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:
SB2-SSA1,31,87 71.34 (1g) (j) 3. m. Sections 101 (m), (n), (o), (p), and (q), 104 (a), and 109 of
8division U of P.L. 115-141.
SB2-SSA1,65 9Section 65 . 71.34 (1g) (j) 3. n. of the statutes is created to read:
SB2-SSA1,31,1110 71.34 (1g) (j) 3. n. Section 102 of division M and sections 110, 111, and 116 (b)
11of division O of P.L. 116-94.
SB2-SSA1,66 12Section 66 . 71.34 (1g) (k) 3. of the statutes is amended to read:
SB2-SSA1,31,1813 71.34 (1g) (k) 3. For purposes of this paragraph, “Internal Revenue Code" does
14not include amendments to the federal Internal Revenue Code enacted after
15December 31, 2016, except that “Internal Revenue Code” includes sections 11024,
1611025, and 13543 of P.L. 115-97; sections 40307 and 40413 of P.L. 115-123; sections
17101 (m), (n), (o), (p), and (q), 104 (a), and 109 of division U of P.L. 115-141; and section
18102 of division M and sections 110, 111, and 116 (b) of division O of P.L. 116-94
.
SB2-SSA1,67 19Section 67 . 71.34 (1g) (L) 1. of the statutes is amended to read:
SB2-SSA1,31,2320 71.34 (1g) (L) 1. For taxable years beginning after December 31, 2017, and
21before January 1, 2021,
for tax option corporations, “Internal Revenue Code" means
22the federal Internal Revenue Code as amended to December 31, 2017, except as
23provided in subds. 2., 3., and 5. and s. 71.98 and subject to subd. 4.
SB2-SSA1,68 24Section 68 . 71.34 (1g) (L) 3. of the statutes is amended to read:
SB2-SSA1,32,11
171.34 (1g) (L) 3. For purposes of this paragraph, “ Internal Revenue Code" does
2not include amendments to the federal Internal Revenue Code enacted after
3December 31, 2017, except that “Internal Revenue Code” includes sections 40307,
440413, and 41113 of P.L. 115-123, sections 101 (m), (n), (o), (p), and (q), 104 (a), 109,
5401 (a) (54) and (b) (15) (A), (B), and (C), 19, 20, 23, 26, 27, and 28 of division U of P.L.
6115-141; sections 102 and 104 of division M, sections 102, 103, 106, 107, 108, 109,
7110, 111, 113, 114, 115, 116, 201, 204, 205, 206, 302, 401, and 601 of division O, section
81302 of division P, and sections 131, 202 (d), and 205 of division Q of P.L. 116-94;

9sections 1106, 2202, 2203, 2204, 2205, 2206, 2307, 3608, 3609, 3701, and 3702 of
10division A of P.L. 116-136; and sections 208, 209, and 214 of division EE and sections
11277, 280, and 285 of division N of P.L. 116-260
.
SB2-SSA1,69 12Section 69 . 71.34 (1g) (L) 4. of the statutes is amended to read:
SB2-SSA1,32,1813 71.34 (1g) (L) 4. For purposes of this paragraph, the provisions of federal public
14laws that directly or indirectly affect the Internal Revenue Code, as defined in this
15paragraph, apply for Wisconsin purposes at the same time as for federal purposes,
16except that changes made by P.L. 115-63 and sections 11026, 11027, 11028, 13207,
1713306, 13307, 13308, 13311, 13312, 13501, 13705, 13821, and 13823 of P.L. 115-97
18first apply for taxable years beginning after December 31, 2017
.
SB2-SSA1,70 19Section 70 . 71.34 (1g) (m) of the statutes is created to read:
SB2-SSA1,32,2320 71.34 (1g) (m) 1. For taxable years beginning after December 31, 2020, for tax
21option corporations, “Internal Revenue Code" means the federal Internal Revenue
22Code as amended to December 31, 2020, except as provided in subds. 2., 3., and 5. and
23s. 71.98 and subject to subd. 4.
SB2-SSA1,33,2324 2. For purposes of this paragraph, “Internal Revenue Code" does not include
25the following provisions of federal public laws for taxable years beginning after

1December 31, 2020: section 13113 of P.L. 103-66; sections 1, 3, 4, and 5 of P.L.
