SB55-ASA1,755,2
171.22 (4m) (f) For taxable years that begin after December 31, 1992, and before
2January 1, 1994, "Internal Revenue Code", for corporations that are subject to a tax
3on unrelated business income under s. 71.26 (1) (a), means the federal Internal
4Revenue Code as amended to December 31, 1992, excluding sections 103, 104, and
5110 of P.L. 102-227, and as amended by P.L. 103-66, excluding sections 13101 (a) and
6(c) 1, 13113, 13150, 13171, 13174, and 13203 of P.L. 103-66, P.L. 103-465, P.L.
7104-188, excluding section 1311 of P.L. 104-188, P.L. 105-34, P.L. 105-206 and, P.L.
8105-277, and P.L. 106-554, excluding sections 162 and 165 of P.L. 106-554, and as
9indirectly affected in the provisions applicable to this subchapter by P.L. 99-514, P.L.
10100-203, P.L. 100-647, P.L. 101-73, P.L. 101-140, P.L. 101-179, P.L. 101-239, P.L.
11101-508, P.L. 102-227, excluding sections 103, 104, and 110 of P.L. 102-227, P.L.
12102-318, P.L. 102-486, P.L. 103-66, excluding sections 13101 (a) and (c) 1, 13113,
1313150, 13171, 13174, and 13203 of P.L. 103-66, P.L. 103-465, P.L. 104-188,
14excluding section 1311 of P.L. 104-188, P.L. 105-34, P.L. 105-206 and, P.L. 105-277,
15and P.L. 106-554, excluding sections 162 and 165 of P.L. 106-554
. The Internal
16Revenue Code applies for Wisconsin purposes at the same time as for federal
17purposes. Amendments to the Internal Revenue Code enacted after
18December 31, 1992, do not apply to this paragraph with respect to taxable years
19beginning after December 31, 1992, and before January 1, 1994, except that
20changes to the Internal Revenue Code made by P.L. 103-66, P.L. 103-465, P.L.
21104-188, excluding section 1311 of P.L. 104-188, P.L. 105-34, P.L. 105-206 and, P.L.
22105-277, and P.L. 106-554, excluding sections 162 and 165 of P.L. 106-554, and
23changes that indirectly affect the provisions applicable to this subchapter made by
24P.L. 103-66, P.L. 103-465, P.L. 104-188, excluding section 1311 of P.L. 104-188, P.L.
25105-34, P.L. 105-206 and, P.L. 105-277, and P.L. 106-554, excluding sections 162

1and 165 of P.L. 106-554,
apply for Wisconsin purposes at the same time as for federal
2purposes.
SB55-ASA1, s. 2158dv 3Section 2158dv. 71.22 (4m) (g) of the statutes is amended to read:
SB55-ASA1,756,94 71.22 (4m) (g) For taxable years that begin after December 31, 1993, and
5before January 1, 1995, "Internal Revenue Code", for corporations that are subject
6to a tax on unrelated business income under s. 71.26 (1) (a), means the federal
7Internal Revenue Code as amended to December 31, 1993, excluding sections 103,
8104, and 110 of P.L. 102-227 and sections 13113, 13150 (d), 13171 (d), 13174, 13203
9(d), and 13215 of P.L. 103-66, and as amended by P.L. 103-296, P.L. 103-337, P.L.
10103-465, P.L. 104-7, excluding section 1 of P.L. 104-7, P.L. 104-188, excluding
11section 1311 of P.L. 104-188, P.L. 104-191, P.L. 104-193, P.L. 105-34, P.L. 105-206
12and, P.L. 105-277, and P.L. 106-554, excluding sections 162 and 165 of P.L. 106-554,
13and as indirectly affected in the provisions applicable to this subchapter by P.L.
1499-514, P.L. 100-203, P.L. 100-647, P.L. 101-73, P.L. 101-140, P.L. 101-179, P.L.
15101-239, P.L. 101-508, P.L. 102-227, excluding sections 103, 104, and 110 of P.L.
16102-227, P.L. 102-318, P.L. 102-486, P.L. 103-66, excluding sections 13113, 13150
17(d), 13171 (d), 13174, 13203 (d), and 13215 of P.L. 103-66, P.L. 103-296, P.L. 103-337,
18P.L. 103-465, P.L. 104-7, excluding section 1 of P.L. 104-7, P.L. 104-188, excluding
19section 1311 of P.L. 104-188, P.L. 104-191, P.L. 104-193, P.L. 105-34, P.L. 105-206
20and, P.L. 105-277, and P.L. 106-554, excluding sections 162 and 165 of P.L. 106-554.
21The Internal Revenue Code applies for Wisconsin purposes at the same time as for
22federal purposes. Amendments to the Internal Revenue Code enacted after
23December 31, 1993, do not apply to this paragraph with respect to taxable years
24beginning after December 31, 1993, and before January 1, 1995, except that
25changes to the Internal Revenue Code made by P.L. 103-296, P.L. 103-337, P.L.

1103-465, P.L. 104-7, excluding section 1 of P.L. 104-7, P.L. 104-188, excluding
2section 1311 of P.L. 104-188, P.L. 104-191, P.L. 104-193, P.L. 105-34, P.L. 105-206
3and, P.L. 105-277, and P.L. 106-554, excluding sections 162 and 165 of P.L. 106-554,
4and changes that indirectly affect the provisions applicable to this subchapter made
5by P.L. 103-296, P.L. 103-337, P.L. 103-465, P.L. 104-7, excluding section 1 of P.L.
6104-7, P.L. 104-188, excluding section 1311 of P.L. 104-188, P.L. 104-191, P.L.
7104-193, P.L. 105-34, P.L. 105-206 and, P.L. 105-277, and P.L. 106-554, excluding
8sections 162 and 165 of P.L. 106-554,
apply for Wisconsin purposes at the same time
9as for federal purposes.
SB55-ASA1, s. 2158dw 10Section 2158dw. 71.22 (4m) (h) of the statutes is amended to read:
SB55-ASA1,757,1311 71.22 (4m) (h) For taxable years that begin after December 31, 1994, and
12before January 1, 1996, "Internal Revenue Code", for corporations that are subject
13to a tax on unrelated business income under s. 71.26 (1) (a), means the federal
14Internal Revenue Code as amended to December 31, 1994, excluding sections 103,
15104, and 110 of P.L. 102-227 and sections 13113, 13150 (d), 13171 (d), 13174, and
1613203 (d) of P.L. 103-66, and as amended by P.L. 104-7, P.L. 104-188, excluding
17sections 1202, 1204, 1311, and 1605 of P.L. 104-188, P.L. 104-191, P.L. 104-193, P.L.
18105-34, P.L. 105-206 and, P.L. 105-277, and P.L. 106-554, excluding sections 162
19and 165 of P.L. 106-554
, and as indirectly affected in the provisions applicable to this
20subchapter by P.L. 99-514, P.L. 100-203, P.L. 100-647, P.L. 101-73, P.L. 101-140,
21P.L. 101-179, P.L. 101-239, P.L. 101-508, P.L. 102-227, excluding sections 103, 104,
22and 110 of P.L. 102-227, P.L. 102-318, P.L. 102-486, P.L. 103-66, excluding sections
2313113, 13150 (d), 13171 (d), 13174, and 13203 (d) of P.L. 103-66, P.L. 103-296, P.L.
24103-337, P.L. 103-465, P.L. 104-7, P.L. 104-188, excluding sections 1202, 1204,
251311, and 1605 of P.L. 104-188, P.L. 104-191, P.L. 104-193, P.L. 105-34, P.L.

1105-206 and, P.L. 105-277, and P.L. 106-554, excluding sections 162 and 165 of P.L.
2106-554
. The Internal Revenue Code applies for Wisconsin purposes at the same
3time as for federal purposes. Amendments to the Internal Revenue Code enacted
4after December 31, 1994, do not apply to this paragraph with respect to taxable years
5beginning after December 31, 1994, and before January 1, 1996, except that
6changes to the Internal Revenue Code made by P.L. 104-7, P.L. 104-188, excluding
7sections 1202, 1204, 1311, and 1605 of P.L. 104-188, P.L. 104-191, P.L. 104-193, P.L.
8105-34, P.L. 105-206 and, P.L. 105-277, and P.L. 106-554, excluding sections 162
9and 165 of P.L. 106-554,
and changes that indirectly affect the provisions applicable
10to this subchapter made by P.L. 104-7, P.L. 104-188, excluding sections 1202, 1204,
111311, and 1605 of P.L. 104-188, P.L. 104-191, P.L. 104-193, P.L. 105-34, P.L.
12105-206 and, P.L. 105-277, and P.L. 106-554, excluding sections 162 and 165 of P.L.
13106-554,
apply for Wisconsin purposes at the same time as for federal purposes.
SB55-ASA1, s. 2158dx 14Section 2158dx. 71.22 (4m) (i) of the statutes is amended to read:
SB55-ASA1,758,1815 71.22 (4m) (i) For taxable years that begin after December 31, 1995, and before
16January 1, 1997, "Internal Revenue Code", for corporations that are subject to a tax
17on unrelated business income under s. 71.26 (1) (a), means the federal Internal
18Revenue Code as amended to December 31, 1995, excluding sections 103, 104, and
19110 of P.L. 102-227 and sections 13113, 13150 (d), 13171 (d), 13174 , and 13203 (d)
20of P.L. 103-66, and as amended by P.L. 104-188, excluding sections 1123, 1202, 1204,
211311, and 1605 of P.L. 104-188, P.L. 104-191, P.L. 104-193, P.L. 105-33, P.L. 105-34,
22P.L. 105-206 and, P.L. 105-277, and P.L. 106-554, excluding sections 162 and 165
23of P.L. 106-554
, and as indirectly affected in the provisions applicable to this
24subchapter by P.L. 99-514, P.L. 100-203, P.L. 100-647, P.L. 101-73, P.L. 101-140,
25P.L. 101-179, P.L. 101-239, P.L. 101-508, P.L. 102-227, excluding sections 103, 104,

1and 110 of P.L. 102-227, P.L. 102-318, P.L. 102-486, P.L. 103-66, excluding sections
213113, 13150 (d), 13171 (d), 13174, and 13203 (d) of P.L. 103-66, P.L. 103-296, P.L.
3103-337, P.L. 103-465, P.L. 104-7, P.L. 104-188, excluding sections 1123, 1202,
41204, 1311, and 1605 of P.L. 104-188, P.L. 104-191, P.L. 104-193, PL. 105-33, P.L.
5105-34, P.L. 105-206 and, P.L. 105-277, and P.L. 106-554, excluding sections 162
6and 165 of P.L. 106-554
. The Internal Revenue Code applies for Wisconsin purposes
7at the same time as for federal purposes. Amendments to the Internal Revenue Code
8enacted after December 31, 1995, do not apply to this paragraph with respect to
9taxable years beginning after December 31, 1995, and before January 1, 1997,
10except that changes to the Internal Revenue Code made by P.L. 104-188, excluding
11sections 1123, 1202, 1204, 1311, and 1605 of P.L. 104-188, P.L. 104-191, P.L.
12104-193, P.L. 105-33, P.L. 105-34, P.L. 105-206 and, P.L. 105-277, and P.L.
13106-554, excluding sections 162 and 165 of P.L. 106-554,
and changes that indirectly
14affect the provisions applicable to this subchapter made by P.L. 104-188, excluding
15sections 1123, 1202, 1204, 1311, and 1605 of P.L. 104-188, P.L. 104-191, P.L.
16104-193, P.L. 105-33, P.L. 105-34, P.L. 105-206 and, P.L. 105-277, and P.L.
17106-554, excluding sections 162 and 165 of P.L. 106-554,
apply for Wisconsin
18purposes at the same time as for federal purposes.
SB55-ASA1, s. 2158dy 19Section 2158dy. 71.22 (4m) (j) of the statutes is amended to read:
SB55-ASA1,759,2020 71.22 (4m) (j) For taxable years that begin after December 31, 1996, and before
21January 1, 1998, "Internal Revenue Code", for corporations that are subject to a tax
22on unrelated business income under s. 71.26 (1) (a), means the federal Internal
23Revenue Code as amended to December 31, 1996, excluding sections 103, 104, and
24110 of P.L. 102-227, sections 13113, 13150 (d), 13171 (d), 13174, and 13203 (d) of P.L.
25103-66, and sections 1123 (b), 1202 (c), 1204 (f), 1311, and 1605 (d) of P.L. 104-188

