SB2-SSA1,25 4Section 25 . 71.05 (1) (an) of the statutes is amended to read:
SB2-SSA1,15,95 71.05 (1) (an) Uniformed services retirement benefits. All retirement payments
6received from the U.S. government that relate to service with the coast guard, the
7commissioned corps of the national oceanic and atmospheric administration, or the
8commissioned corps of the public health service, to the extent that such payments are
9not exempt under par. (a), (ae), or (am) or sub. (6) (b) 54.
SB2-SSA1,26 10Section 26 . 71.05 (6) (b) 4. of the statutes is renumbered 71.05 (6) (b) 4. (intro.)
11and amended to read:
SB2-SSA1,16,812 71.05 (6) (b) 4. (intro.) Disability payments other than disability payments that
13are paid from a retirement plan, the payments from which are exempt under sub.
14subs. (1) (ae), (am), and (an) and (6) (b) 54., if the individual either is single or is
15married and files a joint return, to the extent those payments are excludable under
16section 105 (d) of the Internal Revenue Code as it existed immediately prior to its
17repeal in 1983 by section 122 (b) of P.L. 98-21, except that if an individual is divorced
18during the taxable year that individual may subtract an amount only if that person
19is disabled and the amount that may be subtracted then is $100 for each week that
20payments are received or the amount of disability pay reported as income, whichever
21is less. If the exclusion under this subdivision is claimed on a joint return and only
22one of the spouses is disabled, the maximum exclusion is $100 for each week that
23payments are received or the amount of disability pay reported as income, whichever
24is less.
and is under 65 years of age before the close of the taxable year to which the
25subtraction relates, retired on disability, and, when the individual retired, was

1permanently and totally disabled. In this subdivision, “permanently and totally
2disabled" means an individual who is unable to engage in any substantial gainful
3activity by reason of any medically determinable physical or mental impairment that
4can be expected to result in death or which has lasted or can be expected to last for
5a continuous period of not less than 12 months. An individual shall not be considered
6permanently and totally disabled for purposes of this subdivision unless proof is
7furnished in such form and manner, and at such times, as prescribed by the
8department. The exclusion under this subdivision shall be determined as follows:
SB2-SSA1,27 9Section 27 . 71.05 (6) (b) 4. a. to c. of the statutes are created to read:
SB2-SSA1,16,1310 71.05 (6) (b) 4. a. If the individual is single and the individual's federal adjusted
11gross income in the year to which the subtraction relates is less than $20,200, the
12maximum subtraction is $100 for each week that payments are received or the
13amount of disability pay reported as income, whichever is less.
SB2-SSA1,16,1814 b. If the individual is married and filing a joint return and the couple's federal
15adjusted gross income in the year to which the subtraction relates is less than
16$20,200, or $25,400 if both spouses are disabled, the maximum subtraction is $100
17for each week that payments are received, per spouse if both spouses are disabled,
18or the amount of disability pay reported as income, whichever is less.
SB2-SSA1,16,2319 c. If the federal adjusted gross income of the individual, or individuals if filing
20a joint return, for the taxable year, determined without regard to this subd. 4.,
21exceeds $15,000, the amount subtracted under this subd. 4. for the taxable year shall
22be reduced by an amount equal to the excess of the federal adjusted gross income over
23$15,000.
SB2-SSA1,28 24Section 28 . 71.05 (6) (b) 17. and 18. of the statutes are repealed.
SB2-SSA1,29 25Section 29 . 71.05 (6) (b) 19. c. of the statutes is amended to read:
SB2-SSA1,17,6
171.05 (6) (b) 19. c. For taxable years beginning before January 1, 2021, for a
2person who is a nonresident or a part-year resident of this state, modify the amount
3calculated under subd. 19. b. by multiplying the amount by a fraction the numerator
4of which is the person's net earnings from a trade or business that are taxable by this
5state and the denominator of which is the person's total net earnings from a trade
6or business.
SB2-SSA1,30 7Section 30 . 71.05 (6) (b) 19. cm. of the statutes is created to read:
SB2-SSA1,17,208 71.05 (6) (b) 19. cm. For taxable years beginning after December 31, 2020, for
9a person who is a nonresident or a part-year resident of this state, modify the amount
10calculated under subd. 19. b. by multiplying the amount by a fraction the numerator
11of which is the person's wages, salary, tips, unearned income, and net earnings from
12a trade or business that are taxable by this state and the denominator of which is the
13person's total wages, salary, tips, unearned income, and net earnings from a trade
14or business. In this subd. 19. cm., for married persons filing separately “ wages,
15salary, tips, unearned income, and net earnings from a trade or business" means the
16separate wages, salary, tips, unearned income, and net earnings from a trade or
17business of each spouse, and for married persons filing jointly “wages, salary, tips,
18unearned income, and net earnings from a trade or business" means the total wages,
19salary, tips, unearned income, and net earnings from a trade or business of both
20spouses.