2106-519; sections 101, 102, and 422 of P.L. 108-357; sections 1310 and 1351 of P.L.
3109-58; section 11146 of P.L. 109-59; section 403 (q) of P.L. 109-135; section 513 of
4P.L. 109-222; sections 104 and 307 of P.L. 109-432; sections 8233 and 8235 of P.L.
5110-28; section 11 (e) and (g) of P.L. 110-172; section 301 of P.L. 110-245; section
615351 of P.L. 110-246; section 302 of division A, section 401 of division B, and sections
7312, 322, 502 (c), 707, and 801 of division C of P.L. 110-343; sections 1232, 1241, 1251,
81501, and 1502 of division B of P.L. 111-5; sections 211, 212, 213, 214, and 216 of P.L.
9111-226; sections 2011 and 2122 of P.L. 111-240; sections 753, 754, and 760 of P.L.
10111-312; section 1106 of P.L. 112-95; sections 104, 318, 322, 323, 324, 326, 327, and
11411 of P.L. 112-240; P.L. 114-7; section 1101 of P.L. 114-74; section 305 of division
12P of P.L. 114-113; sections 123, 125 to 128, 143, 144, 151 to 153, 165 to 167, 169 to
13171, 189, 191, 307, 326, and 411 of division Q of P.L. 114-113; sections 11011, 11012,
1413201 (a) to (e) and (g), 13206, 13221, 13301, 13304 (a), (b), and (d), 13531, 13601,
1513801, 14101, 14102, 14103, 14201, 14202, 14211, 14212, 14213, 14214, 14215,
1614221, 14222, 14301, 14302, 14304, and 14401 of P.L. 115-97; sections 40304, 40305,
1740306, and 40412 of P.L. 115-123; section 101 (c) of division T of P.L. 115-141;
18sections 101 (d) and (e), 102, 201 to 207, 301, 302, and 401 (a) (47) and (195), (b) (13),
19(17), (22) and (30), and (d) (1) (D) (v), (vi), and (xiii) and (xvii) (II) of division U of P.L.
20115-141; sections 104, 114, 115, 116, 130, and 145 of division Q of P.L. 116-94;
21sections 2304 and 2306 of P.L. 116-136; and sections 101, 111, 114, 115, 116, 118 (a)
22and (d), 133, 137, 138, 202, 210, 211, and 213 of division EE and sections 276 and 278
23of division N of P.L. 116-260.
SB2-SSA1,33,2524 3. For purposes of this paragraph, “Internal Revenue Code" does not include
25amendments to the federal Internal Revenue Code enacted after December 31, 2020.
SB2-SSA1,34,11
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-SSA1,34,15125. For purposes of this paragraph, section 1366 (f) of the Internal Revenue Code
13(relating to pass-through of items to shareholders) is modified by substituting the
14tax under s. 71.35 for the taxes under sections 1374 and 1375 of the Internal Revenue
15Code.
SB2-SSA1,71 16Section 71 . 71.34 (1u) of the statutes is created to read:
SB2-SSA1,34,1817 71.34 (1u) For purposes of s. 71.34 (1g) (b), 2013 stats., “Internal Revenue
18Code" includes section 109 of division U of P.L. 115-141.
SB2-SSA1,72 19Section 72 . 71.42 (2) (c), (d), (e), (f), (g), (h) and (i) of the statutes are repealed.
SB2-SSA1,73 20Section 73 . 71.42 (2) (j) 3. m. of the statutes is created to read:
SB2-SSA1,34,2221 71.42 (2) (j) 3. m. Sections 101 (m), (n), (o), (p), and (q), 104 (a), and 109 of
22division U of P.L. 115-141.
SB2-SSA1,74 23Section 74 . 71.42 (2) (j) 3. n. of the statutes is created to read:
SB2-SSA1,34,2524 71.42 (2) (j) 3. n. Section 102 of division M and sections 110, 111, and 116 (b)
25of division O of P.L. 116-94.