1and as amended by P.L. 105-33, P.L. 105-34, P.L. 105-206, P.L. 105-277 and, P.L.
2106-36, and P.L. 106-554, excluding sections 162 and 165 of P.L. 106-554, and as
3indirectly affected in the provisions applicable to this subchapter by P.L. 99-514, P.L.
4100-203, P.L. 100-647, P.L. 101-73, P.L. 101-140, P.L. 101-179, P.L. 101-239, P.L.
5101-508, P.L. 102-227, excluding sections 103, 104, and 110 of P.L. 102-227, P.L.
6102-318, P.L. 102-486, P.L. 103-66, excluding sections 13113, 13150 (d), 13171 (d),
713174, and 13203 (d) of P.L. 103-66, P.L. 103-296, P.L. 103-337, P.L. 103-465, P.L.
8104-7, P.L. 104-188, excluding sections 1123 (b), 1202 (c), 1204 (f), 1311 and 1605 (d)
9of P.L. 104-188, P.L. 104-191, P.L. 104-193, P.L. 105-33, P.L. 105-34, P.L. 105-206,
10P.L. 105-277 and, P.L. 106-36, and P.L. 106-554, excluding sections 162 and 165 of
11P.L. 106-554
. The Internal Revenue Code applies for Wisconsin purposes at the
12same time as for federal purposes. Amendments to the Internal Revenue Code
13enacted after December 31, 1996, do not apply to this paragraph with respect to
14taxable years beginning after December 31, 1996, and before January 1, 1998,
15except that changes to the Internal Revenue Code made by P.L. 105-33, P.L. 105-34,
16P.L. 105-206, P.L. 105-277 and, P.L. 106-36, and P.L. 106-554, excluding sections
17162 and 165 of P.L. 106-554,
and changes that indirectly affect provisions applicable
18to this subchapter made by P.L. 105-33, P.L. 105-34, P.L. 105-206, P.L. 105-277 and,
19P.L. 106-36, and P.L. 106-554, excluding sections 162 and 165 of P.L. 106-554, apply
20for Wisconsin purposes at the same time as for federal purposes.
SB55-ASA1, s. 2158dz 21Section 2158dz. 71.22 (4m) (k) of the statutes is amended to read:
SB55-ASA1,760,2422 71.22 (4m) (k) For taxable years that begin after December 31, 1997, and
23before January 1, 1999, "Internal Revenue Code", for corporations that are subject
24to a tax on unrelated business income under s. 71.26 (1) (a), means the federal
25Internal Revenue Code as amended to December 31, 1997, excluding sections 103,

1104, and 110 of P.L. 102-227, sections 13113, 13150 (d), 13171 (d), 13174, and 13203
2(d) of P.L. 103-66, and sections 1123 (b), 1202 (c), 1204 (f), 1311 , and 1605 (d) of P.L.
3104-188, and as amended by P.L. 105-178, P.L. 105-206, P.L. 105-277, P.L. 106-36
4and, P.L. 106-170, P.L. 106-554, excluding sections 162 and 165 of P.L. 106-554, and
5P.L. 106-573
, 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, excluding sections 103, 104,
8and 110 of P.L. 102-227, P.L. 102-318, P.L. 102-486, P.L. 103-66, excluding sections
913113, 13150 (d), 13171 (d), 13174, and 13203 (d) of P.L. 103-66, P.L. 103-296, P.L.
10103-337, P.L. 103-465, P.L. 104-7, P.L. 104-188, excluding sections 1123 (b), 1202
11(c), 1204 (f), 1311, and 1605 (d) of P.L. 104-188, P.L. 104-191, P.L. 104-193, P.L.
12105-33, P.L. 105-34, P.L. 105-178, P.L. 105-206, P.L. 105-277, P.L. 106-36 and, P.L.
13106-170, P.L. 106-554, excluding sections 162 and 165 of P.L. 106-554, and P.L.
14106-573
. The Internal Revenue Code applies for Wisconsin purposes at the same
15time as for federal purposes. Amendments to the Internal Revenue Code enacted
16after December 31, 1997, do not apply to this paragraph with respect to taxable years
17beginning after December 31, 1997, and before January 1, 1999, except that
18changes to the Internal Revenue Code made by P.L. 105-178, P.L. 105-206, P.L.
19105-277, P.L. 106-36 and, P.L. 106-170, P.L. 106-554, excluding sections 162 and
20165 of P.L. 106-554, and P.L. 106-573
and changes that indirectly affect the
21provisions applicable to this subchapter made by P.L. 105-178, P.L. 105-206, P.L.
22105-277, P.L. 106-36 and, P.L. 106-170, P.L. 106-554, excluding sections 162 and
23165 of P.L. 106-554, and P.L. 106-573
apply for Wisconsin purposes at the same time
24as for federal purposes.
SB55-ASA1, s. 2158dzb 25Section 2158dzb. 71.22 (4m) (L) of the statutes is amended to read:
SB55-ASA1,762,2
171.22 (4m) (L) For taxable years that begin after December 31, 1998, and
2before January 1, 2000, "Internal Revenue Code", for corporations that are subject
3to a tax on unrelated business income under s. 71.26 (1) (a), means the federal
4Internal Revenue Code as amended to December 31, 1998, excluding sections 103,
5104, and 110 of P.L. 102-227, sections 13113, 13150 (d), 13171 (d), 13174, and 13203
6(d) of P.L. 103-66, and sections 1123 (b), 1202 (c), 1204 (f), 1311 , and 1605 (d) of P.L.
7104-188, and as amended by P.L. 106-36 and, P.L. 106-170, P.L. 106-230, P.L.
8106-554, excluding sections 162 and 165 of P.L. 106-554, and P.L. 106-573
, and as
9indirectly affected in the provisions applicable to this subchapter by P.L. 99-514, P.L.
10100-203, P.L. 100-647, P.L. 101-73, P.L. 101-140, P.L. 101-179, P.L. 101-239, P.L.
11101-508, P.L. 102-227, excluding sections 103, 104, and 110 of P.L. 102-227, P.L.
12102-318, P.L. 102-486, P.L. 103-66, excluding sections 13113, 13150 (d), 13171 (d),
1313174, and 13203 (d) of P.L. 103-66, P.L. 103-296, P.L. 103-337, P.L. 103-465, P.L.
14104-7, P.L. 104-188, excluding sections 1123 (b), 1202 (c), 1204 (f), 1311, and 1605
15(d) of P.L. 104-188, P.L. 104-191, P.L. 104-193, P.L. 105-33, P.L. 105-34, P.L.
16105-178, P.L. 105-206, P.L. 105-277, P.L. 106-36 and, P.L. 106-170, P.L. 106-230,
17P.L. 106-554, excluding sections 162 and 165 of P.L. 106-554, and P.L. 106-573
. The
18Internal Revenue Code applies for Wisconsin purposes at the same time as for federal
19purposes. Amendments to the Internal Revenue Code enacted after December 31,
201998, do not apply to this paragraph with respect to taxable years beginning after
21December 31, 1998, and before January 1, 2000, except that changes to the Internal
22Revenue Code made by P.L. 106-36 and, P.L. 106-170, P.L. 106-230, P.L. 106-554,
23excluding sections 162 and 165 of P.L. 106-554, and P.L. 106-573
and changes that
24indirectly affect the provisions applicable to this subchapter made by P.L. 106-36
25and, P.L. 106-170, P.L. 106-230, P.L. 106-554, excluding sections 162 and 165 of P.L.

1106-554, and P.L. 106-573
apply for Wisconsin purposes at the same time as for
2federal purposes.
SB55-ASA1, s. 2158dzd 3Section 2158dzd. 71.22 (4m) (m) of the statutes is amended to read:
SB55-ASA1,763,44 71.22 (4m) (m) For taxable years that begin after December 31, 1999, and
5before January 1, 2001,
"Internal Revenue Code", for corporations that are subject
6to a tax on unrelated business income under s. 71.26 (1) (a), means the federal
7Internal Revenue Code as amended to December 31, 1999, excluding sections 103,
8104, and 110 of P.L. 102-227, sections 13113, 13150 (d), 13171 (d), 13174, and 13203
9(d) of P.L. 103-66, and sections 1123 (b), 1202 (c), 1204 (f), 1311 , and 1605 (d) of P.L.
10104-188, and as amended by P.L. 106-200, P.L. 106-230, P.L. 106-554, excluding
11sections 162 and 165 of P.L. 106-554, and P.L. 106-573
, and as indirectly affected in
12the provisions applicable to this subchapter by P.L. 99-514, P.L. 100-203, P.L.
13100-647, P.L. 101-73, P.L. 101-140, P.L. 101-179, P.L. 101-239, P.L. 101-508, P.L.
14102-227, excluding sections 103, 104, and 110 of P.L. 102-227, P.L. 102-318, P.L.
15102-486, P.L. 103-66, excluding sections 13113, 13150 (d), 13171 (d), 13174, and
1613203 (d) of P.L. 103-66, P.L. 103-296, P.L. 103-337, P.L. 103-465, P.L. 104-7, P.L.
17104-188, excluding sections 1123 (b), 1202 (c), 1204 (f), 1311, and 1605 (d) of P.L.
18104-188, P.L. 104-191, P.L. 104-193, P.L. 105-33, P.L. 105-34, P.L. 105-178, P.L.
19105-206, P.L. 105-277, P.L. 106-36 and, P.L. 106-170, P.L. 106-200, P.L. 106-230,
20P.L. 106-554, excluding sections 162 and 165 of P.L. 106-554, and P.L. 106-573
. The
21Internal Revenue Code applies for Wisconsin purposes at the same time as for federal
22purposes. Amendments to the Internal Revenue Code enacted after December 31,
231999, do not apply to this paragraph with respect to taxable years beginning after
24December 31, 1999, and before January 1, 2001, except that changes to the Internal
25Revenue Code made by P.L. 106-200, P.L. 106-230, P.L. 106-554, excluding sections

