-508, P.L. 102-227, excluding sections
2103, 104 and 110 of P.L. 102-227, P.L. 102-318, P.L. 102-486, P.L. 103-66, excluding
3sections 13113, 13150 (d), 13171 (d), 13174 and 13203 (d) of P.L. 103-66, P.L.
4103-296, P.L. 103-337, P.L. 103-465, P.L. 104-7, P.L. 104-188, excluding sections
51202, 1204, 1311 and 1605 of P.L. 104-188, P.L. 104-191, P.L. 104-193, and P.L.
6105-34, P.L. 105-206 and P.L. 105-277, except that property that, under s. 71.02 (1)
7(c) 8. to 11., 1985 stats., is required to be depreciated for taxable years 1983 to 1986
8under the internal revenue code Internal Revenue Code as amended to
9December 31, 1980, shall continue to be depreciated under the internal revenue code
10Internal Revenue Code as amended to December 31, 1980, and except that the
11appropriate amount shall be added or subtracted to reflect differences between the
12depreciation or adjusted basis for federal income tax purposes and the depreciation
13or adjusted basis under this chapter of any property disposed of during the taxable
14year. The internal revenue code Internal Revenue Code as amended to
15December 31, 1994, excluding sections 103, 104 and 110 of P.L. 102-227 and sections
1613113, 13150 (d), 13171 (d), 13174 and 13203 (d) of P.L. 103-66, and as amended by
17P.L. 104-7, P.L. 104-188, excluding sections 1202, 1204, 1311 and 1605 of P.L.
18104-188, P.L. 104-191, P.L. 104-193 and, P.L. 105-34, P.L. 105-206 and P.L.
19105-277,
and as indirectly affected in the provisions applicable to this subchapter
20by P.L. 99-514, P.L. 100-203, P.L. 100-647, P.L. 101-73, P.L. 101-140, P.L. 101-179,
21P.L. 101-239, P.L. 101-508, P.L. 102-227, excluding sections 103, 104 and 110 of P.L.
22102-227, P.L. 102-318, P.L. 102-486, P.L. 103-66, excluding sections 13113, 13150
23(d), 13171 (d), 13174 and 13203 (d) of P.L. 103-66, P.L. 103-296, P.L. 103-337, P.L.
24103-465, P.L. 104-7, P.L. 104-188, excluding sections 1202, 1204, 1311 and 1605 of
25P.L. 104-188, P.L. 104-191, P.L. 104-193 and, P.L. 105-34, P.L. 105-206 and P.L.

1105-277,
applies for Wisconsin purposes at the same time as for federal purposes.
2Amendments to the internal revenue code Internal Revenue Code enacted after
3December 31, 1994, do not apply to this subdivision with respect to taxable years
4that begin after December 31, 1994, and before January 1, 1996, except that
5changes made by P.L. 104-7, P.L. 104-188, excluding sections 1202, 1204, 1311 and
61605 of P.L. 104-188, P.L. 104-191, P.L. 104-193 and, P.L. 105-34, P.L. 105-206 and
7P.L. 105-277
and changes that indirectly affect the provisions applicable to this
8subchapter made by P.L. 104-7, P.L. 104-188, excluding sections 1202, 1204, 1311
9and 1605 of P.L. 104-188, P.L. 104-191, P.L. 104-193 and , P.L. 105-34, P.L. 105-206
10and P.L. 105-277
apply for Wisconsin purposes at the same time as for federal
11purposes.
AB133-SSA1, s. 1740j 12Section 1740j. 71.26 (2) (b) 11. of the statutes is amended to read:
AB133-SSA1,903,2413 71.26 (2) (b) 11. For taxable years that begin after December 31, 1995, and
14before January 1, 1997, for a corporation, conduit or common law trust which
15qualifies as a regulated investment company, real estate mortgage investment
16conduit or real estate investment trust under the internal revenue code Internal
17Revenue Code
as amended to December 31, 1995, excluding sections 103, 104 and
18110 of P.L. 102-227 and sections 13113, 13150 (d), 13171 (d), 13174 and 13203 (d) of
19P.L. 103-66, and as amended by P.L. 104-188, excluding sections 1123, 1202, 1204,
201311 and 1605 of P.L. 104-188, P.L. 104-191, P.L. 104-193, P.L. 105-33 and, P.L.