SB2-SSA1,75
1Section 75. 71.42 (2) (k) 3. of the statutes is amended to read:
SB2-SSA1,35,72 71.42 (2) (k) 3. For purposes of this paragraph, “Internal Revenue Code" does
3not include amendments to the federal Internal Revenue Code enacted after
4December 31, 2016, except that “Internal Revenue Code” includes sections 11024,
511025, and 13543 of P.L. 115-97; sections 40307 and 40413 of P.L. 115-123; sections
6101 (m), (n), (o), (p), and (q), 104 (a), and 109 of division U of P.L. 115-141; and section
7102 of division M and sections 110, 111, and 116 (b) of division O of P.L. 116-94
.
SB2-SSA1,76 8Section 76 . 71.42 (2) (L) 1. of the statutes is amended to read:
SB2-SSA1,35,129 71.42 (2) (L) 1. For taxable years beginning after December 31, 2017, and
10before January 1, 2021,
“Internal Revenue Code" means the federal Internal
11Revenue Code as amended to December 31, 2017, except as provided in subds. 2. to
124. and s. 71.98 and subject to subd. 5.
SB2-SSA1,77 13Section 77 . 71.42 (2) (L) 3. of the statutes is amended to read:
SB2-SSA1,35,2414 71.42 (2) (L) 3. For purposes of this paragraph, “Internal Revenue Code" does
15not include amendments to the federal Internal Revenue Code enacted after
16December 31, 2017, except that “Internal Revenue Code” includes sections 40307,
1740413, and 41113 of P.L. 115-123; sections 101 (m), (n), (o), (p), and (q), 104 (a), 109,
18401 (a) (54) and (b) (15) (A), (B), and (C), 19, 20, 23, 26, 27, and 28 of division U of P.L.
19115-141; sections 102 and 104 of division M, sections 102, 103, 106, 107, 108, 109,
20110, 111, 113, 114, 115, 116, 201, 204, 205, 206, 302, 401, and 601 of division O, section
211302 of division P, and sections 131, 202 (d), and 205 of division Q of P.L. 116-94;

22sections 1106, 2202, 2203, 2204, 2205, 2206, 2307, 3608, 3609, 3701, and 3702 of
23division A of P.L. 116-136; and sections 208, 209, and 214 of division EE and sections
24277, 280, and 285 of division N of P.L. 116-260
.
SB2-SSA1,78 25Section 78 . 71.42 (2) (L) 5. of the statutes is amended to read:
SB2-SSA1,36,6
171.42 (2) (L) 5. For purposes of this paragraph, the provisions of federal public
2laws that directly or indirectly affect the Internal Revenue Code, as defined in this
3paragraph, apply for Wisconsin purposes at the same time as for federal purposes,
4except that changes made by P.L. 115-63 and sections 11026, 11027, 11028, 13207,
513306, 13307, 13308, 13311, 13312, 13501, 13705, 13821, and 13823 of P.L. 115-97
6first apply for taxable years beginning after December 31, 2017
.
SB2-SSA1,79 7Section 79 . 71.42 (2) (m) of the statutes is created to read:
SB2-SSA1,36,108 71.42 (2) (m) 1. For taxable years beginning after December 31, 2020, “Internal
9Revenue Code" means the federal Internal Revenue Code as amended to December
1031, 2020, except as provided in subds. 2. and 3. and s. 71.98 and subject to subd. 4.
SB2-SSA1,37,1011 2. For purposes of this paragraph, “Internal Revenue Code" does not include
12the following provisions of federal public laws for taxable years beginning after
13December 31, 2020: section 13113 of P.L. 103-66; sections 1, 3, 4, and 5 of P.L.
14106-519; sections 101, 102, and 422 of P.L. 108-357; sections 1310 and 1351 of P.L.
15109-58; section 11146 of P.L. 109-59; section 403 (q) of P.L. 109-135; section 513 of
16P.L. 109-222; sections 104 and 307 of P.L. 109-432; sections 8233 and 8235 of P.L.
17110-28; section 11 (e) and (g) of P.L. 110-172; section 301 of P.L. 110-245; section
1815351 of P.L. 110-246; section 302 of division A, section 401 of division B, and sections
19312, 322, 502 (c), 707, and 801 of division C of P.L. 110-343; sections 1232, 1241, 1251,
201501, and 1502 of division B of P.L. 111-5; sections 211, 212, 213, 214, and 216 of P.L.