1162 and 165 of P.L. 106-554, and P.L. 106-573 and changes that indirectly affect the
2provisions applicable to this subchapter made by P.L. 106-200, P.L. 106-230, P.L.
3106-554, excluding sections 162 and 165 of P.L. 106-554, and P.L. 106-573 apply for
4Wisconsin purposes at the same time as for federal purposes
.
SB55-ASA1, s. 2158dzf 5Section 2158dzf. 71.22 (4m) (n) of the statutes is created to read:
SB55-ASA1,763,246 71.22 (4m) (n) For taxable years that begin after December 31, 2000, "Internal
7Revenue Code," for corporations that are subject to a tax on unrelated business
8income under s. 71.26 (1) (a), means the federal Internal Revenue Code as amended
9to December 31, 2000, excluding sections 103, 104, and 110 of P.L. 102-227, sections
1013113, 13150 (d), 13171 (d), 13174, and 13203 (d) of P.L. 103-66, and sections 1123
11(b), 1202 (c), 1204 (f), 1311, and 1605 (d) of P.L. 104-188, and as indirectly affected
12in the provisions applicable to this subchapter by P.L. 99-514, P.L. 100-203, P.L.
13100-647, P.L. 101-73, P.L. 101-140, P.L. 101-179, P.L. 101-239, P.L. 101-508, P.L.
14102-227, excluding sections 103, 104, and 110 of P.L. 102-227, P.L. 102-318, P.L.
15102-486, P.L. 103-66, excluding sections 13113, 13150 (d), 13171 (d), 13174, and
1613203 (d) of P.L. 103-66, P.L. 103-296, P.L. 103-337, P.L. 103-465, P.L. 104-7, P.L.
17104-188, excluding sections 1123 (b), 1202 (c), 1204 (f), 1311, and 1605 (d) of P.L.
18104-188, P.L. 104-191, P.L. 104-193, P.L. 105-33, P.L. 105-34, P.L. 105-178, P.L.
19105-206, P.L. 105-277, P.L. 106-36, P.L. 106-170, P.L. 106-200, P.L. 106-230, P.L.
20106-554, excluding sections 162 and 165 of P.L. 106-554, and P.L. 106-573. The
21Internal Revenue Code applies for Wisconsin purposes at the same time as for federal
22purposes. Amendments to the Internal Revenue Code enacted after December 31,
232000, do not apply to this paragraph with respect to taxable years beginning after
24December 31, 2000.
SB55-ASA1, s. 1172 25Section 1172. 71.22 (6m) of the statutes is created to read:
SB55-ASA1,764,2
171.22 (6m) "Member" does not include a member of a limited liability company
2treated as a corporation under sub. (1).
SB55-ASA1, s. 1173 3Section 1173. 71.22 (7m) of the statutes is created to read:
SB55-ASA1,764,54 71.22 (7m) "Partner" does not include a partner of a publicly traded
5partnership treated as a corporation under sub. (1).
SB55-ASA1, s. 1174 6Section 1174. 71.25 (6) of the statutes is renumbered 71.25 (6) (intro.) and
7amended to read:
SB55-ASA1,765,28 71.25 (6) Allocation and separate accounting and apportionment formula.
9(intro.) Corporations engaged in business within and without the state shall be taxed
10only on such income as is derived from business transacted and property located
11within the state. The amount of such income attributable to Wisconsin may be
12determined by an allocation and separate accounting thereof, when the business of
13such corporation within the state is not an integral part of a unitary business, but
14the department of revenue may permit an allocation and separate accounting in any
15case in which it is satisfied that the use of such method will properly reflect the
16income taxable by this state. In all cases in which allocation and separate accounting
17is not permissible, the determination shall be made in the following manner: for all
18businesses except air carriers, financial organizations, pipeline companies, public
19utilities, railroads, sleeping car companies, car line companies and corporations or
20associations that are subject to a tax on unrelated business income under s. 71.26 (1)
21(a) there shall first be deducted from the total net income of the taxpayer the part
22thereof (less related expenses, if any) that follows the situs of the property or the
23residence of the recipient. The remaining net income shall be apportioned to
24Wisconsin this state by use of an apportionment fraction composed of a sales factor
25under sub. (9) representing 50% of the fraction, a property factor under sub. (7)

1representing 25% of the fraction and a payroll factor under sub. (8) representing 25%
2of the fraction.
the following:
SB55-ASA1, s. 1175 3Section 1175. 71.25 (6) (a) of the statutes is created to read:
SB55-ASA1,765,74 71.25 (6) (a) For taxable years beginning before January 1, 2004, an
5apportionment fraction composed of a sales factor under sub. (9) representing 50%
6of the fraction, a property factor under sub. (7) representing 25% of the fraction, and
7a payroll factor under sub. (8) representing 25% of the fraction.
SB55-ASA1, s. 1176 8Section 1176. 71.25 (6) (b) of the statutes is created to read:
SB55-ASA1,765,129 71.25 (6) (b) For taxable years beginning after December 31, 2003, and before
10January 1, 2005, an apportionment fraction composed of a sales factor under sub. (9)
11representing 60% of the fraction, a property factor under sub. (7) representing 20%
12of the fraction, and a payroll factor under sub. (8) representing 20% of the fraction.
SB55-ASA1, s. 1177 13Section 1177. 71.25 (6) (c) of the statutes is created to read:
SB55-ASA1,765,1714 71.25 (6) (c) For taxable years beginning after December 31, 2004, and before
15January 1, 2006, an apportionment fraction composed of a sales factor under sub. (9)
16representing 80% of the fraction, a property factor under sub. (7) representing 10%
17of the fraction, and a payroll factor under sub. (8) representing 10% of the fraction.
SB55-ASA1, s. 1178 18Section 1178. 71.25 (6) (d) of the statutes is created to read:
SB55-ASA1,765,2019 71.25 (6) (d) For taxable years beginning after December 31, 2005, an
20apportionment fraction composed of the sales factor under sub. (9).
SB55-ASA1, s. 1179 21Section 1179. 71.25 (6) (e) of the statutes is created to read:
SB55-ASA1,766,322 71.25 (6) (e) For taxable years beginning after December 31, 2003, and before
23January 1, 2006, the apportionment fraction for the remaining net income of a
24financial organization shall include a sales factor that represents more than 50% of
25the apportionment fraction, as determined by rule by the department. For taxable

1years beginning after December 31, 2005, the apportionment fraction for the
2remaining net income of a financial organization is composed of a sales factor, as
3determined by rule by the department.
SB55-ASA1, s. 2166m 4Section 2166m. 71.25 (6m) of the statutes is created to read:
SB55-ASA1,766,95 71.25 (6m) Apportionment formula computation. (a) 1. For taxable years
6beginning before January 1, 2006, if both the numerator and the denominator of the
7sales factor under sub. (9) related to a taxpayer's remaining net income are zero, the
8sales factor under sub. (9) is eliminated from the apportionment formula to
9determine the taxpayer's remaining net income under sub. (6).
SB55-ASA1,766,1310 2. For taxable years beginning after December 31, 2005, if both the numerator
11and the denominator of the sales factor under sub. (9) related to a taxpayer's
12remaining net income are zero, none of the taxpayer's remaining net income is
13apportioned to this state.
SB55-ASA1,766,1714 (b) 1. For taxable years beginning before January 1, 2006, if the numerator of
15the sales factor under sub. (9) related to a taxpayer's remaining net income is a
16negative number and the denominator of the sales factor under sub. (9) related to a
17taxpayer's remaining net income is not zero, the sales factor under sub. (9) is zero.
SB55-ASA1,766,2218 2. For taxable years beginning after December 31, 2005, if the numerator of the
19sales factor under sub. (9) related to a taxpayer's remaining net income is a negative
20number and the denominator of the sales factor under sub. (9) related to a taxpayer's
21remaining net income is not zero, none of the taxpayer's remaining net income is
22apportioned to this state.
SB55-ASA1,767,223 (c) 1. For taxable years beginning before January 1, 2006, if the numerator of
24the sales factor under sub. (9) related to a taxpayer's remaining net income is a
25positive number and the denominator of the sales factor under sub. (9) related to a

1taxpayer's remaining net income is zero or a negative number, the sales factor under
2sub. (9) is one.
SB55-ASA1,767,73 2. For taxable years beginning after December 31, 2005, if the numerator of the
4sales factor under sub. (9) related to a taxpayer's remaining net income is a positive
5number and the denominator of the sales factor under sub. (9) related to a taxpayer's
6remaining net income is zero or a negative number, all of the taxpayer's remaining
7net income is apportioned to this state.
SB55-ASA1, s. 1180 8Section 1180. 71.25 (7) (intro.) of the statutes is amended to read:
SB55-ASA1,767,109 71.25 (7) Property factor. (intro.) For purposes of sub. (5) (6) and for taxable
10years beginning before January 1, 2006
:
SB55-ASA1, s. 1181 11Section 1181. 71.25 (8) (intro.) of the statutes is amended to read:
SB55-ASA1,767,1312 71.25 (8) Payroll factor. (intro.) For purposes of sub. (5) (6) and for taxable
13years beginning before January 1, 2006
:
SB55-ASA1, s. 1182 14Section 1182. 71.25 (9) (d) of the statutes is amended to read:
SB55-ASA1,767,2215 71.25 (9) (d) Sales, other than sales of tangible personal property, are in this
16state if the income-producing activity is performed in this state. If the
17income-producing activity is performed both in and outside this state the sales shall
18be divided between those states having jurisdiction to tax such business in
19proportion to the direct costs of performance incurred in each such state in rendering
20this service. Services performed in states which do not have jurisdiction to tax the
21business shall be deemed to have been performed in the state to which compensation
22is allocated by sub. s. 71.25 (8) , 1999 stats.
SB55-ASA1, s. 1183 23Section 1183. 71.25 (10) (b) of the statutes is renumbered 71.25 (10) (b) 1. and
24amended to read:
SB55-ASA1,768,7
171.25 (10) (b) 1. In this section, for taxable years beginning before January 1,
22004,
"public utility" means any business entity described under subd. 2. and any
3business entity which owns or operates any plant, equipment, property, franchise,
4or license for the transmission of communications or the production, transmission,
5sale, delivery, or furnishing of electricity, water or steam the rates of charges for
6goods or services of which have been established or approved by a federal, state or
7local government or governmental agency. "Public
SB55-ASA1,768,13 82. In this section, for taxable years beginning after December 31, 2003, "public
9utility" also means any business entity providing service to the public and engaged
10in the transportation of goods and persons for hire, as defined in s. 194.01 (4),
11regardless of whether or not the entity's rates or charges for services have been
12established or approved by a federal, state or local government or governmental
13agency.
SB55-ASA1, s. 1184 14Section 1184. 71.25 (10) (c) of the statutes is amended to read:
SB55-ASA1,768,1915 71.25 (10) (c) The net business income of railroads, sleeping car companies, car
16line companies, pipeline companies, financial organizations, air carriers and public
17utilities requiring apportionment shall be apportioned pursuant to rules of the
18department of revenue, but the income taxed is limited to the income derived from
19business transacted and property located within the state.
SB55-ASA1, s. 1185 20Section 1185. 71.25 (11) of the statutes is amended to read:
SB55-ASA1,769,621 71.25 (11) Department may waive factor. Where, in the case of any corporation
22engaged in business within in and without the outside this state of Wisconsin and
23required to apportion its income as provided in sub. (6), it shall be shown to the
24satisfaction of the department of revenue that the use of any one of the 3 factors
25provided in sub. (6) gives an unreasonable or inequitable final average ratio because

1of the fact that such corporation does not employ, to any appreciable extent in its
2trade or business in producing the income taxed, the factors made use of in obtaining
3such ratio, this factor may, with the approval of the department of revenue, be
4omitted in obtaining the final average ratio which is to be applied to the remaining
5net income. This subsection does not apply to taxable years beginning after
6December 31, 2005.
SB55-ASA1, s. 1186 7Section 1186. 71.25 (15) of the statutes is created to read:
SB55-ASA1,769,128 71.25 (15) Partnerships and limited liability companies. (a) A general or
9limited partner's share of the numerator and denominator of a partnership's
10apportionment factors under this section are included in the numerator and
11denominator of the general or limited partner's apportionment factors under this
12section.
SB55-ASA1,769,1613 (b) If a limited liability company is treated as a partnership, for federal tax
14purposes, a member's share of the numerator and denominator of a limited liability
15company's apportionment factors under this section are included in the numerator
16and denominator of the member's apportionment factors under this section.
SB55-ASA1, s. 1187 17Section 1187. 71.26 (1) (be) of the statutes is amended to read:
SB55-ASA1,769,1918 71.26 (1) (be) Certain authorities. Income of the University of Wisconsin
19Hospitals and Clinics Authority and of the Fox River Navigational System Authority.
SB55-ASA1, s. 1188 20Section 1188. 71.26 (2) (a) of the statutes is amended to read:
SB55-ASA1,770,1121 71.26 (2) (a) Corporations in general. The "net income" of a corporation means
22the gross income as computed under the internal revenue code Internal Revenue
23Code
as modified under sub. (3) minus the amount of recapture under s. 71.28 (1di)
24plus the amount of credit computed under s. 71.28 (1) and , (3) to, (4), and (5) plus the
25amount of the credit computed under s. 71.28 (1dd), (1de), (1di), (1dj), (1dL), (1dm),