21105-34, P.L. 105-206 and P.L. 105-277, and as indirectly affected in the provisions
22applicable to this subchapter by P.L. 99-514, P.L. 100-203, P.L. 100-647, P.L.
23101-73, P.L. 101-140, P.L. 101-179, P.L. 101-239, P.L. 101-508, P.L. 102-227,
24excluding sections 103, 104 and 110 of P.L. 102-227, P.L. 102-318, P.L. 102-486, P.L.
25103-66, excluding sections 13113, 13150 (d), 13171 (d), 13174 and 13203 (d) of P.L.

1103-66, P.L. 103-296, P.L. 103-337, P.L. 103-465, P.L. 104-7, P.L. 104-188,
2excluding sections 1123, 1202, 1204, 1311 and 1605 of P.L. 104-188, P.L. 104-191,
3P.L. 104-193, P.L. 105-33 and, P.L. 105-34, P.L. 105-206 and P.L. 105-277, "net
4income" means the federal regulated investment company taxable income, federal
5real estate mortgage investment conduit taxable income or federal real estate
6investment trust taxable income of the corporation, conduit or trust as determined
7under the internal revenue code Internal Revenue Code as amended to
8December 31, 1995, excluding sections 103, 104 and 110 of P.L. 102-227 and sections
913113, 13150 (d), 13171 (d), 13174 and 13203 (d) of P.L. 103-66, and as amended by
10P.L. 104-188, excluding sections 1123, 1202, 1204, 1311 and 1605 of P.L. 104-188,
11P.L. 104-191, P.L. 104-193, P.L. 105-33 and, P.L. 105-34, P.L. 105-206 and P.L.
12105-277,
and as indirectly affected in the provisions applicable to this subchapter
13by P.L. 99-514, P.L. 100-203, P.L. 100-647, P.L. 101-73, P.L. 101-140, P.L. 101-179,
14P.L. 101-239, P.L. 101-508, P.L. 102-227, excluding sections 103, 104 and 110 of P.L.
15102-227, P.L. 102-318, P.L. 102-486, P.L. 103-66, excluding sections 13113, 13150
16(d), 13171 (d), 13174 and 13203 (d) of P.L. 103-66, P.L. 103-296, P.L. 103-337, P.L.
17103-465, P.L. 104-7, P.L. 104-188, excluding sections 1123, 1202, 1204, 1311 and
181605 of P.L. 104-188, P.L. 104-191, P.L. 104-193, P.L. 105-33 and, P.L. 105-34, P.L.
19105-206 and P.L. 105-277,
except that property that, under s. 71.02 (1) (c) 8. to 11.,
201985 stats., is required to be depreciated for taxable years 1983 to 1986 under the
21internal revenue code Internal Revenue Code as amended to December 31, 1980,
22shall continue to be depreciated under the internal revenue code Internal Revenue
23Code
as amended to December 31, 1980, and except that the appropriate amount
24shall be added or subtracted to reflect differences between the depreciation or
25adjusted basis for federal income tax purposes and the depreciation or adjusted basis

1under this chapter of any property disposed of during the taxable year. The internal
2revenue code
Internal Revenue Code as amended to December 31, 1995, excluding
3sections 103, 104 and 110 of P.L. 102-227 and sections 13113, 13150 (d), 13171 (d),
413174 and 13203 (d) of P.L. 103-66, and as amended by P.L. 104-188, excluding
5sections 1123, 1202, 1204, 1311 and 1605 of P.L. 104-188, P.L. 104-191, P.L. 104-193,
6P.L. 105-33 and, P.L. 105-34, P.L. 105-206 and P.L. 105-277, and as indirectly
7affected in the provisions applicable to this subchapter by P.L. 99-514, P.L. 100-203,
8P.L. 100-647, P.L. 101-73, P.L. 101-140, P.L. 101-179, P.L. 101-239, P.L. 101-508,
9P.L. 102-227, excluding sections 103, 104 and 110 of P.L. 102-227, P.L. 102-318, P.L.