21111-226; sections 2011 and 2122 of P.L. 111-240; sections 753, 754, and 760 of P.L.
22111-312; section 1106 of P.L. 112-95; sections 104, 318, 322, 323, 324, 326, 327, and
23411 of P.L. 112-240; P.L. 114-7; section 1101 of P.L. 114-74; section 305 of division
24P of P.L. 114-113; sections 123, 125 to 128, 143, 144, 151 to 153, 165 to 167, 169 to
25171, 189, 191, 307, 326, and 411 of division Q of P.L. 114-113; sections 11011, 11012,

113201 (a) to (e) and (g), 13206, 13221, 13301, 13304 (a), (b), and (d), 13531, 13601,
213801, 14101, 14102, 14103, 14201, 14202, 14211, 14212, 14213, 14214, 14215,
314221, 14222, 14301, 14302, 14304, and 14401 of P.L. 115-97; sections 40304, 40305,
440306, and 40412 of P.L. 115-123; section 101 (c) of division T of P.L. 115-141;
5sections 101 (d) and (e), 102, 201 to 207, 301, 302, and 401 (a) (47) and (195), (b) (13),
6(17), (22) and (30), and (d) (1) (D) (v), (vi), and (xiii) and (xvii) (II) of division U of P.L.
7115-141; sections 104, 114, 115, 116, 130, and 145 of division Q of P.L. 116-94;
8sections 2304 and 2306 of P.L.116-136; and sections 101, 111, 114, 115, 116, 118 (a)
9and (d), 133, 137, 138, 202, 210, 211, and 213 of division EE and sections 276 and 278
10of division N of P.L. 116-260.
SB2-SSA1,37,1211 3. For purposes of this paragraph, “Internal Revenue Code" does not include
12amendments to the federal Internal Revenue Code enacted after December 31, 2020.
SB2-SSA1,37,2313 4. For purposes of this paragraph, the provisions of federal public laws that
14directly or indirectly affect the Internal Revenue Code, as defined in this paragraph,
15apply for Wisconsin purposes at the same time as for federal purposes, except that
16changes made by sections 20101, 20102, 20104, 20201, 40201, 40202, 40203, 40308,
1740309, 40311, 40414, 41101, 41107, 41114, 41115, and 41116 of P.L. 115-123; section
18101 (a), (b), and (h) of division U of P.L. 115-141; section 1203 of 116-25; section 1122
19of P.L. 116-92; section 301 of division O, section 1302 of division P, and sections 101,
20102, 103, 117, 118, 132, 201, 202 (a), (b), and (c), 204 (a), (b), and (c), 301, and 302 of
21division Q of P.L. 116-94; section 2 of P.L. 116-98; and sections 301, 302, and 304 of
22division EE of P.L. 116-260 apply for taxable years beginning after December 31,
232020.
SB2-SSA1,80 24Section 80 . 71.42 (2p) of the statutes is created to read:
SB2-SSA1,38,2
171.42 (2p) For purposes of s. 71.42 (2) (b), 2013 stats., “Internal Revenue Code"
2includes section 109 of division U of P.L. 115-141.
SB2-SSA1,81 3Section 81. 71.47 (6) (h) of the statutes is amended to read:
SB2-SSA1,38,154 71.47 (6) (h) Any person, including a nonprofit entity described in section 501
5(c) (3) of the Internal Revenue Code, may sell or otherwise transfer the credit under
6par. (a) 2m. or 3., in whole or in part, to another person who is subject to the taxes
7imposed under s. 71.02, 71.23, or 71.43, if the person notifies the department of the
8transfer, and submits with the notification a copy of the transfer documents, and the
9department certifies ownership of the credit with each transfer. The transferor may
10file a claim for more than one taxable year on a form prescribed by the department
11to compute all years of the credit under par. (a) 2m. or 3., at the time of the transfer
12request. The transferee may first use the credit to offset tax in the taxable year of the
13transferor in which the transfer occurs, and may use the credit only to offset tax in
14taxable years otherwise allowed to be claimed and carried forward by the original
15claimant.