SB2-SSA1,31 21Section 31 . 71.05 (6) (b) 19. d. of the statutes is amended to read:
SB2-SSA1,17,2422 71.05 (6) (b) 19. d. Reduce For taxable years beginning before January 1, 2021,
23reduce
the amount calculated under subd. 19. b. or c. to the person's aggregate net
24earnings from a trade or business that are taxable by this state.
SB2-SSA1,32 25Section 32 . 71.05 (6) (b) 19. dm. of the statutes is created to read:
SB2-SSA1,18,4
171.05 (6) (b) 19. dm. For taxable years beginning after December 31, 2020,
2reduce the amount calculated under subd. 19. b. or cm. to the person's aggregate
3wages, salary, tips, unearned income, and net earnings from a trade or business that
4are taxable by this state.
SB2-SSA1,33 5Section 33 . 71.05 (6) (b) 20., 36., 37., 39., 40. and 41. of the statutes are
6repealed.
SB2-SSA1,34 7Section 34 . 71.05 (6) (b) 54. of the statutes is created to read:
SB2-SSA1,18,138 71.05 (6) (b) 54. Except for a payment that is exempt under sub. (1) (a), (am),
9or (an), or that is exempt as a railroad retirement benefit, for taxable years beginning
10after December 31, 2020, up to $5,000 of payments or distributions received each
11year by an individual from a qualified retirement plan under the Internal Revenue
12Code or from an individual retirement account established under 26 USC 408, if all
13of the following conditions apply:
SB2-SSA1,18,1514 a. The individual is at least 65 years of age before the close of the taxable year
15to which the exemption claim relates.
SB2-SSA1,18,1816 b. If the individual is single or files as head of household, his or her federal
17adjusted gross income in the year to which the exemption claim relates is less than
18$15,000.
SB2-SSA1,18,2019 c. If the individual is married and is a joint filer, the couple's federal adjusted
20gross income in the year to which the exemption claim relates is less than $30,000.
SB2-SSA1,18,2321 d. If the individual is married and files a separate return, the sum of both
22spouses' federal adjusted gross income in the year to which the exemption claim
23relates is less than $30,000.
SB2-SSA1,35 24Section 35 . 71.07 (5) (a) 15. of the statutes is amended to read:
SB2-SSA1,19,6
171.07 (5) (a) 15. The amount claimed as a deduction for medical care insurance
2under section 213 of the Internal Revenue Code that is exempt from taxation under
3s. 71.05 (6) (b) 17. to 20. 19., 35., 36., 37., 38., 39., 40., 41., and 42. and the amount
4claimed as a deduction for a long-term care insurance policy under section 213 (d)
5(1) (D) of the Internal Revenue Code, as defined in section 7702B (b) of the Internal
6Revenue Code that is exempt from taxation under s. 71.05 (6) (b) 26.
SB2-SSA1,36 7Section 36. 71.07 (9m) (h) of the statutes is amended to read:
SB2-SSA1,19,198 71.07 (9m) (h) Any person, including a nonprofit entity described in section 501
9(c) (3) of the Internal Revenue Code, may sell or otherwise transfer the credit under
10par. (a) 2m. or 3., in whole or in part, to another person who is subject to the taxes
11imposed under s. 71.02, 71.23, or 71.43, if the person notifies the department of the
12transfer, and submits with the notification a copy of the transfer documents, and the
13department certifies ownership of the credit with each transfer. The transferor may
14file a claim for more than one taxable year on a form prescribed by the department
15to compute all years of the credit under par. (a) 2m. or 3., at the time of the transfer
16request. The transferee may first use the credit to offset tax in the taxable year of
17the transferor in which the transfer occurs and may use the credit only to offset tax
18in taxable years otherwise allowed to be claimed and carried forward by the original
19claimant.
SB2-SSA1,37 20Section 37 . 71.22 (4) (c), (d), (e), (f), (g), (h) and (i) of the statutes are repealed.