10102-486, P.L. 103-66, excluding sections 13113, 13150 (d), 13171 (d), 13174 and
1113203 (d) of P.L. 103-66, P.L. 103-296, P.L. 103-337, P.L. 103-465, P.L. 104-7, P.L.
12104-188, excluding sections 1123, 1202, 1204, 1311 and 1605 of P.L. 104-188, P.L.
13104-191, P.L. 104-193, P.L. 105-33 and, P.L. 105-34, P.L. 105-206 and P.L. 105-277,
14applies for Wisconsin purposes at the same time as for federal purposes.
15Amendments to the internal revenue code Internal Revenue Code enacted after
16December 31, 1995, do not apply to this subdivision with respect to taxable years
17that begin after December 31, 1995, and before January 1, 1997, except that
18changes to the Internal Revenue Code made by P.L. 104-188, excluding sections
191123, 1202, 1204, 1311 and 1605 of P.L. 104-188, P.L. 104-191, P.L. 104-193, P.L.
20105-33 and, P.L. 105-34, P.L. 105-206 and P.L. 105-277 and changes that indirectly
21affect the provisions applicable to this subchapter made by P.L. 104-188, excluding
22sections 1123, 1202, 1204, 1311 and 1605 of P.L. 104-188, P.L. 104-191, P.L. 104-193,
23P.L. 105-33 and, P.L. 105-34, P.L. 105-206 and P.L. 105-277, apply for Wisconsin
24purposes at the same time as for federal purposes.
AB133-SSA1, s. 1740k 25Section 1740k. 71.26 (2) (b) 12. of the statutes is amended to read:
AB133-SSA1,906,9
171.26 (2) (b) 12. For taxable years that begin after December 31, 1996, and
2before January 1, 1998, for a corporation, conduit or common law trust which
3qualifies as a regulated investment company, real estate mortgage investment
4conduit, real estate investment trust or financial asset securitization investment
5trust under the Internal Revenue Code as amended to December 31, 1996, excluding
6sections 103, 104 and 110 of P.L. 102-227, sections 13113, 13150 (d), 13171 (d), 13174
7and 13203 (d) of P.L. 103-66 and sections 1123 (b), 1202 (c), 1204 (f), 1311 and 1605
8(d) of P.L. 104-188, and as amended by P.L. 105-33 and , P.L. 105-34, P.L. 105-206
9and P.L. 105-277,
and as indirectly affected in the provisions applicable to this
10subchapter by P.L. 99-514, P.L. 100-203, P.L. 100-647, P.L. 101-73, P.L. 101-140,
11P.L. 101-179, P.L. 101-239, P.L. 101-508, P.L. 102-227, excluding sections 103, 104
12and 110 of P.L. 102-227, P.L. 102-318, P.L. 102-486, P.L. 103-66, excluding sections
1313113, 13150 (d), 13171 (d), 13174 and 13203 (d) of P.L. 103-66, P.L. 103-296, P.L.
14103-337, P.L. 103-465, P.L. 104-7, P.L. 104-188, excluding sections 1123 (b), 1202
15(c), 1204 (f), 1311 and 1605 (d) of P.L. 104-188, P.L. 104-191, P.L. 104-193, P.L.