SB2-SSA1,82 16Section 82. 71.52 (1g) of the statutes is created to read:
SB2-SSA1,38,2517 71.52 (1g) “Earned income” means wages, salaries, tips, and other employee
18compensation that may be included in federal adjusted gross income for the taxable
19year, plus the amount of the claimant's net earnings from self-employment for the
20taxable year determined with regard to the deduction allowed to the taxpayer by
21section 164 (f) of the Internal Revenue Code. For purposes of this subsection, a
22claimant's earned income is computed without regard to any marital property laws
23and a claimant may elect to treat amounts excluded from federal adjusted gross
24income as earned income, as provided under section 112 of the Internal Revenue
25Code. “Earned income” does not include the following:
SB2-SSA1,39,1
1(a) Any amount received as a pension or annuity.
SB2-SSA1,39,22(b) Any amount to which section 871 (a) of the Internal Revenue Code applies.
SB2-SSA1,39,43 (c) Any amount received for services provided by an individual while the
4individual is an inmate at a penal institution.
SB2-SSA1,39,95 (d) Any amount received for service performed in work activities under
6paragraphs (4) or (7) of section 407 (d) of the Social Security Act to which the claimant
7is assigned under any state program under part A of title IV of the Social Security
8Act. This paragraph applies only to amounts subsidized under any such state
9program.
SB2-SSA1,83 10Section 83. 71.55 (10) of the statutes is amended to read:
SB2-SSA1,39,1911 71.55 (10) Farmers. Notwithstanding the provision in s. 71.52 (6) that requires
12the addition of certain disqualified losses to income, such an addition may not be
13made by a claimant who is a farmer whose primary income is from farming and
14whose farming generates less than $250,000 in gross receipts from the operation of
15farm premises in the year to which the claim relates. For purposes of this subsection,
16a claimant's primary income is from farming if the claimant's gross income from
17farming for the year to which the claim relates is greater than 50 percent of the
18claimant's total gross income from all sources for the year to which the claim relates.
19In this subsection, “gross income” has the meaning given in s. 71.03 (1).
SB2-SSA1,84 20Section 84. 71.76 of the statutes is renumbered 71.76 (1) and amended to read:
SB2-SSA1,40,1321 71.76 (1) If for any year the amount of federal net income tax payable, of a credit
22claimed or carried forward, of a net operating loss carried forward or of a capital loss
23carried forward of any taxpayer as reported to the internal revenue service is
24changed or corrected by the internal revenue service or other officer of the United
25States, such taxpayer shall report such changes or corrections to the department

1within 90 180 days after its final determination and shall concede the accuracy of
2such determination or state how the determination is erroneous. Such changes or
3corrections need not be reported unless they affect the amount of net tax payable
4under this chapter, of a credit calculated under this chapter, of a Wisconsin net
5operating loss carried forward, of a Wisconsin net business loss carried forward or
6of a capital loss carried forward under this chapter. Any taxpayer submitting an
7amended return to the internal revenue service, or to another state if there has been
8allowed a credit against Wisconsin taxes for taxes paid to that state, shall also file,
9within 90 180 days of such filing date, an amended return if any information
10contained on the amended return affects the amount of net tax payable under this
11chapter of a credit calculated under this chapter, of a Wisconsin net operating loss
12carried forward, of a Wisconsin net business loss carried forward or of a capital loss
13carried forward under this chapter.
SB2-SSA1,85 14Section 85 . 71.76 (2) of the statutes is created to read:
SB2-SSA1,40,2315 71.76 (2) In the case of any partnership adjustments, as defined under section
166241 of the Internal Revenue Code and including adjustments under section 6225
17of the Internal Revenue Code, the partnership and its partners shall report such
18changes or corrections to the department within 180 days after the final
19determination by the internal revenue service and shall concede the accuracy of such
20determination or state how the determination is erroneous. The partnership and its
21partners shall submit amended returns, as applicable, for each reviewed year, as
22defined under section 6225 of the Internal Revenue Code, to which such partnership
23adjustments relate.
SB2-SSA1,86 24Section 86. 71.77 (7) (b) of the statutes is amended to read:
SB2-SSA1,41,7
171.77 (7) (b) If notice of assessment or refund is given to the taxpayer within
290 180 days of the date on which the department receives a report from the taxpayer
3under s. 71.76 or within such other period specified in a written agreement entered
4into prior to the expiration of such 90 180 days by the taxpayer and the department.