SB2-SSA1,38 21Section 38 . 71.22 (4) (j) 3. m. of the statutes is created to read:
SB2-SSA1,19,2322 71.22 (4) (j) 3. m. Sections 101 (m), (n), (o), (p), and (q), 104 (a), and 109 of
23division U of P.L. 115-141.
SB2-SSA1,39 24Section 39 . 71.22 (4) (j) 3. n. of the statutes is created to read:
SB2-SSA1,20,2
171.22 (4) (j) 3. n. Section 102 of division M and sections 110, 111, and 116 (b)
2of division O of P.L. 116-94.
SB2-SSA1,40 3Section 40 . 71.22 (4) (k) 3. of the statutes is amended to read:
SB2-SSA1,20,94 71.22 (4) (k) 3. For purposes of this paragraph, “Internal Revenue Code" does
5not include amendments to the federal Internal Revenue Code enacted after
6December 31, 2016, except that “Internal Revenue Code” includes sections 11024,
711025, and 13543 of P.L. 115-97; sections 40307 and 40413 of P.L. 115-123, sections
8101 (m), (n), (o), (p), and (q), 104 (a), and 109 of division U of 115-141; and section
9102 of division M and sections 110, 111, and 116 (b) of division O of P.L. 116-94
.
SB2-SSA1,41 10Section 41 . 71.22 (4) (L) 1. of the statutes is amended to read:
SB2-SSA1,20,1511 71.22 (4) (L) 1. For taxable years beginning after December 31, 2017, and
12before January 1, 2021,
“Internal Revenue Code" means the federal Internal
13Revenue Code as amended to December 31, 2017, except as provided in subds. 2. and
143. and subject to subd. 4., and except as provided in sub. (4m) and ss. 71.26 (2) (b) and
15(3), 71.34 (1g), 71.42 (2), and 71.98.
SB2-SSA1,42 16Section 42 . 71.22 (4) (L) 3. of the statutes is amended to read:
SB2-SSA1,21,217 71.22 (4) (L) 3. For purposes of this paragraph, “Internal Revenue Code" does
18not include amendments to the federal Internal Revenue Code enacted after
19December 31, 2017, except that “Internal Revenue Code” includes sections 40307,
2040413, and 41113 of P.L. 115-123; sections 101 (m), (n), (o), (p), and (q), 104 (a), 109,
21401 (a) (54) and (b) (15) (A), (B), and (C), 19, 20, 23, 26, 27, and 28 of division U of P.L.
22115-141; sections 102 and 104 of division M, sections 102, 103, 106, 107, 108, 109,
23110, 111, 113, 114, 115, 116, 201, 204, 205, 206, 302, 401, and 601 of division O, section
241302 of division P, and sections 131, 202 (d), and 205 of division Q of P.L. 116-94;

25sections 1106, 2202, 2203, 2204, 2205, 2206, 2307, 3608, 3609, 3701, and 3702 of

1division A of P.L. 116-136; and sections 208, 209, and 214 of division EE and sections
2277, 280, and 285 of division N of P.L. 116-260
.
SB2-SSA1,43 3Section 43 . 71.22 (4) (L) 4. of the statutes is amended to read:
SB2-SSA1,21,94 71.22 (4) (L) 4. For purposes of this paragraph, the provisions of federal public
5laws that directly or indirectly affect the Internal Revenue Code, as defined in this
6paragraph, apply for Wisconsin purposes at the same time as for federal purposes,
7except that changes made by P.L. 115-63 and sections 11026, 11027, 11028, 13207,
813306, 13307, 13308, 13311, 13312, 13501, 13705, 13821, and 13823 of P.L. 115-97
9first apply for taxable years beginning after December 31, 2017
.
SB2-SSA1,44 10Section 44 . 71.22 (4) (m) of the statutes is created to read:
SB2-SSA1,21,1411 71.22 (4) (m) 1. For taxable years beginning after December 31, 2020, “Internal
12Revenue Code" means the federal Internal Revenue Code as amended to December
1331, 2020, except as provided in subds. 2. and 3. and subject to subd. 4., and except
14as provided in sub. (4m) and ss. 71.26 (2) (b) and (3), 71.34 (1g), 71.42 (2), and 71.98.
SB2-SSA1,22,1415 2. For purposes of this paragraph, “Internal Revenue Code" does not include
16the following provisions of federal public laws for taxable years beginning after
17December 31, 2020: section 13113 of P.L. 103-66; sections 1, 3, 4, and 5 of P.L.
18106-519; sections 101, 102, and 422 of P.L. 108-357; sections 1310 and 1351 of P.L.