16105-33 and, P.L. 105-34, P.L. 105-206 and P.L. 105-277, "net income" means the
17federal regulated investment company taxable income, federal real estate mortgage
18investment conduit taxable income, federal real estate investment trust or financial
19asset securitization investment trust taxable income of the corporation, conduit or
20trust as determined under the internal revenue code Internal Revenue Code as
21amended to December 31, 1996, excluding sections 103, 104 and 110 of P.L. 102-227,
22sections 13113, 13150 (d), 13171 (d), 13174 and 13203 (d) of P.L. 103-66 and sections
231123 (b), 1202 (c), 1204 (f), 1311 and 1605 (d) of P.L. 104-188 and as amended by P.L.
24105-33 and, P.L. 105-34, P.L. 105-206 and P.L. 105-277, and as indirectly affected
25in the provisions applicable to this subchapter by P.L. 99-514, P.L. 100-203, P.L.

1100-647, P.L. 101-73, P.L. 101-140, P.L. 101-179, P.L. 101-239, P.L. 101-508, P.L.
2102-227, excluding sections 103, 104 and 110 of P.L. 102-227, P.L. 102-318, P.L.
3102-486, P.L. 103-66, excluding sections 13113, 13150 (d), 13171 (d), 13174 and
413203 (d) of P.L. 103-66, P.L. 103-296, P.L. 103-337, P.L. 103-465, P.L. 104-7, P.L.
5104-188, excluding sections 1123 (b), 1202 (c), 1204 (f), 1311 and 1605 (d) of P.L.
6104-188, P.L. 104-191, P.L. 104-193, P.L. 105-33 and, P.L. 105-34, P.L. 105-206 and
7P.L. 105-277,
except that property that, under s. 71.02 (1) (c) 8. to 11., 1985 stats.,
8is required to be depreciated for taxable years 1983 to 1986 under the internal
9revenue code
Internal Revenue Code as amended to December 31, 1980, shall
10continue to be depreciated under the Internal Revenue Code as amended to
11December 31, 1980, and except that the appropriate amount shall be added or
12subtracted to reflect differences between the depreciation or adjusted basis for
13federal income tax purposes and the depreciation or adjusted basis under this
14chapter of any property disposed of during the taxable year. The Internal Revenue
15Code as amended to December 31, 1996, excluding sections 103, 104 and 110 of P.L.
16102-227, sections 13113, 13150 (d), 13171 (d), 13174 and 13203 (d) of P.L. 103-66,
17and sections 1123 (b), 1202 (c), 1204 (f), 1311 and 1605 (d) of P.L. 104-188, and as
18amended by P.L. 105-33 and, P.L. 105-34, P.L. 105-206 and P.L. 105-277, and as
19indirectly affected in the provisions applicable to this subchapter by P.L. 99-514, P.L.
20100-203, P.L. 100-647, P.L. 101-73, P.L. 101-140, P.L. 101-179, P.L. 101-239, P.L.
21101-508, P.L. 102-227, excluding sections 103, 104 and 110 of P.L. 102-227, P.L.
22102-318, P.L. 102-486, P.L. 103-66, excluding sections 13113, 13150 (d), 13171 (d),
2313174 and 13203 (d) of P.L. 103-66, P.L. 103-296, P.L. 103-337, P.L. 103-465, P.L.
24104-7, P.L. 104-188, excluding sections 1123 (b), 1202 (c), 1204 (f), 1311 and 1605 (d)
25of P.L. 104-188, P.L. 104-191, P.L. 104-193, P.L. 105-33 and, P.L. 105-34, P.L.

1105-206 and P.L. 105-277,
applies for Wisconsin purposes at the same time as for
2federal purposes. Amendments to the internal revenue code Internal Revenue Code
3enacted after December 31, 1996, do not apply to this subdivision with respect to
4taxable years that begin after December 31, 1996, and before January 1, 1998,
5except that changes to the Internal Revenue Code made by P.L. 105-33 and, P.L.
6105-34, P.L. 105-206 and P.L. 105-277 and changes that indirectly affect the
7provisions applicable to this subchapter made by P.L. 105-33 and, P.L. 105-34, P.L.