1(1ds) and, and (3g) (1dx) and not passed through by a partnership, limited liability
2company, or tax-option corporation that has added that amount to the partnership's,
3limited liability company's, or tax-option corporation's income under s. 71.21 (4) or
471.34 (1) (g) plus the amount of losses from the sale or other disposition of assets the
5gain from which would be wholly exempt income, as defined in sub. (3) (L), if the
6assets were sold or otherwise disposed of at a gain and minus deductions, as
7computed under the internal revenue code Internal Revenue Code as modified under
8sub. (3), plus or minus, as appropriate, an amount equal to the difference between
9the federal basis and Wisconsin basis of any asset sold, exchanged, abandoned, or
10otherwise disposed of in a taxable transaction during the taxable year, except as
11provided in par. (b) and s. 71.45 (2) and (5).
SB55-ASA1, s. 2175d 12Section 2175d. 71.26 (2) (b) 7. of the statutes is repealed.
SB55-ASA1, s. 2175db 13Section 2175db. 71.26 (2) (b) 8. of the statutes is amended to read:
SB55-ASA1,772,2414 71.26 (2) (b) 8. For taxable years that begin after December 31, 1992, and
15before January 1, 1994, for a corporation, conduit or common law trust which
16qualifies as a regulated investment company, real estate mortgage investment
17conduit or real estate investment trust under the Internal Revenue Code as amended
18to December 31, 1992, excluding sections 103, 104, and 110 of P.L. 102-227, and as
19amended by P.L. 103-66, excluding sections 13101 (a) and (c) 1., 13113, 13150, 13171,
2013174, and 13203 of P.L. 103-66, P.L. 103-465, P.L. 104-188, excluding section 1311
21of P.L. 104-188, P.L. 105-34, P.L. 105-206 and, P.L. 105-277, and P.L. 106-554,
22excluding sections 162 and 165 of P.L. 106-554
, and as indirectly affected in the
23provisions applicable to this subchapter by P.L. 99-514, P.L. 100-203, P.L. 100-647,
24P.L. 101-73, 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 13101 (a) and (c) 1, 13113, 13150, 13171, 13174, and
213203 of P.L. 103-66, P.L. 103-465, P.L. 104-188, excluding section 1311 of P.L.
3104-188, P.L. 105-34, P.L. 105-206 and, P.L. 105-277, and P.L. 106-554, excluding
4sections 162 and 165 of P.L. 106-554
, "net income" means the federal regulated
5investment company taxable income, federal real estate mortgage investment
6conduit taxable income or federal real estate investment trust taxable income of the
7corporation, conduit or trust as determined under the Internal Revenue Code as
8amended to December 31, 1992, excluding sections 103, 104, and 110 of P.L. 102-227,
9and as amended by P.L. 103-66, excluding sections 13101 (a) and (c) 1, 13113, 13150,
1013171, 13174, and 13203 of P.L. 103-66, P.L. 103-465, P.L. 104-188, excluding
11section 1311 of P.L. 104-188, P.L. 105-34, P.L. 105-206 and , P.L. 105-277, and P.L.
12106-554, excluding sections 162 and 165 of P.L. 106-554
, and as indirectly affected
13in the provisions applicable to this subchapter by P.L. 99-514, P.L. 100-203, P.L.
14100-647, P.L. 101-73, P.L. 101-140, P.L. 101-179, P.L. 101-239, P.L. 101-508, P.L.
15102-227, excluding sections 103, 104, and 110 of P.L. 102-227, P.L. 102-318, P.L.
16102-486, P.L. 103-66, excluding sections 13101 (a) and (c) 1., 13113, 13150, 13171,
1713174, and 13203 of P.L. 103-66, P.L. 103-465, P.L. 104-188, excluding section 1311
18of P.L. 104-188, P.L. 105-34, P.L. 105-206 and, P.L. 105-277, and P.L. 106-554,
19excluding sections 162 and 165 of P.L. 106-554
, except that property that, under s.
2071.02 (1) (c) 8. to 11., 1985 stats., is required to be depreciated for taxable years 1983
21to 1986 under the Internal Revenue Code as amended to December 31, 1980, shall
22continue to be depreciated under the Internal Revenue Code as amended to
23December 31, 1980, and except that the appropriate amount shall be added or
24subtracted to reflect differences between the depreciation or adjusted basis for
25federal income tax purposes and the depreciation or adjusted basis under this

1chapter of any property disposed of during the taxable year. The Internal Revenue
2Code as amended to December 31, 1992, excluding sections 103, 104, and 110 of P.L.
3102-227, and as amended by P.L. 103-66, excluding sections 13101 (a) and (c) 1,
413113, 13150, 13171, 13174, and 13203 of P.L. 103-66, P.L. 103-465, P.L. 104-188,
5excluding section 1311 of P.L. 104-188, P.L. 105-34, P.L. 105-206 and, P.L. 105-277,
6and P.L. 106-554, excluding sections 162 and 165 of P.L. 106-554
, 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 13101 (a) and (c) 1, 13113, 13150, 13171,
1113174, and 13203 of P.L. 103-66, P.L. 103-465, P.L. 104-188, excluding section 1311
12of P.L. 104-188, P.L. 105-34, P.L. 105-206 and, P.L. 105-277, and P.L. 106-554,
13excluding sections 162 and 165 of P.L. 106-554
, applies for Wisconsin purposes at the
14same time as for federal purposes. Amendments to the Internal Revenue Code
15enacted after December 31, 1992, do not apply to this subdivision with respect to
16taxable years that begin after December 31, 1992, and before January 1, 1994,
17except that changes to the Internal Revenue Code made by P.L. 103-66, P.L.
18103-465, P.L. 104-188, excluding section 1311 of P.L. 104-188, P.L. 105-34, P.L.
19105-206 and, P.L. 105-277, and P.L. 106-554, excluding sections 162 and 165 of P.L.
20106-554,
and changes that indirectly affect the provisions applicable to this
21subchapter made by P.L. 103-66, P.L. 103-465, P.L. 104-188, excluding section 1311
22of P.L. 104-188, P.L. 105-34, P.L. 105-206 and, P.L. 105-277, and P.L. 106-554,
23excluding sections 162 and 165 of P.L. 106-554,
apply for Wisconsin purposes at the
24same time as for federal purposes.
SB55-ASA1, s. 2175dc 25Section 2175dc. 71.26 (2) (b) 9. of the statutes is amended to read:
SB55-ASA1,775,20
171.26 (2) (b) 9. For taxable years that begin after December 31, 1993, and
2before January 1, 1995, 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 as amended
5to December 31, 1993, excluding sections 103, 104, and 110 of P.L. 102-227 and
6sections 13113, 13150 (d), 13171 (d), 13174, 13203 (d), and 13215 of P.L. 103-66, and
7as amended by P.L. 103-296, P.L. 103-337, P.L. 103-465, P.L. 104-7, excluding
8section 1 of P.L. 104-7, P.L. 104-188, excluding section 1311 of P.L. 104-188, P.L.
9104-191, P.L. 104-193, P.L. 105-34, P.L. 105-206 and, P.L. 105-277, and P.L.
10106-554, excluding sections 162 and 165 of P.L. 106-554
, and as indirectly affected
11in the provisions applicable to this subchapter by P.L. 99-514, P.L. 100-203, P.L.
12100-647, P.L. 101-73, P.L. 101-140, P.L. 101-179, P.L. 101-239, P.L. 101-508, P.L.
13102-227, excluding sections 103, 104, and 110 of P.L. 102-227, P.L. 102-318, P.L.
14102-486, P.L. 103-66, excluding sections 13113, 13150 (d), 13171 (d), 13174, 13203
15(d), and 13215 of P.L. 103-66, P.L. 103-296, P.L. 103-337, P.L. 103-465, P.L. 104-7,
16excluding section 1 of P.L. 104-7, P.L. 104-188, excluding section 1311 of P.L.
17104-188, P.L. 104-191, P.L. 104-193, P.L. 105-34, P.L. 105-206 and, P.L. 105-277,
18and P.L. 106-554, excluding sections 162 and 165 of P.L. 106-554
, "net income"
19means the federal regulated investment company taxable income, federal real estate
20mortgage investment conduit taxable income or federal real estate investment trust
21taxable income of the corporation, conduit or trust as determined under the Internal
22Revenue Code as amended to December 31, 1993, excluding sections 103, 104, and
23110 of P.L. 102-227 and sections 13113, 13150 (d), 13171 (d), 13174, 13203 (d), and
2413215 of P.L. 103-66, and as amended by P.L. 103-296, P.L. 103-337, P.L. 103-465,
25P.L. 104-7, excluding section 1 of P.L. 104-7, P.L. 104-188, excluding section 1311

1of P.L. 104-188, P.L. 104-191, P.L. 104-193, P.L. 105-34, P.L. 105-206 and, P.L.
2105-277, and P.L. 106-554, excluding sections 162 and 165 of P.L. 106-554, and as
3indirectly affected in the provisions applicable to this subchapter by P.L. 99-514, P.L.
4100-203, P.L. 100-647, P.L. 101-73, P.L. 101-140, P.L. 101-179, P.L. 101-239, P.L.
5101-508, P.L. 102-227, excluding sections 103, 104, and 110 of P.L. 102-227, P.L.
6102-318, P.L. 102-486, P.L. 103-66, excluding sections 13113, 13150 (d), 13171 (d),
713174, 13203 (d), and 13215 of P.L. 103-66, P.L. 103-296, P.L. 103-337, P.L. 103-465,
8P.L. 104-7, excluding section 1 of P.L. 104-7, P.L. 104-188, excluding section 1311
9of P.L. 104-188, P.L. 104-191, P.L. 104-193, P.L. 105-34, P.L. 105-206 and, P.L.
10105-277, and P.L. 106-554, excluding sections 162 and 165 of P.L. 106-554, except
11that property that, under s. 71.02 (1) (c) 8. to 11., 1985 stats., is required to be
12depreciated for taxable years 1983 to 1986 under the Internal Revenue Code as
13amended to December 31, 1980, shall continue to be depreciated under the Internal
14Revenue Code as amended to December 31, 1980, and except that the appropriate
15amount shall be added or subtracted to reflect differences between the depreciation
16or adjusted basis for federal income tax purposes and the depreciation or adjusted
17basis under this chapter of any property disposed of during the taxable year. The
18Internal Revenue Code as amended to December 31, 1993, excluding sections 103,
19104, and 110 of P.L. 102-227 and sections 13113, 13150 (d), 13171 (d), 13174, 13203
20(d), and 13215 of P.L. 103-66, and as amended by P.L. 103-296, P.L. 103-337, P.L.
21103-465, P.L. 104-7, excluding section 1 of P.L. 104-7, P.L. 104-188, excluding
22section 1311 of P.L. 104-188, P.L. 104-191, P.L. 104-193, P.L. 105-34, P.L. 105-206
23and, P.L. 105-277, and P.L. 106-554, excluding sections 162 and 165 of P.L. 106-554,
24and as indirectly affected in the provisions applicable to this subchapter by P.L.
2599-514, P.L. 100-203, P.L. 100-647, P.L. 101-73, P.L. 101-140, P.L. 101-179, P.L.