19109-58; section 11146 of P.L. 109-59; section 403 (q) of P.L. 109-135; section 513 of
20P.L. 109-222; sections 104 and 307 of P.L. 109-432; sections 8233 and 8235 of P.L.
21110-28; section 11 (e) and (g) of P.L. 110-172; section 301 of P.L. 110-245; section
2215351 of P.L. 110-246; section 302 of division A, section 401 of division B, and sections
23312, 322, 502 (c), 707, and 801 of division C of P.L. 110-343; sections 1232, 1241, 1251,
241501, and 1502 of division B of P.L. 111-5; sections 211, 212, 213, 214, and 216 of P.L.
25111-226; sections 2011 and 2122 of P.L. 111-240; sections 753, 754, and 760 of P.L.

1111-312; section 1106 of P.L. 112-95; sections 104, 318, 322, 323, 324, 326, 327, and
2411 of P.L. 112-240; P.L. 114-7; section 1101 of P.L. 114-74; section 305 of division
3P of P.L. 114-113; sections 123, 125 to 128, 143, 144, 151 to 153, 165 to 167, 169 to
4171, 189, 191, 307, 326, and 411 of division Q of P.L. 114-113; sections 11011, 11012,
513201 (a) to (e) and (g), 13206, 13221, 13301, 13304 (a), (b), and (d), 13531, 13601,
613801, 14101, 14102, 14103, 14201, 14202, 14211, 14212, 14213, 14214, 14215,
714221, 14222, 14301, 14302, 14304, and 14401 of P.L. 115-97; sections 40304, 40305,
840306, and 40412 of P.L. 115-123; section 101 (c) of division T of P.L. 115-141;
9sections 101 (d) and (e), 102, 201 to 207, 301, 302, and 401 (a) (47) and (195), (b) (13),
10(17), (22) and (30), and (d) (1) (D) (v), (vi), and (xiii) and (xvii) (II) of division U of P.L.
11115-141; sections 104, 114, 115, 116, 130, and 145 of division Q of P.L. 116-94;
12sections 2304 and 2306 of P.L. 116-136; and sections 101, 111, 114, 115, 116, 118 (a)
13and (d), 133, 137, 138, 202, 210, 211, and 213 of division EE and sections 276 and 278
14of division N of P.L. 116-260.
SB2-SSA1,22,1615 3. For purposes of this paragraph, “Internal Revenue Code" does not include
16amendments to the federal Internal Revenue Code enacted after December 31, 2020.
SB2-SSA1,23,217 4. For purposes of this paragraph, the provisions of federal public laws that
18directly or indirectly affect the Internal Revenue Code, as defined in this paragraph,
19apply for Wisconsin purposes at the same time as for federal purposes, except that
20changes made by sections 20101, 20102, 20104, 20201, 40201, 40202, 40203, 40308,
2140309, 40311, 40414, 41101, 41107, 41114, 41115, and 41116 of P.L. 115-123; section
22101 (a), (b), and (h) of division U of P.L. 115-141; section 1203 of P.L. 116-25; section
231122 of P.L. 116-92; section 301 of division O, section 1302 of division P, and sections
24101, 102, 103, 117, 118, 132, 201, 202 (a), (b), and (c), 204 (a), (b), and (c), 301, and
25302 of division Q of P.L. 116-94; section 2 of P.L. 116-98; and sections 301, 302, and

1304 of division EE of P.L. 116-260 apply for taxable years beginning after December
231, 2020.
SB2-SSA1,45 3Section 45 . 71.22 (4m) (c), (d), (e), (f), (g), (h) and (i) of the statutes are repealed.
SB2-SSA1,46 4Section 46 . 71.22 (4m) (j) 3. m. of the statutes is created to read:
SB2-SSA1,23,65 71.22 (4m) (j) 3. m. Sections 101 (m), (n), (o), (p), and (q), 104 (a), and 109 of
6division U of P.L. 115-141.
SB2-SSA1,47 7Section 47 . 71.22 (4m) (j) 3. n. of the statutes is created to read:
SB2-SSA1,23,98 71.22 (4m) (j) 3. n. Section 102 of division M and sections 110, 111, and 116 (b)
9of division O of P.L. 116-94.