8105-206 and P.L. 105-277
apply for Wisconsin purposes at the same time as for
9federal purposes.
AB133-SSA1, s. 1740L 10Section 1740L. 71.26 (2) (b) 13. of the statutes is amended to read:
AB133-SSA1,908,1711 71.26 (2) (b) 13. For taxable years that begin after December 31, 1997, and
12before January 1, 1999,
for a corporation, conduit or common law trust which
13qualifies as a regulated investment company, real estate mortgage investment
14conduit, real estate investment trust or financial asset securitization investment
15trust under the Internal Revenue Code as amended to December 31, 1997, excluding
16sections 103, 104 and 110 of P.L. 102-227, sections 13113, 13150 (d), 13171 (d), 13174
17and 13203 (d) of P.L. 103-66 and sections 1123 (b), 1202 (c), 1204 (f), 1311 and 1605
18(d) of P.L. 104-188, and as amended by P.L. 105-178, P.L. 105-206 and P.L. 105-277,
19and as indirectly affected in the provisions applicable to this subchapter by P.L.
2099-514, P.L. 100-203, P.L. 100-647, P.L. 101-73, P.L. 101-140, P.L. 101-179, P.L.
21101-239, P.L. 101-508, P.L. 102-227, excluding sections 103, 104 and 110 of P.L.
22102-227, P.L. 102-318, P.L. 102-486, P.L. 103-66, excluding sections 13113, 13150
23(d), 13171 (d), 13174 and 13203 (d) of P.L. 103-66, P.L. 103-296, P.L. 103-337, P.L.
24103-465, P.L. 104-7, P.L. 104-188, excluding sections 1123 (b), 1202 (c), 1204 (f),
251311 and 1605 (d) of P.L. 104-188, P.L. 104-191, P.L. 104-193, P.L. 105-33 and, P.L.

1105-34, P.L. 105-178, P.L. 105-206 and P.L. 105-277, "net income" means the
2federal regulated investment company taxable income, federal real estate mortgage
3investment conduit taxable income, federal real estate investment trust or financial
4asset securitization investment trust taxable income of the corporation, conduit or
5trust as determined under the Internal Revenue Code as amended to December 31,
61997, excluding sections 103, 104 and 110 of P.L. 102-227, sections 13113, 13150 (d),
713171 (d), 13174 and 13203 (d) of P.L. 103-66 and sections 1123 (b), 1202 (c), 1204
8(f), 1311 and 1605 (d) of P.L. 104-188, and as amended by P.L. 105-178, P.L. 105-206
9and P.L. 105-277,
and as indirectly affected in the provisions applicable to this
10subchapter by P.L. 99-514, P.L. 100-203, P.L. 100-647, P.L. 101-73, P.L. 101-140,
11P.L. 101-179, P.L. 101-239, P.L. 101-508, P.L. 102-227, excluding sections 103, 104
12and 110 of P.L. 102-227, P.L. 102-318, P.L. 102-486, P.L. 103-66, excluding sections
1313113, 13150 (d), 13171 (d), 13174 and 13203 (d) of P.L. 103-66, P.L. 103-296, P.L.
14103-337, P.L. 103-465, P.L. 104-7, P.L. 104-188, excluding sections 1123 (b), 1202
15(c), 1204 (f), 1311 and 1605 (d) of P.L. 104-188, P.L. 104-191, P.L. 104-193, P.L.
16105-33 and, P.L. 105-34, P.L. 105-178, P.L. 105-206 and P.L. 105-277, except that
17property that, under s. 71.02 (1) (c) 8. to 11., 1985 stats., is required to be depreciated
18for taxable years 1983 to 1986 under the Internal Revenue Code as amended to
19December 31, 1980, shall continue to be depreciated under the Internal Revenue
20Code as amended to December 31, 1980, and except that the appropriate amount
21shall be added or subtracted to reflect differences between the depreciation or
22adjusted basis for federal income tax purposes and the depreciation or adjusted basis
23under this chapter of any property disposed of during the taxable year. The Internal
24Revenue Code as amended to December 31, 1997, excluding sections 103, 104 and
25110 of P.L. 102-227, sections 13113, 13150 (d), 13171 (d), 13174 and 13203 (d) of P.L.