1101-239, 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 13113, 13150
3(d), 13171 (d), 13174, 13203 (d), and 13215 of P.L. 103-66, P.L. 103-296, P.L. 103-337,
4P.L. 103-465, P.L. 104-7, excluding section 1 of P.L. 104-7, P.L. 104-188, excluding
5section 1311 of P.L. 104-188, P.L. 104-191, P.L. 104-193, P.L. 105-34, P.L. 105-206
6and, P.L. 105-277, and P.L. 106-554, excluding sections 162 and 165 of P.L. 106-554,
7applies for Wisconsin purposes at the same time as for federal purposes.
8Amendments to the Internal Revenue Code enacted after December 31, 1993, do not
9apply to this subdivision with respect to taxable years that begin after
10December 31, 1993, and before January 1, 1995, except that changes to the Internal
11Revenue Code made by P.L. 103-296, P.L. 103-337, P.L. 103-465, P.L. 104-7,
12excluding section 1 of P.L. 104-7, P.L. 104-188, excluding section 1311 of P.L.
13104-188, P.L. 104-191, P.L. 104-193, P.L. 105-34, P.L. 105-206 and, P.L. 105-277,
14and P.L. 106-554, excluding sections 162 and 165 of P.L. 106-554,
and changes that
15indirectly affect the provisions applicable to this subchapter made by P.L. 103-296,
16P.L. 103-337, P.L. 103-465, P.L. 104-7, excluding section 1 of P.L. 104-7, P.L.
17104-188, excluding section 1311 of P.L. 104-188, P.L. 104-191, P.L. 104-193, P.L.
18105-34, P.L. 105-206 and, P.L. 105-277, and P.L. 106-554, excluding sections 162
19and 165 of P.L. 106-554,
apply for Wisconsin purposes at the same time as for federal
20purposes.
SB55-ASA1, s. 2175dd 21Section 2175dd. 71.26 (2) (b) 10. of the statutes is amended to read:
SB55-ASA1,778,1122 71.26 (2) (b) 10. For taxable years that begin after December 31, 1994, and
23before January 1, 1996, for a corporation, conduit or common law trust which
24qualifies as a regulated investment company, real estate mortgage investment
25conduit or real estate investment trust under the Internal Revenue Code as amended

1to December 31, 1994, excluding sections 103, 104, and 110 of P.L. 102-227 and
2sections 13113, 13150 (d), 13171 (d), 13174, and 13203 (d) of P.L. 103-66, and as
3amended by P.L. 104-7, P.L. 104-188, excluding sections 1202, 1204, 1311, and 1605
4of P.L. 104-188, P.L. 104-191, P.L. 104-193, P.L. 105-34, P.L. 105-206 and, P.L.
5105-277, and P.L. 106-554, excluding sections 162 and 165 of P.L. 106-554, and as
6indirectly affected in the provisions applicable to this subchapter by P.L. 99-514, P.L.
7100-203, P.L. 100-647, P.L. 101-73, P.L. 101-140, P.L. 101-179, P.L. 101-239, P.L.
8101-508, P.L. 102-227, excluding sections 103, 104, and 110 of P.L. 102-227, P.L.
9102-318, P.L. 102-486, P.L. 103-66, excluding sections 13113, 13150 (d), 13171 (d),
1013174, and 13203 (d) of P.L. 103-66, P.L. 103-296, P.L. 103-337, P.L. 103-465, P.L.
11104-7, P.L. 104-188, excluding sections 1202, 1204, 1311, and 1605 of P.L. 104-188,
12P.L. 104-191, P.L. 104-193, P.L. 105-34, P.L. 105-206 and , P.L. 105-277, and P.L.
13106-554, excluding sections 162 and 165 of P.L. 106-554
, "net income" means the
14federal regulated investment company taxable income, federal real estate mortgage
15investment conduit taxable income or federal real estate investment trust taxable
16income of the corporation, conduit or trust as determined under the Internal
17Revenue Code as amended to December 31, 1994, excluding sections 103, 104, and
18110 of P.L. 102-227 and sections 13113, 13150 (d), 13171 (d), 13174 , and 13203 (d)
19of P.L. 103-66, and as amended by P.L. 104-7, P.L. 104-188, excluding sections 1202,
201204, 1311, and 1605 of P.L. 104-188, P.L. 104-191, P.L. 104-193, P.L. 105-34, P.L.
21105-206 and, P.L. 105-277, and P.L. 106-554, excluding sections 162 and 165 of P.L.
22106-554
, and as indirectly affected in the provisions applicable to this subchapter
23by P.L. 99-514, P.L. 100-203, P.L. 100-647, P.L. 101-73, P.L. 101-140, P.L. 101-179,
24P.L. 101-239, P.L. 101-508, P.L. 102-227, excluding sections 103, 104, and 110 of P.L.
25102-227, P.L. 102-318, P.L. 102-486, P.L. 103-66, excluding sections 13113, 13150

1(d), 13171 (d), 13174, and 13203 (d) of P.L. 103-66, P.L. 103-296, P.L. 103-337, P.L.
2103-465, P.L. 104-7, P.L. 104-188, excluding sections 1202, 1204, 1311, and 1605 of
3P.L. 104-188, P.L. 104-191, P.L. 104-193, P.L. 105-34, P.L. 105-206 and, P.L.
4105-277, and P.L. 106-554, excluding sections 162 and 165 of P.L. 106-554, except
5that property that, under s. 71.02 (1) (c) 8. to 11., 1985 stats., is required to be
6depreciated for taxable years 1983 to 1986 under the Internal Revenue Code as
7amended to December 31, 1980, shall continue to be depreciated under the Internal
8Revenue Code as amended to December 31, 1980, and except that the appropriate
9amount shall be added or subtracted to reflect differences between the depreciation
10or adjusted basis for federal income tax purposes and the depreciation or adjusted
11basis under this chapter of any property disposed of during the taxable year. The
12Internal Revenue Code as amended to December 31, 1994, excluding sections 103,
13104, and 110 of P.L. 102-227 and sections 13113, 13150 (d), 13171 (d), 13174, and
1413203 (d) of P.L. 103-66, and as amended by P.L. 104-7, P.L. 104-188, excluding
15sections 1202, 1204, 1311, and 1605 of P.L. 104-188, P.L. 104-191, P.L. 104-193, P.L.
16105-34, P.L. 105-206 and, P.L. 105-277, and P.L. 106-554, excluding sections 162
17and 165 of P.L. 106-554
, 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
2113113, 13150 (d), 13171 (d), 13174, and 13203 (d) of P.L. 103-66, P.L. 103-296, P.L.
22103-337, P.L. 103-465, P.L. 104-7, P.L. 104-188, excluding sections 1202, 1204,
231311, and 1605 of P.L. 104-188, P.L. 104-191, P.L. 104-193, P.L. 105-34, P.L.
24105-206 and, P.L. 105-277, and P.L. 106-554, excluding sections 162 and 165 of P.L.
25106-554
, applies for Wisconsin purposes at the same time as for federal purposes.

1Amendments to the Internal Revenue Code enacted after December 31, 1994, do not
2apply to this subdivision with respect to taxable years that begin after
3December 31, 1994, and before January 1, 1996, except that changes made by P.L.
4104-7, P.L. 104-188, excluding sections 1202, 1204, 1311, and 1605 of P.L. 104-188,
5P.L. 104-191, P.L. 104-193, P.L. 105-34, P.L. 105-206 and , P.L. 105-277, and P.L.
6106-554, excluding sections 162 and 165 of P.L. 106-554,
and changes that indirectly
7affect the provisions applicable to this subchapter made by P.L. 104-7, P.L. 104-188,
8excluding sections 1202, 1204, 1311 and 1605 of P.L. 104-188, P.L. 104-191, P.L.
9104-193, P.L. 105-34, P.L. 105-206 and, P.L. 105-277, and P.L. 106-554, excluding
10sections 162 and 165 of P.L. 106-554,
apply for Wisconsin purposes at the same time
11as for federal purposes.
SB55-ASA1, s. 2175de 12Section 2175de. 71.26 (2) (b) 11. of the statutes is amended to read:
SB55-ASA1,781,413 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 as amended
17to December 31, 1995, excluding sections 103, 104, and 110 of P.L. 102-227 and
18sections 13113, 13150 (d), 13171 (d), 13174, and 13203 (d) of P.L. 103-66, and as
19amended by P.L. 104-188, excluding sections 1123, 1202, 1204, 1311 , and 1605 of P.L.
20104-188, P.L. 104-191, P.L. 104-193, P.L. 105-33, P.L. 105-34, P.L. 105-206 and,
21P.L. 105-277, and P.L. 106-554, excluding sections 162 and 165 of P.L. 106-554, and
22as indirectly affected in the provisions applicable to this subchapter by P.L. 99-514,
23P.L. 100-203, P.L. 100-647, P.L. 101-73, P.L. 101-140, P.L. 101-179, P.L. 101-239,
24P.L. 101-508, P.L. 102-227, excluding sections 103, 104, and 110 of P.L. 102-227, P.L.
25102-318, P.L. 102-486, P.L. 103-66, excluding sections 13113, 13150 (d), 13171 (d),

113174, and 13203 (d) of P.L. 103-66, P.L. 103-296, P.L. 103-337, P.L. 103-465, P.L.
2104-7, P.L. 104-188, excluding sections 1123, 1202, 1204, 1311, and 1605 of P.L.
3104-188, P.L. 104-191, P.L. 104-193, P.L. 105-33, P.L. 105-34, P.L. 105-206 and,
4P.L. 105-277, and P.L. 106-554, excluding sections 162 and 165 of P.L. 106-554, "net
5income" means the federal regulated investment company taxable income, federal
6real estate mortgage investment conduit taxable income or federal real estate
7investment trust taxable income of the corporation, conduit or trust as determined
8under the Internal Revenue Code as amended to December 31, 1995, excluding
9sections 103, 104, and 110 of P.L. 102-227 and sections 13113, 13150 (d), 13171 (d),
1013174, and 13203 (d) of P.L. 103-66, and as amended by P.L. 104-188, excluding
11sections 1123, 1202, 1204, 1311, and 1605 of P.L. 104-188, P.L. 104-191, P.L.
12104-193, P.L. 105-33, P.L. 105-34, P.L. 105-206 and, P.L. 105-277, and P.L.
13106-554, excluding sections 162 and 165 of P.L. 106-554
, and as indirectly affected
14in the provisions applicable to this subchapter by P.L. 99-514, P.L. 100-203, P.L.
15100-647, P.L. 101-73, P.L. 101-140, P.L. 101-179, P.L. 101-239, P.L. 101-508, P.L.
16102-227, excluding sections 103, 104, and 110 of P.L. 102-227, P.L. 102-318, P.L.
17102-486, P.L. 103-66, excluding sections 13113, 13150 (d), 13171 (d), 13174, and
1813203 (d) of P.L. 103-66, P.L. 103-296, P.L. 103-337, P.L. 103-465, P.L. 104-7, P.L.
19104-188, excluding sections 1123, 1202, 1204, 1311, and 1605 of P.L. 104-188, P.L.
20104-191, P.L. 104-193, P.L. 105-33, P.L. 105-34, P.L. 105-206 and, P.L. 105-277,
21and P.L. 106-554, excluding sections 162 and 165 of P.L. 106-554
, except that
22property that, under s. 71.02 (1) (c) 8. to 11., 1985 stats., is required to be depreciated
23for taxable years 1983 to 1986 under the Internal Revenue Code as amended to
24December 31, 1980, shall continue to be depreciated under the Internal Revenue
25Code as amended to December 31, 1980, and except that the appropriate amount