SB2-SSA1,48 10Section 48 . 71.22 (4m) (k) 3. of the statutes is amended to read:
SB2-SSA1,23,1611 71.22 (4m) (k) 3. For purposes of this paragraph, “Internal Revenue Code" does
12not include amendments to the federal Internal Revenue Code enacted after
13December 31, 2016, except that “Internal Revenue Code” includes sections 11024,
1411025, and 13543 of P.L. 115-97; sections 40307 and 40413 of P.L. 115-123; sections
15101 (m), (n), (o), (p), and (q), 104 (a), and 109 of division U of P.L. 115-141; and section
16102 of division M and sections 110, 111, and 116 (b) of division O of P.L. 116-94
.
SB2-SSA1,49 17Section 49 . 71.22 (4m) (L) 1. of the statutes is amended to read:
SB2-SSA1,23,2218 71.22 (4m) (L) 1. For taxable years beginning after December 31, 2017, and
19before January 1, 2021,
“Internal Revenue Code", for corporations that are subject
20to a tax on unrelated business income under s. 71.26 (1) (a), means the federal
21Internal Revenue Code as amended to December 31, 2017, except as provided in
22subds. 2. and 3. and s. 71.98 and subject to subd. 4.
SB2-SSA1,50 23Section 50 . 71.22 (4m) (L) 3. of the statutes is amended to read:
SB2-SSA1,24,924 71.22 (4m) (L) 3. For purposes of this paragraph, “Internal Revenue Code" does
25not include amendments to the federal Internal Revenue Code enacted after

1December 31, 2017, except that “Internal Revenue Code” includes sections 40307,
240413, and 41113 of P.L. 115-123; sections 101 (m), (n), (o), (p), and (q), 104 (a), 109,
3401 (a) (54) and (b) (15) (A), (B), and (C), 19, 20, 23, 26, 27, and 28 of division U of P.L.
4115-141; sections 102 and 104 of division M, sections 102, 103, 106, 107, 108, 109,
5110, 111, 113, 114, 115, 116, 201, 204, 205, 206, 302, 401, and 601 of division O, section
61302 of division P, and sections 131, 202 (d), and 205 of division Q of P.L. 116-94;
7sections 1106, 2202, 2203, 2204, 2205, 2206, 2307, 3608, 3609, 3701, and 3702 of
8division A of P.L. 116-136; and sections 208, 209, and 214 of division EE and sections
9277, 280, and 285 of division N of P.L. 116-260
.
SB2-SSA1,51 10Section 51 . 71.22 (4m) (L) 4. of the statutes is amended to read:
SB2-SSA1,24,1611 71.22 (4m) (L) 4. For purposes of this paragraph, the provisions of federal
12public laws that directly or indirectly affect the Internal Revenue Code, as defined
13in this paragraph, apply for Wisconsin purposes at the same time as for federal
14purposes, except that changes made by P.L. 115-63 and sections 11026, 11027, 11028,
1513207, 13306, 13307, 13308, 13311, 13312, 13501, 13705, 13821, and 13823 of P.L.
16115-97 first apply for taxable years beginning after December 31, 2017
.
SB2-SSA1,52 17Section 52 . 71.22 (4m) (m) of the statutes is created to read:
SB2-SSA1,24,2218 71.22 (4m) (m) 1. For taxable years beginning after December 31, 2020,
19“Internal Revenue Code," for corporations that are subject to a tax on unrelated
20business income under s. 71.26 (1) (a), means the federal Internal Revenue Code as
21amended to December 31, 2020, except as provided in subds. 2. and 3. and s. 71.98
22and subject to subd. 4.
SB2-SSA1,25,2223 2. For purposes of this paragraph, “Internal Revenue Code" does not include
24the following provisions of federal public laws for taxable years beginning after
25December 31, 2020: section 13113 of P.L. 103-66; sections 1, 3, 4, and 5 of P.L.

1106-519; sections 101, 102, and 422 of P.L. 108-357; sections 1310 and 1351 of P.L.
2109-58; section 11146 of P.L. 109-59; section 403 (q) of P.L. 109-135; section 513 of
3P.L. 109-222; sections 104 and 307 of P.L. 109-432; sections 8233 and 8235 of P.L.
4110-28; section 11 (e) and (g) of P.L. 110-172; section 301 of P.L. 110-245; section
515351 of P.L. 110-246; section 302 of division A, section 401 of division B, and sections
6312, 322, 502 (c), 707, and 801 of division C of P.L. 110-343; sections 1232, 1241, 1251,
71501, and 1502 of division B of P.L. 111-5; sections 211, 212, 213, 214, and 216 of P.L.
8111-226; sections 2011 and 2122 of P.L. 111-240; sections 753, 754, and 760 of P.L.