1103-66, and sections 1123 (b), 1202 (c), 1204 (f), 1311 and 1605 (d) of P.L. 104-188,
2and as amended by P.L. 105-178, P.L. 105-206 and P.L. 105-277, and as indirectly
3affected in the provisions applicable to this subchapter by P.L. 99-514, P.L. 100-203,
4P.L. 100-647, P.L. 101-73, P.L. 101-140, P.L. 101-179, P.L. 101-239, P.L. 101-508,
5P.L. 102-227, excluding sections 103, 104 and 110 of P.L. 102-227, P.L. 102-318, P.L.
6102-486, P.L. 103-66, excluding sections 13113, 13150 (d), 13171 (d), 13174 and
713203 (d) of P.L. 103-66, P.L. 103-296, P.L. 103-337, P.L. 103-465, P.L. 104-7, P.L.
8104-188, excluding sections 1123 (b), 1202 (c), 1204 (f), 1311 and 1605 (d) of P.L.
9104-188, P.L. 104-191, P.L. 104-193, P.L. 105-33 and, P.L. 105-34, P.L. 105-178,
10P.L. 105-206 and P.L. 105-277,
applies for Wisconsin purposes at the same time as
11for federal purposes. Amendments to the Internal Revenue Code enacted after
12December 31, 1997, do not apply to this subdivision with respect to taxable years that
13begin after December 31, 1997, and before January 1, 1999, except that changes to
14the Internal Revenue Code made by P.L. 105-178, P.L. 105-206 and P.L. 105-277 and
15changes that indirectly affect the provisions applicable to this subchapter made by
16P.L. 105-178, P.L. 105-206 and P.L. 105-277 apply for Wisconsin purposes at the
17same time as for federal purposes
.
AB133-SSA1, s. 1740m 18Section 1740m. 71.26 (2) (b) 14. of the statutes is created to read:
AB133-SSA1,910,1819 71.26 (2) (b) 14. For taxable years that begin after December 31, 1998, for a
20corporation, conduit or common law trust which qualifies as a regulated investment
21company, real estate mortgage investment conduit, real estate investment trust or
22financial asset securitization investment trust under the Internal Revenue Code as
23amended to December 31, 1998, excluding sections 103, 104 and 110 of P.L. 102-227,
24sections 13113, 13150 (d), 13171 (d), 13174 and 13203 (d) of P.L. 103-66 and sections
251123 (b), 1202 (c), 1204 (f), 1311 and 1605 (d) of P.L. 104-188, and as indirectly

1affected in the provisions applicable to this subchapter by P.L. 99-514, P.L. 100-203,
2P.L. 100-647, P.L. 101-73, P.L. 101-140, P.L. 101-179, P.L. 101-239, P.L. 101-508,
3P.L. 102-227, excluding sections 103, 104 and 110 of P.L. 102-227, P.L. 102-318, P.L.
4102-486, P.L. 103-66, excluding sections 13113, 13150 (d), 13171 (d), 13174 and
513203 (d) of P.L. 103-66, P.L. 103-296, P.L. 103-337, P.L. 103-465, P.L. 104-7, P.L.
6104-188, excluding sections 1123 (b), 1202 (c), 1204 (f), 1311 and 1605 (d) of P.L.
7104-188, P.L. 104-191, P.L. 104-193, P.L. 105-33, P.L. 105-34, P.L. 105-178, P.L.