1shall be added or subtracted to reflect differences between the depreciation or
2adjusted basis for federal income tax purposes and the depreciation or adjusted basis
3under this chapter of any property disposed of during the taxable year. The Internal
4Revenue Code as amended to December 31, 1995, excluding sections 103, 104, and
5110 of P.L. 102-227 and sections 13113, 13150 (d), 13171 (d), 13174 , and 13203 (d)
6of P.L. 103-66, and as amended by P.L. 104-188, excluding sections 1123, 1202, 1204,
71311, and 1605 of P.L. 104-188, P.L. 104-191, P.L. 104-193, P.L. 105-33, P.L. 105-34,
8P.L. 105-206 and, P.L. 105-277, and P.L. 106-554, excluding sections 162 and 165
9of P.L. 106-554
, 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, 1202,
151204, 1311, and 1605 of P.L. 104-188, P.L. 104-191, P.L. 104-193, P.L. 105-33, P.L.
16105-34, P.L. 105-206 and, P.L. 105-277, and P.L. 106-554, excluding sections 162
17and 165 of P.L. 106-554
, applies for Wisconsin purposes at the same time as for
18federal purposes. Amendments to the Internal Revenue Code enacted after
19December 31, 1995, do not apply to this subdivision with respect to taxable years
20that begin after December 31, 1995, and before January 1, 1997, except that
21changes to the Internal Revenue Code made by P.L. 104-188, excluding sections
221123, 1202, 1204, 1311, and 1605 of P.L. 104-188, P.L. 104-191, P.L. 104-193, P.L.
23105-33, P.L. 105-34, P.L. 105-206 and, P.L. 105-277, and P.L. 106-554, excluding
24sections 162 and 165 of P.L. 106-554,
and changes that indirectly affect the
25provisions applicable to this subchapter made by P.L. 104-188, excluding sections

11123, 1202, 1204, 1311 and 1605 of P.L. 104-188, P.L. 104-191, P.L. 104-193, P.L.
2105-33, P.L. 105-34, P.L. 105-206 and, P.L. 105-277, and P.L. 106-554, excluding
3sections 162 and 165 of P.L. 106-554,
apply for Wisconsin purposes at the same time
4as for federal purposes.
SB55-ASA1, s. 2175df 5Section 2175df. 71.26 (2) (b) 12. of the statutes is amended to read:
SB55-ASA1,783,206 71.26 (2) (b) 12. For taxable years that begin after December 31, 1996, and
7before January 1, 1998, for a corporation, conduit or common law trust which
8qualifies as a regulated investment company, real estate mortgage investment
9conduit, real estate investment trust or financial asset securitization investment
10trust under the Internal Revenue Code as amended to December 31, 1996, excluding
11sections 103, 104, and 110 of P.L. 102-227, sections 13113, 13150 (d), 13171 (d),
1213174, and 13203 (d) of P.L. 103-66 and sections 1123 (b), 1202 (c), 1204 (f), 1311, and
131605 (d) of P.L. 104-188, and as amended by P.L. 105-33, P.L. 105-34, P.L. 105-206,
14P.L. 105-277 and, P.L. 106-36, and P.L. 106-554, excluding sections 162 and 165 of
15P.L. 106-554
, 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. 105-206, P.L. 105-277 and, P.L. 106-36, and P.L. 106-554,
23excluding sections 162 and 165 of P.L. 106-554
, "net income" means the federal
24regulated investment company taxable income, federal real estate mortgage
25investment conduit taxable income, federal real estate investment trust or financial

1asset securitization investment trust taxable income of the corporation, conduit or
2trust as determined under the Internal Revenue Code as amended to
3December 31, 1996, excluding sections 103, 104, and 110 of P.L. 102-227, sections
413113, 13150 (d), 13171 (d), 13174, and 13203 (d) of P.L. 103-66 and sections 1123
5(b), 1202 (c), 1204 (f), 1311, and 1605 (d) of P.L. 104-188 and as amended by P.L.
6105-33, P.L. 105-34, P.L. 105-206, P.L. 105-277 and, P.L. 106-36, and P.L. 106-554,
7excluding sections 162 and 165 of P.L. 106-554
, and as indirectly affected in the
8provisions applicable to this subchapter by P.L. 99-514, P.L. 100-203, P.L. 100-647,
9P.L. 101-73, P.L. 101-140, P.L. 101-179, P.L. 101-239, P.L. 101-508, P.L. 102-227,
10excluding sections 103, 104, and 110 of P.L. 102-227, P.L. 102-318, P.L. 102-486, P.L.
11103-66, excluding sections 13113, 13150 (d), 13171 (d), 13174, and 13203 (d) of P.L.
12103-66, P.L. 103-296, P.L. 103-337, P.L. 103-465, P.L. 104-7, P.L. 104-188,
13excluding sections 1123 (b), 1202 (c), 1204 (f), 1311, and 1605 (d) of P.L. 104-188, P.L.
14104-191, P.L. 104-193, P.L. 105-33, P.L. 105-34, P.L. 105-206, P.L. 105-277 and,
15P.L. 106-36, and P.L. 106-554, excluding sections 162 and 165 of P.L. 106-554, except
16that property that, under s. 71.02 (1) (c) 8. to 11., 1985 stats., is required to be
17depreciated for taxable years 1983 to 1986 under the Internal Revenue Code as
18amended to December 31, 1980, shall continue to be depreciated under the Internal
19Revenue Code as amended to December 31, 1980, and except that the appropriate
20amount shall be added or subtracted to reflect differences between the depreciation
21or adjusted basis for federal income tax purposes and the depreciation or adjusted
22basis under this chapter of any property disposed of during the taxable year. The
23Internal Revenue Code as amended to December 31, 1996, excluding sections 103,
24104, and 110 of P.L. 102-227, sections 13113, 13150 (d), 13171 (d), 13174, and 13203
25(d) of P.L. 103-66, and sections 1123 (b), 1202 (c), 1204 (f), 1311 , and 1605 (d) of P.L.

1104-188, and as amended by P.L. 105-33, P.L. 105-34, P.L. 105-206, P.L. 105-277
2and, P.L. 106-36, and P.L. 106-554, excluding sections 162 and 165 of P.L. 106-554,
3and as indirectly affected in the provisions applicable to this subchapter by P.L.
499-514, P.L. 100-203, P.L. 100-647, P.L. 101-73, P.L. 101-140, P.L. 101-179, P.L.
5101-239, P.L. 101-508, P.L. 102-227, excluding sections 103, 104, and 110 of P.L.
6102-227, P.L. 102-318, P.L. 102-486, P.L. 103-66, excluding sections 13113, 13150
7(d), 13171 (d), 13174, and 13203 (d) of P.L. 103-66, P.L. 103-296, P.L. 103-337, P.L.
8103-465, P.L. 104-7, P.L. 104-188, excluding sections 1123 (b), 1202 (c), 1204 (f),
91311, and 1605 (d) of P.L. 104-188, P.L. 104-191, P.L. 104-193, P.L. 105-33, P.L.
10105-34, P.L. 105-206, P.L. 105-277 and, P.L. 106-36, and P.L. 106-554, excluding
11sections 162 and 165 of P.L. 106-554
, applies for Wisconsin purposes at the same
12time as for federal purposes. Amendments to the Internal Revenue Code enacted
13after December 31, 1996, do not apply to this subdivision with respect to taxable
14years that begin after December 31, 1996, and before January 1, 1998, except that
15changes to the Internal Revenue Code made by P.L. 105-33, P.L. 105-34, P.L.
16105-206, P.L. 105-277 and, P.L. 106-36, and P.L. 106-554, excluding sections 162
17and 165 of P.L. 106-554,
and changes that indirectly affect the provisions applicable
18to this subchapter made by P.L. 105-33, P.L. 105-34, P.L. 105-206, P.L. 105-277 and,
19P.L. 106-36, and P.L. 106-554, excluding sections 162 and 165 of P.L. 106-554, apply
20for Wisconsin purposes at the same time as for federal purposes.
SB55-ASA1, s. 2175dg 21Section 2175dg. 71.26 (2) (b) 13. of the statutes is amended to read:
SB55-ASA1,786,1422 71.26 (2) (b) 13. For taxable years that begin after December 31, 1997, and
23before January 1, 1999, for a corporation, conduit or common law trust which
24qualifies as a regulated investment company, real estate mortgage investment
25conduit, real estate investment trust or financial asset securitization investment

1trust under the Internal Revenue Code as amended to December 31, 1997, excluding
2sections 103, 104, and 110 of P.L. 102-227, sections 13113, 13150 (d), 13171 (d),
313174, and 13203 (d) of P.L. 103-66 and sections 1123 (b), 1202 (c), 1204 (f), 1311, and
41605 (d) of P.L. 104-188, and as amended by P.L. 105-178, P.L. 105-206, P.L.
5105-277, P.L. 106-36 and, P.L. 106-170, P.L. 106-554, excluding sections 162 and
6165 of P.L. 106-554, and P.L. 106-573
, and as indirectly affected in the provisions
7applicable to this subchapter by P.L. 99-514, P.L. 100-203, P.L. 100-647, P.L.
8101-73, P.L. 101-140, P.L. 101-179, P.L. 101-239, P.L. 101-508, P.L. 102-227,
9excluding sections 103, 104, and 110 of P.L. 102-227, P.L. 102-318, P.L. 102-486, P.L.
10103-66, excluding sections 13113, 13150 (d), 13171 (d), 13174, and 13203 (d) of P.L.
11103-66, P.L. 103-296, P.L. 103-337, P.L. 103-465, P.L. 104-7, P.L. 104-188,
12excluding sections 1123 (b), 1202 (c), 1204 (f), 1311, and 1605 (d) of P.L. 104-188, P.L.
13104-191, P.L. 104-193, P.L. 105-33, P.L. 105-34, P.L. 105-178, P.L. 105-206, P.L.
14105-277, P.L. 106-36 and, P.L. 106-170, P.L. 106-554, excluding sections 162 and
15165 of P.L. 106-554, and P.L. 106-573
, "net income" means the federal regulated
16investment company taxable income, federal real estate mortgage investment
17conduit taxable income, federal real estate investment trust or financial asset
18securitization investment trust taxable income of the corporation, conduit or trust
19as determined under the Internal Revenue Code as amended to December 31, 1997,
20excluding sections 103, 104, and 110 of P.L. 102-227, sections 13113, 13150 (d), 13171
21(d), 13174, and 13203 (d) of P.L. 103-66 and sections 1123 (b), 1202 (c), 1204 (f), 1311,
22and 1605 (d) of P.L. 104-188, and as amended by P.L. 105-178, P.L. 105-206, P.L.
23105-277, P.L. 106-36 and, P.L. 106-170, P.L. 106-554, excluding sections 162 and
24165 of P.L. 106-554, and P.L. 106-573
, and as indirectly affected in the provisions
25applicable to this subchapter by P.L. 99-514, P.L. 100-203, P.L. 100-647, P.L.

1101-73, P.L. 101-140, P.L. 101-179, P.L. 101-239, P.L. 101-508, P.L. 102-227,
2excluding sections 103, 104, and 110 of P.L. 102-227, P.L. 102-318, P.L. 102-486, P.L.
3103-66, excluding sections 13113, 13150 (d), 13171 (d), 13174, and 13203 (d) of P.L.
4103-66, P.L. 103-296, P.L. 103-337, P.L. 103-465, P.L. 104-7, P.L. 104-188,
5excluding sections 1123 (b), 1202 (c), 1204 (f), 1311, and 1605 (d) of P.L. 104-188, P.L.
6104-191, P.L. 104-193, P.L. 105-33, P.L. 105-34, P.L. 105-178, P.L. 105-206, P.L.
7105-277, P.L. 106-36 and, P.L. 106-170, P.L. 106-554, excluding sections 162 and
8165 of P.L. 106-554, and P.L. 106-573
, except that property that, under s. 71.02 (1)
9(c) 8. to 11., 1985 stats., is required to be depreciated for taxable years 1983 to 1986
10under the Internal Revenue Code as amended to December 31, 1980, shall continue
11to be depreciated under the Internal Revenue Code as amended to
12December 31, 1980, and except that the appropriate amount shall be added or
13subtracted to reflect differences between the depreciation or adjusted basis for
14federal income tax purposes and the depreciation or adjusted basis under this
15chapter of any property disposed of during the taxable year. The Internal Revenue
16Code as amended to December 31, 1997, excluding sections 103, 104 , and 110 of P.L.
17102-227, sections 13113, 13150 (d), 13171 (d), 13174, and 13203 (d) of P.L. 103-66,
18and sections 1123 (b), 1202 (c), 1204 (f), 1311, and 1605 (d) of P.L. 104-188, and as
19amended by P.L. 105-178, P.L. 105-206, P.L. 105-277, P.L. 106-36 and, P.L. 106-170,
20P.L. 106-554, excluding sections 162 and 165 of P.L. 106-554, and P.L. 106-573
, and
21as indirectly affected in the provisions applicable to this subchapter by P.L. 99-514,
22P.L. 100-203, P.L. 100-647, P.L. 101-73, P.L. 101-140, P.L. 101-179, P.L. 101-239,
23P.L. 101-508, P.L. 102-227, excluding sections 103, 104, and 110 of P.L. 102-227, P.L.
24102-318, P.L. 102-486, P.L. 103-66, excluding sections 13113, 13150 (d), 13171 (d),
2513174, and 13203 (d) of P.L. 103-66, P.L. 103-296, P.L. 103-337, P.L. 103-465, P.L.