9111-312; section 1106 of P.L. 112-95; sections 104, 318, 322, 323, 324, 326, 327, and
10411 of P.L. 112-240; P.L. 114-7; section 1101 of P.L. 114-74; section 305 of division
11P of P.L. 114-113; sections 123, 125 to 128, 143, 144, 151 to 153, 165 to 167, 169 to
12171, 189, 191, 307, 326, and 411 of division Q of P.L. 114-113; sections 11011, 11012,
1313201 (a) to (e) and (g), 13206, 13221, 13301, 13304 (a), (b), and (d), 13531, 13601,
1413801, 14101, 14102, 14103, 14201, 14202, 14211, 14212, 14213, 14214, 14215,
1514221, 14222, 14301, 14302, 14304, and 14401 of P.L. 115-97; sections 40304, 40305,
1640306, and 40412 of P.L. 115-123; section 101 (c) of division T of P.L. 115-141;
17sections 101 (d) and (e), 102, 201 to 207, 301, 302, and 401 (a) (47) and (195), (b) (13),
18(17), (22) and (30), and (d) (1) (D) (v), (vi), and (xiii) and (xvii) (II) of division U of P.L.
19115-141; sections 104, 114, 115, 116, 130, and 145 of division Q of P.L. 116-94;
20sections 2304 and 2306 of P.L. 116-136; and sections 101, 111, 114, 115, 116, 118 (a)
21and (d), 133, 137, 138, 202, 210, 211, and 213 of division EE and sections 276 and 278
22of division N of P.L. 116-260.
SB2-SSA1,25,2423 3. For purposes of this paragraph, “Internal Revenue Code" does not include
24amendments to the federal Internal Revenue Code enacted after December 31, 2020.
SB2-SSA1,26,11
14. For purposes of this paragraph, the provisions of federal public laws that
2directly or indirectly affect the Internal Revenue Code, as defined in this paragraph,
3apply for Wisconsin purposes at the same time as for federal purposes, except that
4changes made by sections 20101, 20102, 20104, 20201, 40201, 40202, 40203, 40308,
540309, 40311, 40414, 41101, 41107, 41114, 41115, and 41116 of P.L. 115-123; section
6101 (a), (b), and (h) of division U of P.L. 115-141; section 1203 of P.L. 116-25; section
71122 of P.L. 116-92; section 301 of division O, section 1302 of division P, and sections
8101, 102, 103, 117, 118, 132, 201, 202 (a), (b), and (c), 204 (a), (b), and (c), 301, and
9302 of division Q of P.L. 116-94; section 2 of P.L. 116-98; and sections 301, 302, and
10304 of division EE of P.L. 116-260 apply for taxable years beginning after December
1131, 2020.
SB2-SSA1,53 12Section 53 . 71.22 (5g) of the statutes is created to read:
SB2-SSA1,26,1413 71.22 (5g) For purposes of s. 71.22 (4) (b) and (4m) (b), 2013 stats., “Internal
14Revenue Code" includes section 109 of division U of P.L. 115-141.
SB2-SSA1,54 15Section 54 . 71.26 (2) (b) 3., 4., 5., 6., 7., 8. and 9. of the statutes are repealed.
SB2-SSA1,55 16Section 55 . 71.26 (2) (b) 10. d. of the statutes is amended to read:
SB2-SSA1,27,217 71.26 (2) (b) 10. d. For purposes of subd. 10. a., “Internal Revenue Code" does
18not include amendments to the federal Internal Revenue Code enacted after
19December 31, 2013, except that “Internal Revenue Code" includes the provisions of
20P.L. 113-97, P.L. 113-159, P.L. 113-168, section 302901 of P.L. 113-287, sections 171,
21172, and 201 to 221 of P.L. 113-295, sections 102, 105, and 207 of division B of P.L.
22113-295, P.L. 114-14, P.L. 114-26, section 2004 of P.L. 114-41, sections 503 and 504
23of P.L. 114-74, sections 103, 104, 124, 168, 184, 185, 190, 204, 303, 306, 336, and 341
24of division Q of P.L. 114-113, and P.L. 114-239 , sections 101 (m), (n), (o), (p), and (q),

1104 (a), and 109 of division U of P.L. 115-141, and section 102 of division M and
2sections 110, 111, and 116 (b) of division O of P.L. 116-94
.