8105-206 and P.L. 105-277, "net income" means the federal regulated investment
9company taxable income, federal real estate mortgage investment conduit taxable
10income, federal real estate investment trust or financial asset securitization
11investment trust taxable income of the corporation, conduit or trust as determined
12under the Internal Revenue Code as amended to December 31, 1998, excluding
13sections 103, 104 and 110 of P.L. 102-227, sections 13113, 13150 (d), 13171 (d), 13174
14and 13203 (d) of P.L. 103-66 and sections 1123 (b), 1202 (c), 1204 (f), 1311 and 1605
15(d) of P.L. 104-188, and as indirectly affected in the provisions applicable to this
16subchapter by P.L. 99-514, P.L. 100-203, P.L. 100-647, P.L. 101-73, P.L. 101-140,
17P.L. 101-179, P.L. 101-239, P.L. 101-508, P.L. 102-227, excluding sections 103, 104
18and 110 of P.L. 102-227, P.L. 102-318, P.L. 102-486, P.L. 103-66, excluding sections
1913113, 13150 (d), 13171 (d), 13174 and 13203 (d) of P.L. 103-66, P.L. 103-296, P.L.
20103-337, P.L. 103-465, P.L. 104-7, P.L. 104-188, excluding sections 1123 (b), 1202
21(c), 1204 (f), 1311 and 1605 (d) of P.L. 104-188, P.L. 104-191, P.L. 104-193, P.L.
22105-33, P.L. 105-34, P.L. 105-178, P.L. 105-206 and P.L. 105-277, except that
23property that, under s. 71.02 (1) (c) 8. to 11., 1985 stats., is required to be depreciated
24for taxable years 1983 to 1986 under the Internal Revenue Code as amended to
25December 31, 1980, shall continue to be depreciated under the Internal Revenue

1Code as amended to December 31, 1980, and except that the appropriate amount
2shall be added or subtracted to reflect differences between the depreciation or
3adjusted basis for federal income tax purposes and the depreciation or adjusted basis
4under this chapter of any property disposed of during the taxable year. The Internal
5Revenue Code as amended to December 31, 1998, excluding sections 103, 104 and
6110 of P.L. 102-227, sections 13113, 13150 (d), 13171 (d), 13174 and 13203 (d) of P.L.
7103-66, and sections 1123 (b), 1202 (c), 1204 (f), 1311 and 1605 (d) of P.L. 104-188,
8and as indirectly affected in the provisions applicable to this subchapter by P.L.
999-514, P.L. 100-203, P.L. 100-647, P.L. 101-73, P.L. 101-140, P.L. 101-179, P.L.
10101-239, 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, excluding sections 13113, 13150
12(d), 13171 (d), 13174 and 13203 (d) of P.L. 103-66, P.L. 103-296, P.L. 103-337, P.L.
13103-465, P.L. 104-7, P.L. 104-188, excluding sections 1123 (b), 1202 (c), 1204 (f),
141311 and 1605 (d) of P.L. 104-188, P.L. 104-191, P.L. 104-193, P.L. 105-33, P.L.
15105-34, P.L. 105-178, P.L. 105-206 and P.L. 105-277, applies for Wisconsin purposes
16at the same time as for federal purposes. Amendments to the Internal Revenue Code
17enacted after December 31, 1998, do not apply to this subdivision with respect to
18taxable years that begin after December 31, 1998.
AB133-SSA1, s. 1741m 19Section 1741m. 71.26 (3) (y) of the statutes is amended to read:
AB133-SSA1,911,620 71.26 (3) (y) A corporation may compute amortization and depreciation under
21either the federal internal revenue code Internal Revenue Code as amended to
22December 31, 1997 1998, or the federal internal revenue code Internal Revenue Code
23in effect for the taxable year for which the return is filed, except that property first
24placed in service by the taxpayer on or after January 1, 1983, but before
25January 1, 1987, that, under s. 71.04 (15) (b) and (br), 1985 stats., is required to be

1depreciated under the internal revenue code Internal Revenue Code as amended to
2December 31, 1980, and property first placed in service in taxable year 1981 or
3thereafter but before January 1, 1987, that, under s. 71.04 (15) (bm), 1985 stats., is
4required to be depreciated under the internal revenue code Internal Revenue Code
5as amended to December 31, 1980, shall continue to be depreciated under the
6internal revenue code Internal Revenue Code as amended to December 31, 1980.