1104-7, P.L. 104-188, excluding sections 1123 (b), 1202 (c), 1204 (f), 1311 and 1605 (d)
2of P.L. 104-188, P.L. 104-191, P.L. 104-193, P.L. 105-33, P.L. 105-34, P.L. 105-178,
3P.L. 105-206, P.L. 105-277, P.L. 106-36 and and, P.L. 106-170, P.L. 106-554,
4excluding sections 162 and 165 of P.L. 106-554, and P.L. 106-573
, applies for
5Wisconsin purposes at the same time as for federal purposes. Amendments to the
6Internal Revenue Code enacted after December 31, 1997, do not apply to this
7subdivision with respect to taxable years that begin after December 31, 1997, and
8before January 1, 1999, except that changes to the Internal Revenue Code made by
9P.L. 105-178, P.L. 105-206, P.L. 105-277, P.L. 106-36 and , P.L. 106-170, P.L.
10106-554, excluding sections 162 and 165 of P.L. 106-554, and P.L. 106-573
and
11changes that indirectly affect the provisions applicable to this subchapter made by
12P.L. 105-178, P.L. 105-206, P.L. 105-277, P.L. 106-36 and and, P.L. 106-170, P.L.
13106-554, excluding sections 162 and 165 of P.L. 106-554, and P.L. 106-573
apply for
14Wisconsin purposes at the same time as for federal purposes.
SB55-ASA1, s. 2175dgm 15Section 2175dgm. 71.26 (2) (b) 14. of the statutes is amended to read:
SB55-ASA1,789,616 71.26 (2) (b) 14. For taxable years that begin after December 31, 1998, and
17before January 1, 2000, for a corporation, conduit or common law trust which
18qualifies as a regulated investment company, real estate mortgage investment
19conduit, real estate investment trust or financial asset securitization investment
20trust under the Internal Revenue Code as amended to December 31, 1998, excluding
21sections 103, 104, and 110 of P.L. 102-227, sections 13113, 13150 (d), 13171 (d),
2213174, and 13203 (d) of P.L. 103-66 and sections 1123 (b), 1202 (c), 1204 (f), 1311, and
231605 (d) of P.L. 104-188, and as amended by P.L. 106-36 and , P.L. 106-170, P.L.
24106-230, P.L. 106-554, excluding sections 162 and 165 of P.L. 106-554, and P.L.
25106-573
, and as indirectly affected in the provisions applicable to this subchapter

1by P.L. 99-514, P.L. 100-203, P.L. 100-647, P.L. 101-73, P.L. 101-140, P.L. 101-179,
2P.L. 101-239, P.L. 101-508, P.L. 102-227, excluding sections 103, 104, and 110 of P.L.
3102-227, P.L. 102-318, P.L. 102-486, P.L. 103-66, excluding sections 13113, 13150
4(d), 13171 (d), 13174, and 13203 (d) of P.L. 103-66, P.L. 103-296, P.L. 103-337, P.L.
5103-465, P.L. 104-7, P.L. 104-188, excluding sections 1123 (b), 1202 (c), 1204 (f),
61311, and 1605 (d) of P.L. 104-188, P.L. 104-191, P.L. 104-193, P.L. 105-33, P.L.
7105-34, P.L. 105-178, P.L. 105-206, P.L. 105-277, P.L. 106-36 and, P.L. 106-170,
8P.L. 106-230, P.L. 106-554, excluding sections 162 and 165 of P.L. 106-554, and P.L.
9106-573
, "net income" means the federal regulated investment company taxable
10income, federal real estate mortgage investment conduit taxable income, federal real
11estate investment trust or financial asset securitization investment trust taxable
12income of the corporation, conduit or trust as determined under the Internal
13Revenue Code as amended to December 31, 1998, excluding sections 103, 104, and
14110 of P.L. 102-227, sections 13113, 13150 (d), 13171 (d), 13174, and 13203 (d) of P.L.
15103-66 and sections 1123 (b), 1202 (c), 1204 (f), 1311, and 1605 (d) of P.L. 104-188,
16and as amended by P.L. 106-36 and, P.L. 106-170, P.L. 106-230, P.L. 106-554,
17excluding sections 162 and 165 of P.L. 106-554, and P.L. 106-573
, and as indirectly
18affected in the provisions applicable to this subchapter by P.L. 99-514, P.L. 100-203,
19P.L. 100-647, P.L. 101-73, P.L. 101-140, P.L. 101-179, P.L. 101-239, P.L. 101-508,
20P.L. 102-227, excluding sections 103, 104, and 110 of P.L. 102-227, P.L. 102-318, P.L.
21102-486, P.L. 103-66, excluding sections 13113, 13150 (d), 13171 (d), 13174, and
2213203 (d) of P.L. 103-66, P.L. 103-296, P.L. 103-337, P.L. 103-465, P.L. 104-7, P.L.
23104-188, excluding sections 1123 (b), 1202 (c), 1204 (f), 1311, and 1605 (d) of P.L.
24104-188, P.L. 104-191, P.L. 104-193, P.L. 105-33, P.L. 105-34, P.L. 105-178, P.L.
25105-206, P.L. 105-277, P.L. 106-36 and, P.L. 106-170, P.L. 106-230, P.L. 106-554,

1excluding sections 162 and 165 of P.L. 106-554, and P.L. 106-573
, except that
2property that, under s. 71.02 (1) (c) 8. to 11., 1985 stats., is required to be depreciated
3for taxable years 1983 to 1986 under the Internal Revenue Code as amended to
4December 31, 1980, shall continue to be depreciated under the Internal Revenue
5Code as amended to December 31, 1980, and except that the appropriate amount
6shall be added or subtracted to reflect differences between the depreciation or
7adjusted basis for federal income tax purposes and the depreciation or adjusted basis
8under this chapter of any property disposed of during the taxable year. The Internal
9Revenue Code as amended to December 31, 1998, excluding sections 103, 104, and
10110 of P.L. 102-227, sections 13113, 13150 (d), 13171 (d), 13174, and 13203 (d) of P.L.
11103-66, and sections 1123 (b), 1202 (c), 1204 (f), 1311, and 1605 (d) of P.L. 104-188,
12and as amended by P.L. 106-36 and, P.L. 106-170, P.L. 106-230, P.L. 106-554,
13excluding sections 162 and 165 of P.L. 106-554, and P.L. 106-573
, and as indirectly
14affected in the provisions applicable to this subchapter by P.L. 99-514, P.L. 100-203,
15P.L. 100-647, P.L. 101-73, P.L. 101-140, P.L. 101-179, P.L. 101-239, P.L. 101-508,
16P.L. 102-227, excluding sections 103, 104, and 110 of P.L. 102-227, P.L. 102-318, P.L.
17102-486, P.L. 103-66, excluding sections 13113, 13150 (d), 13171 (d), 13174, and
1813203 (d) of P.L. 103-66, P.L. 103-296, P.L. 103-337, P.L. 103-465, P.L. 104-7, P.L.
19104-188, excluding sections 1123 (b), 1202 (c), 1204 (f), 1311, and 1605 (d) of P.L.
20104-188, P.L. 104-191, P.L. 104-193, P.L. 105-33, P.L. 105-34, P.L. 105-178, P.L.
21105-206, P.L. 105-277, P.L. 106-36 and, P.L. 106-170, P.L. 106-230, P.L. 106-554,
22excluding sections 162 and 165 of P.L. 106-554, and P.L. 106-573
, applies for
23Wisconsin purposes at the same time as for federal purposes. Amendments to the
24Internal Revenue Code enacted after December 31, 1998, do not apply to this
25subdivision with respect to taxable years that begin after December 31, 1998, and

1before January 1, 2000, except that changes to the Internal Revenue Code made by
2P.L. 106-36 and, P.L. 106-170, P.L. 106-230, P.L. 106-554, excluding sections 162
3and 165 of P.L. 106-554, and P.L. 106-573
and changes that indirectly affect the
4provisions applicable to this subchapter made by P.L. 106-36 and, P.L. 106-170, P.L.
5106-230, P.L. 106-554, excluding sections 162 and 165 of P.L. 106-554, and P.L.
6106-573
apply for Wisconsin purposes at the same time as for federal purposes.
SB55-ASA1, s. 2175dh 7Section 2175dh. 71.26 (2) (b) 15. of the statutes is amended to read:
SB55-ASA1,791,238 71.26 (2) (b) 15. For taxable years that begin after December 31, 1999, and
9before January 1, 2001,
for a corporation, conduit or common law trust which
10qualifies as a regulated investment company, real estate mortgage investment
11conduit, real estate investment trust or financial asset securitization investment
12trust under the Internal Revenue Code as amended to December 31, 1999, excluding
13sections 103, 104, and 110 of P.L. 102-227, sections 13113, 13150 (d), 13171 (d),
1413174, and 13203 (d) of P.L. 103-66 and sections 1123 (b), 1202 (c), 1204 (f), 1311, and
151605 (d) of P.L. 104-188, and as amended by P.L. 106-200, P.L. 106-230, P.L.
16106-554, excluding sections 162 and 165 of P.L. 106-554, and P.L. 106-573
, and as
17indirectly affected in the provisions applicable to this subchapter by P.L. 99-514, P.L.
18100-203, P.L. 100-647, P.L. 101-73, P.L. 101-140, P.L. 101-179, P.L. 101-239, P.L.
19101-508, P.L. 102-227, excluding sections 103, 104, and 110 of P.L. 102-227, P.L.
20102-318, P.L. 102-486, P.L. 103-66, excluding sections 13113, 13150 (d), 13171 (d),
2113174, and 13203 (d) of P.L. 103-66, P.L. 103-296, P.L. 103-337, P.L. 103-465, P.L.
22104-7, P.L. 104-188, excluding sections 1123 (b), 1202 (c), 1204 (f), 1311, and 1605
23(d) of P.L. 104-188, P.L. 104-191, P.L. 104-193, P.L. 105-33, P.L. 105-34, P.L.
24105-178, P.L. 105-206, P.L. 105-277, P.L. 106-36 and, P.L. 106-170, P.L. 106-200,
25P.L. 106-230, P.L. 106-554, excluding sections 162 and 165 of P.L. 106-554, and P.L.