SB2-SSA1,56 3Section 56 . 71.26 (2) (b) 11. d. of the statutes is amended to read:
SB2-SSA1,27,94 71.26 (2) (b) 11. d. For purposes of subd. 11. a., “Internal Revenue Code" does
5not include amendments to the federal Internal Revenue Code enacted after
6December 31, 2016, except that “Internal Revenue Code” includes sections 11024,
711025, and 13543 of P.L. 115-97; sections 40307 and 40413 of P.L. 115-123; sections
8101 (m), (n), (o), (p), and (q), 104 (a), and 109 of division U of P.L. 115-141; and section
9102 of division M and sections 110, 111, and 116 (b) of division O of P.L. 116-94
.
SB2-SSA1,57 10Section 57 . 71.26 (2) (b) 12. a. of the statutes is amended to read:
SB2-SSA1,27,1911 71.26 (2) (b) 12. a. For taxable years beginning after December 31, 2017, and
12before January 1, 2021,
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, “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.
SB2-SSA1,58 20Section 58 . 71.26 (2) (b) 12. d. of the statutes is amended to read:
SB2-SSA1,28,621 71.26 (2) (b) 12. d. For purposes of subd. 12. a., “Internal Revenue Code" does
22not include amendments to the federal Internal Revenue Code enacted after
23December 31, 2017, except that “Internal Revenue Code” includes sections 40307,
2440413, and 41113 of P.L. 115-123; sections 101 (m), (n), (o), (p), and (q), 104 (a), 109,
25401 (a) (54) and (b) (15) (A), (B), and (C), 19, 20, 23, 26, 27, and 28 of division U of P.L.

1115-141; sections 102 and 104 of division M, sections 102, 103, 106, 107, 108, 109,
2110, 111, 113, 114, 115, 116, 201, 204, 205, 206, 302, 401, and 601 of division O, section
31302 of division P, and sections 131, 202 (d), and 205 of division Q of P.L. 116-94;

4sections 1106, 2202, 2203, 2204, 2205, 2206, 2307, 3608, 3609, 3701, and 3702 of
5division A of P.L. 116-136; and sections 208, 209, and 214 of division EE and sections
6277, 280, and 285 of division N of P.L. 116-260
.
SB2-SSA1,59 7Section 59 . 71.26 (2) (b) 12. e. of the statutes is amended to read:
SB2-SSA1,28,138 71.26 (2) (b) 12. e. For purposes of subd. 12. a., the provisions of federal public
9laws that directly or indirectly affect the Internal Revenue Code, as defined in this
10subdivision, apply for Wisconsin purposes at the same time as for federal purposes,
11except that changes made by P.L. 115-63 and sections 11026, 11027, 11028, 13207,
1213306, 13307, 13308, 13311, 13312, 13501, 13705, 13821, and 13823 of P.L. 115-97
13first apply for taxable years beginning after December 31, 2017
.
SB2-SSA1,60 14Section 60 . 71.26 (2) (b) 13. of the statutes is created to read:
SB2-SSA1,28,2215 71.26 (2) (b) 13. a. For taxable years beginning after December 31, 2020, for a
16corporation, conduit, or common law trust that qualifies as a regulated investment
17company, real estate mortgage investment conduit, real estate investment trust, or
18financial asset securitization investment trust under the Internal Revenue Code,
19“net income" means the federal regulated investment company taxable income,
20federal real estate mortgage investment conduit taxable income, federal real estate
21investment trust, or financial asset securitization investment trust taxable income
22of the corporation, conduit, or trust as determined under the Internal Revenue Code.
SB2-SSA1,28,2523 b. For purposes of subd. 13. a., “Internal Revenue Code" means the federal
24Internal Revenue Code as amended to December 31, 2020, except as provided in
25subd. 13. c. and d. and s. 71.98 and subject to subd. 13. e.
SB2-SSA1,29,25
1c. For purposes of subd. 13. a., “Internal Revenue Code" does not include the
2following provisions of federal public laws for taxable years beginning after
3December 31, 2020: section 13113 of P.L. 103-66; sections 1, 3, 4, and 5 of P.L.
4106-519; sections 101, 102, and 422 of P.L. 108-357; sections 1310 and 1351 of P.L.
5109-58; section 11146 of P.L. 109-59; section 403 (q) of P.L. 109-135; section 513 of
6P.L. 109-222; sections 104 and 307 of P.L. 109-432; sections 8233 and 8235 of P.L.
7110-28; section 11 (e) and (g) of P.L. 110-172; section 301 of P.L. 110-245; section
815351 of P.L. 110-246; section 302 of division A, section 401 of division B, and sections
9312, 322, 502 (c), 707, and 801 of division C of P.L. 110-343; sections 1232, 1241, 1251,
101501, and 1502 of division B of P.L. 111-5; sections 211, 212, 213, 214, and 216 of P.L.