AB133-SSA1, s. 1741t 7Section 1741t. 71.28 (1dj) (am) 1. of the statutes is amended to read:
AB133-SSA1,911,128 71.28 (1dj) (am) 1. Modify "member of a targeted group", as defined in section
951 (d) of the internal revenue code as amended to December 31, 1995, to include
10persons unemployed as a result of a business action subject to s. 109.07 (1m) and
11persons specified under 29 USC 1651 (a) dislocated workers, as defined in 29 USC
122801
(9),
and to require a member of a targeted group to be a resident of this state.
AB133-SSA1, s. 1741v 13Section 1741v. 71.28 (1dj) (am) 2. of the statutes is amended to read:
AB133-SSA1,911,1914 71.28 (1dj) (am) 2. Modify "designated local agency", as defined in section 51
15(d) (15) of the internal revenue code, to include the job training partnership act
16organization
local workforce development board established under 29 USC 2832 for
17the area that includes the development zone in which the employe in respect to whom
18the credit under this subsection is claimed works, if the department of commerce
19approves the criteria used for certification, and the department of commerce.
AB133-SSA1, s. 1742 20Section 1742. 71.28 (1dj) (am) 3. of the statutes is amended to read:
AB133-SSA1,911,2321 71.28 (1dj) (am) 3. Modify the rule for certification under section 51 (d) (16) (A)
22of the internal revenue code to allow certification within the 90-day period beginning
23with the first day of employment of the employe by the claimant.
AB133-SSA1, s. 1742g 24Section 1742g. 71.28 (1dx) (b) (intro.) of the statutes is amended to read:
AB133-SSA1,912,5
171.28 (1dx) (b) Credit. (intro.) Except as provided in s. 73.03 (35) and subject
2to s. 560.785, for any taxable year for which the person is certified under s. 560.765
3(3), any person may claim as a credit against taxes imposed on the person's income
4from the person's business activities in a development zone
under this subchapter
5the following amounts:
AB133-SSA1, s. 1743 6Section 1743. 71.28 (1dx) (b) 4. of the statutes is amended to read:
AB133-SSA1,912,127 71.28 (1dx) (b) 4. The amount determined by multiplying the amount
8determined under s. 560.785 (1) (b) (bm) by the number of full-time jobs retained,
9as provided in the rules under s. 560.785, excluding jobs for which a credit has been
10claimed under sub. (1dj), in a an enterprise development zone under s. 560.797 and
11filled by a member of a targeted group for which significant capital investment was
12made
and by then subtracting the subsidies paid under s. 49.147 (3) (a) for those jobs.
AB133-SSA1, s. 1743d 13Section 1743d. 71.28 (1dy) of the statutes is created to read:
AB133-SSA1,912,1514 71.28 (1dy) Sustainable urban development zone credit. (a) Definitions. In
15this subsection:
AB133-SSA1,912,1616 1. "Brownfield" has the meaning given in sub. (1dx) (a) 1.
AB133-SSA1,912,2117 2. "Environmental remediation" means removal or containment of
18environmental pollution, as defined in s. 299.01 (4), and restoration of soil or
19groundwater that is affected by environmental pollution, as defined in s. 299.01 (4),
20in a brownfield and investigation unless the investigation determines that
21remediation is required but remediation is not undertaken.
AB133-SSA1,912,2522 (b) Credit. For any taxable year for which the person is certified under s. 292.77
23(5), a person may claim as a credit against taxes imposed under this subchapter 50%
24of the amount expended for environmental remediation under the program under s.
25292.77.
AB133-SSA1,913,2
1(c) Administration. Subsection (1dx) (c), (d) and (e), as it applies to the credit
2under sub. (1dx), applies to the credit under this subsection.
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