1106-573
, "net income" means the federal regulated investment company taxable
2income, federal real estate mortgage investment conduit taxable income, federal real
3estate investment trust or financial asset securitization investment trust taxable
4income of the corporation, conduit or trust as determined under the Internal
5Revenue Code as amended to December 31, 1999, 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 amended by P.L. 106-200, P.L. 106-230, P.L. 106-554, excluding sections 162
9and 165 of P.L. 106-554, and P.L. 106-573
, and as indirectly affected in the
10provisions applicable to this subchapter by P.L. 99-514, P.L. 100-203, P.L. 100-647,
11P.L. 101-73, P.L. 101-140, P.L. 101-179, P.L. 101-239, P.L. 101-508, P.L. 102-227,
12excluding sections 103, 104, and 110 of P.L. 102-227, P.L. 102-318, P.L. 102-486, P.L.
13103-66, excluding sections 13113, 13150 (d), 13171 (d), 13174, and 13203 (d) of P.L.
14103-66, P.L. 103-296, P.L. 103-337, P.L. 103-465, P.L. 104-7, P.L. 104-188,
15excluding sections 1123 (b), 1202 (c), 1204 (f), 1311, and 1605 (d) of P.L. 104-188, P.L.
16104-191, P.L. 104-193, P.L. 105-33, P.L. 105-34, P.L. 105-178, P.L. 105-206, P.L.
17105-277, P.L. 106-36 and, P.L. 106-170, P.L. 106-200, P.L. 106-230, P.L. 106-554,
18excluding sections 162 and 165 of P.L. 106-554, and P.L. 106-573
, except that
19property that, under s. 71.02 (1) (c) 8. to 11., 1985 stats., is required to be depreciated
20for taxable years 1983 to 1986 under the Internal Revenue Code as amended to
21December 31, 1980, shall continue to be depreciated under the Internal Revenue
22Code as amended to December 31, 1980, and except that the appropriate amount
23shall be added or subtracted to reflect differences between the depreciation or
24adjusted basis for federal income tax purposes and the depreciation or adjusted basis
25under this chapter of any property disposed of during the taxable year. The Internal

1Revenue Code as amended to December 31, 1999, excluding sections 103, 104, and
2110 of P.L. 102-227, sections 13113, 13150 (d), 13171 (d), 13174, and 13203 (d) of P.L.
3103-66, and sections 1123 (b), 1202 (c), 1204 (f), 1311, and 1605 (d) of P.L. 104-188,
4and as amended by P.L. 106-200, P.L. 106-230, P.L. 106-554, excluding sections 162
5and 165 of P.L. 106-554, and P.L. 106-573
, 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,
8excluding sections 103, 104, and 110 of P.L. 102-227, P.L. 102-318, P.L. 102-486, P.L.
9103-66, excluding sections 13113, 13150 (d), 13171 (d), 13174, and 13203 (d) of P.L.
10103-66, P.L. 103-296, P.L. 103-337, P.L. 103-465, P.L. 104-7, P.L. 104-188,
11excluding sections 1123 (b), 1202 (c), 1204 (f), 1311, and 1605 (d) of P.L. 104-188, P.L.
12104-191, P.L. 104-193, P.L. 105-33, P.L. 105-34, P.L. 105-178, P.L. 105-206, P.L.
13105-277, P.L. 106-36 and, P.L. 106-170, P.L. 106-200, P.L. 106-230, P.L. 106-554,
14excluding sections 162 and 165 of P.L. 106-554, and P.L. 106-573
, applies for
15Wisconsin purposes at the same time as for federal purposes. Amendments to the
16Internal Revenue Code enacted after December 31, 1999, do not apply to this
17subdivision with respect to taxable years that begin after December 31, 1999, and
18before January 1, 2001, except that changes to the Internal Revenue Code made by
19P.L. 106-200, P.L. 106-230, P.L. 106-554, excluding sections 162 and 165 of P.L.
20106-554, and P.L. 106-573 and changes that indirectly affect the provisions
21applicable to this subchapter made by P.L. 106-200, P.L. 106-230, P.L. 106-554,
22excluding sections 162 and 165 of P.L. 106-554, and P.L. 106-573 apply for Wisconsin
23purposes at the same time as for federal purposes
.
SB55-ASA1, s. 2175dj 24Section 2175dj. 71.26 (2) (b) 16. of the statutes is created to read:
SB55-ASA1,794,5
171.26 (2) (b) 16. For taxable years that begin after December 31, 2000, for a
2corporation, conduit, or common law trust which qualifies as a regulated investment
3company, real estate mortgage investment conduit, real estate investment trust, or
4financial asset securitization investment trust under the Internal Revenue Code as
5amended to December 31, 2000, excluding sections 103, 104, and 110 of P.L. 102-227,
6sections 13113, 13150 (d), 13171 (d), 13174, and 13203 (d) of P.L. 103-66 and sections
71123 (b), 1202 (c), 1204 (f), 1311, and 1605 (d) of P.L. 104-188 and as indirectly
8affected in the provisions applicable to this subchapter by P.L. 99-514, P.L. 100-203,
9P.L. 100-647, P.L. 101-73, P.L. 101-140, P.L. 101-179, P.L. 101-239, P.L. 101-508,
10P.L. 102-227, excluding sections 103, 104, and 110 of P.L. 102-227, P.L. 102-318, P.L.
11102-486, P.L. 103-66, excluding sections 13113, 13150 (d), 13171 (d), 13174, and
1213203 (d) of P.L. 103-66, P.L. 103-296, P.L. 103-337, P.L. 103-465, P.L. 104-7, P.L.
13104-188, excluding sections 1123 (b), 1202 (c), 1204 (f), 1311, and 1605 (d) of P.L.
14104-188, P.L. 104-191, P.L. 104-193, P.L. 105-33, P.L. 105-34, P.L. 105-178, P.L.
15105-206, P.L. 105-277, P.L. 106-36, P.L. 106-170, P.L. 106-200, P.L. 106-230, P.L.
16106-554, excluding sections 162 and 165 of P.L. 106-554, and P.L. 106-573, "net
17income" means the federal regulated investment company taxable income, federal
18real estate mortgage investment conduit taxable income, federal real estate
19investment trust or financial asset securitization investment trust taxable income
20of the corporation, conduit, or trust as determined under the Internal Revenue Code
21as amended to December 31, 2000, excluding sections 103, 104, and 110 of P.L.
22102-227, sections 13113, 13150 (d), 13171 (d), 13174, and 13203 (d) of P.L. 103-66
23and sections 1123 (b), 1202 (c), 1204 (f), 1311, and 1605 (d) of P.L. 104-188, and as
24indirectly affected in the provisions applicable to this subchapter by P.L. 99-514, P.L.
25100-203, P.L. 100-647, P.L. 101-73, P.L. 101-140, P.L. 101-179, P.L. 101-239, P.L.

1101-508, P.L. 102-227, excluding sections 103, 104, and 110 of P.L. 102-227, P.L.
2102-318, P.L. 102-486, P.L. 103-66, excluding sections 13113, 13150 (d), 13171 (d),
313174, and 13203 (d) of P.L. 103-66, P.L. 103-296, P.L. 103-337, P.L. 103-465, P.L.
4104-7, P.L. 104-188, excluding sections 1123 (b), 1202 (c), 1204 (f), 1311, and 1605
5(d) of P.L. 104-188, P.L. 104-191, P.L. 104-193, P.L. 105-33, P.L. 105-34, P.L.
6105-178, P.L. 105-206, P.L. 105-277, P.L. 106-36, P.L. 106-170, P.L. 106-200, P.L.
7106-230, P.L. 106-554, excluding sections 162 and 165 of P.L. 106-554, and P.L.
8106-573, except that property that, under s. 71.02 (1) (c) 8. to 11., 1985 stats., is
9required to be depreciated for taxable years 1983 to 1986 under the Internal Revenue
10Code as amended to December 31, 1980, shall continue to be depreciated under the
11Internal Revenue Code as amended to December 31, 1980, and except that the
12appropriate amount shall be added or subtracted to reflect differences between the
13depreciation or adjusted basis for federal income tax purposes and the depreciation
14or adjusted basis under this chapter of any property disposed of during the taxable
15year. The Internal Revenue Code as amended to December 31, 2000, excluding
16sections 103, 104, and 110 of P.L. 102-227, sections 13113, 13150 (d), 13171 (d),
1713174, and 13203 (d) of P.L. 103-66, and sections 1123 (b), 1202 (c), 1204 (f), 1311,
18and 1605 (d) of P.L. 104-188, and as indirectly affected in the provisions applicable
19to this subchapter by P.L. 99-514, P.L. 100-203, P.L. 100-647, P.L. 101-73, P.L.
20101-140, P.L. 101-179, P.L. 101-239, P.L. 101-508, P.L. 102-227, excluding sections
21103, 104, and 110 of P.L. 102-227, P.L. 102-318, P.L. 102-486, P.L. 103-66, excluding
22sections 13113, 13150 (d), 13171 (d), 13174, and 13203 (d) of P.L. 103-66, P.L.
23103-296, P.L. 103-337, P.L. 103-465, P.L. 104-7, P.L. 104-188, excluding sections
241123 (b), 1202 (c), 1204 (f), 1311, and 1605 (d) of P.L. 104-188, P.L. 104-191, P.L.
25104-193, P.L. 105-33, P.L. 105-34, P.L. 105-178, P.L. 105-206, P.L. 105-277, P.L.

1106-36, P.L. 106-170, P.L. 106-200, P.L. 106-230, P.L. 106-554, excluding sections
2162 and 165 of P.L. 106-554, and P.L. 106-573, applies for Wisconsin purposes at the
3same time as for federal purposes. Amendments to the Internal Revenue Code
4enacted after December 31, 2000, do not apply to this subdivision with respect to
5taxable years that begin after December 31, 2000.
SB55-ASA1, s. 1189 6Section 1189. 71.26 (3) (n) of the statutes is amended to read:
SB55-ASA1,794,107 71.26 (3) (n) Sections 381, 382 and 383 (relating to carry-overs in certain
8corporate acquisitions) are modified so that they apply to losses under sub. (4) and
9credits under s. 71.28 (1di), (1dL), (1dm), (1dx) and, (3) to, (4), and (5) instead of to
10federal credits and federal net operating losses.
SB55-ASA1, s. 2176d 11Section 2176d. 71.26 (3) (y) of the statutes is amended to read:
SB55-ASA1,794,2212 71.26 (3) (y) A corporation may compute amortization and depreciation under
13either the federal Internal Revenue Code as amended to December 31, 1999 2000,
14or the federal Internal Revenue Code in effect for the taxable year for which the
15return is filed, except that property first placed in service by the taxpayer on or after
16January 1, 1983, but before January 1, 1987, that, under s. 71.04 (15) (b) and (br),
171985 stats., is required to be depreciated under the Internal Revenue Code as
18amended to December 31, 1980, and property first placed in service in taxable year
191981 or thereafter but before January 1, 1987, that, under s. 71.04 (15) (bm), 1985
20stats., is required to be depreciated under the Internal Revenue Code as amended
21to December 31, 1980, shall continue to be depreciated under the Internal Revenue
22Code as amended to December 31, 1980.
SB55-ASA1, s. 1190 23Section 1190. 71.28 (1dm) of the statutes is created to read:
SB55-ASA1,794,2524 71.28 (1dm) Development zone capital investment credit. (a) In this
25subsection:
SB55-ASA1,795,2
11. "Certified" means entitled under s. 560.795 (3) (a) 4. to claim tax benefits or
2certified under s. 560.795 (5).
SB55-ASA1,795,33 2. "Claimant" means a person who files a claim under this subsection.
SB55-ASA1,795,54 3. "Development zone" means a development opportunity zone under s. 560.795
5(1) (e).
SB55-ASA1,795,146 4. "Previously owned property" means real property that the claimant or a
7related person owned during the 2 years prior to the department of commerce
8designating the place where the property is located as a development zone and for
9which the claimant may not deduct a loss from the sale of the property to, or an
10exchange of the property with, the related person under section 267 of the Internal
11Revenue Code, except that section 267 (b) of the Internal Revenue Code is modified
12so that if the claimant owns any part of the property, rather than 50% ownership, the
13claimant is subject to section 267 (a) (1) of the Internal Revenue Code for purposes
14of this subsection.
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