11111-226; sections 2011 and 2122 of P.L. 111-240; sections 753, 754, and 760 of P.L.
12111-312; section 1106 of P.L. 112-95; sections 104, 318, 322, 323, 324, 326, 327, and
13411 of P.L. 112-240; P.L. 114-7; section 1101 of P.L. 114-74; section 305 of division
14P of P.L. 114-113; sections 123, 125 to 128, 143, 144, 151 to 153, 165 to 167, 169 to
15171, 189, 191, 307, 326, and 411 of division Q of P.L. 114-113; sections 11011, 11012,
1613201 (a) to (e) and (g), 13206, 13221, 13301, 13304 (a), (b), and (d), 13531, 13601,
1713801, 14101, 14102, 14103, 14201, 14202, 14211, 14212, 14213, 14214, 14215,
1814221, 14222, 14301, 14302, 14304, and 14401 of P.L. 115-97; sections 40304, 40305,
1940306, and 40412 of P.L. 115-123; section 101 (c) of division T of P.L. 115-141;
20sections 101 (d) and (e), 102, 201 to 207, 301, 302, and 401 (a) (47) and (195), (b) (13),
21(17), (22) and (30), and (d) (1) (D) (v), (vi), and (xiii) and (xvii) (II) of division U of P.L.
22115-141; sections 104, 114, 115, 116, 130, and 145 of division Q of P.L. 116-94;
23sections 2304 and 2306 of P.L. 116-136; and sections 101, 111, 114, 115, 116, 118 (a)
24and (d), 133, 137, 138, 202, 210, 211, and 213 of division EE and sections 276 and 278
25of division N of P.L. 116-260.
SB2-SSA1,30,2
1d. For purposes of subd. 13. a., “Internal Revenue Code" does not include
2amendments to the federal Internal Revenue Code enacted after December 31, 2020.
SB2-SSA1,30,133 e. For purposes of subd. 13. a., the provisions of federal public laws that directly
4or indirectly affect the Internal Revenue Code, as defined in this subdivision, apply
5for Wisconsin purposes at the same time as for federal purposes, except that changes
6made by sections 20101, 20102, 20104, 20201, 40201, 40202, 40203, 40308, 40309,
740311, 40414, 41101, 41107, 41114, 41115, and 41116 of P.L. 115-123; section 101 (a),
8(b), and (h) of division U of P.L. 115-141; section 1203 of P.L. 116-25; section 1122 of
9P.L. 116-92; section 301 of division O, section 1302 of division P, and sections 101,
10102, 103, 117, 118, 132, 201, 202 (a), (b), and (c), 204 (a), (b), and (c), 301, and 302 of
11division Q of P.L. 116-94; section 2 of P.L. 116-98; and sections 301, 302, and 304 of
12division EE of P.L. 116-260 apply for taxable years beginning after December 31,
132020.
SB2-SSA1,61 14Section 61 . 71.26 (2) (b) 14. of the statutes is created to read:
SB2-SSA1,30,1615 71.26 (2) (b) 14. For purposes of s. 71.26 (2) (b) 2., 2013 stats., “Internal Revenue
16Code" includes section 109 of division U of P.L. 115-141.
SB2-SSA1,62 17Section 62. 71.28 (6) (h) of the statutes is amended to read:
SB2-SSA1,31,418 71.28 (6) (h) Any person, including a nonprofit entity described in section 501
19(c) (3) of the Internal Revenue Code, may sell or otherwise transfer the credit under
20par. (a) 2m. or 3., in whole or in part, to another person who is subject to the taxes
21imposed under s. 71.02, 71.23, or 71.43, if the person notifies the department of the
22transfer, and submits with the notification a copy of the transfer documents, and the
23department certifies ownership of the credit with each transfer. The transferor may
24file a claim for more than one taxable year on a form prescribed by the department
25to compute all years of the credit under par. (a) 2m. or 3., at the time of the transfer

1request. The transferee may first use the credit to offset tax in the taxable year of
2the transferor in which the transfer occurs, and may use the credit only to offset tax
3in taxable years otherwise allowed to be claimed and carried forward by the original
4claimant.
SB2-SSA1,63 5Section 63 . 71.34 (1g) (c), (d), (e), (f), (g), (h) and (i) of the statutes are repealed.
SB2-SSA1,64 6Section 64 . 71.34 (1g) (j) 3. m. of the statutes is created to read:
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