5If the taxpayer does not report to the department as required under s. 71.76, the
6department may make an assessment against the taxpayer or refund to the taxpayer
7within 4 years after discovery by the department.
SB2-SSA1,87 8Section 87 . 71.83 (1) (a) 6. of the statutes is amended to read:
SB2-SSA1,41,149 71.83 (1) (a) 6. `Retirement plans.' Any natural person who is liable for a
10penalty for federal income tax purposes under section 72 (m) (5), (q), (t), and (v), 4973,
114974, 4975, or 4980A of the Internal Revenue Code is liable for 33 percent of the
12federal penalty unless the income received is exempt from taxation under s. 71.05
13(1) (a) or (ae) (6) (b) 54. The penalties provided under this subdivision shall be
14assessed, levied, and collected in the same manner as income or franchise taxes.
SB2-SSA1,88 15Section 88. 73.0305 of the statutes is amended to read:
SB2-SSA1,41,22 1673.0305 Revenue limits calculations. The department of revenue shall
17annually determine and certify to the state superintendent of public instruction, no
18later than the 4th Monday in June
at the superintendent's request, the allowable
19rate of increase under subch. VII of ch. 121. The allowable rate of increase is the
20percentage change, if not negative, in the consumer price index for all urban
21consumers, U.S. city average, between the preceding March 31 and the 2nd
22preceding March 31, as computed by the federal department of labor.
SB2-SSA1,89 23Section 89. 73.09 (4) (c) of the statutes is amended to read:
SB2-SSA1,42,524 73.09 (4) (c) Recertification is contingent upon submission of an application for
25renewal, at least 60 days before the expiration date of the current certificate,

1attesting to the completion of the requirements specified in par. (b). Persons
2applying for renewal on the basis of attendance at the meetings called by the
3department under s. 73.06 (1) and by meeting continuing education requirements
4shall submit a $20 recertification fee, in an amount determined by the department
5not to exceed $75,
with their applications.
SB2-SSA1,90 6Section 90. 73.09 (5) of the statutes is amended to read:
SB2-SSA1,42,177 73.09 (5) Examinations. As provided in subs. (1) and (2), the department of
8revenue shall prepare and administer examinations for each level of certification.
9A person applying for an examination under this subsection shall submit a $20 an
10examination fee with the person's application. If the department administers and
11grades the examinations, the fee shall be the amount equal to the department's best
12estimate of the actual cost to administer and grade the examinations, but no greater
13than $75. If a test service provider administers and grades the examinations, the fee
14shall be the amount equal to the department's best estimate of the provider's actual
15cost to administer and grade the examinations, but no greater than $75.
The
16department of revenue shall grant certification to each person who passes the
17examination for that level.
SB2-SSA1,91 18Section 91 . 74.315 (1) of the statutes is amended to read:
SB2-SSA1,42,2319 74.315 (1) Submission. No later than October 1 of each year, the taxation
20district clerk shall submit to the department of revenue, on a form prescribed by the
21department, a listing of all the omitted taxes under s. 70.44 to be included on the
22taxation district's next tax roll, if the total of all such omitted taxes exceeds $5,000
23for any single description of property are $250 or more.
SB2-SSA1,92 24Section 92 . 74.315 (1m) of the statutes is created to read:
SB2-SSA1,43,6
174.315 (1m) Amount collected from property in a tax incremental district.
2A tax may not be included on a form submitted under sub. (1) if the tax was levied
3on a property within a tax incremental district, as defined in s. 60.85 (1) (n) or 66.1105
4(2) (k), unless the current value of the tax incremental district is lower than the tax
5incremental base, as defined in s. 60.85 (1) (m) or 66.1105 (2) (j), in the assessment
6year for which the tax was collected.
SB2-SSA1,93 7Section 93 . 74.315 (2) of the statutes is amended to read:
SB2-SSA1,43,168 74.315 (2) Equalized valuation Amount determined. After receiving the form
9under sub. (1), but no later than November 15, the department of revenue shall
10determine the amount of any change in the taxation district's equalized valuation
11that results from considering the valuation represented by the taxes described under
12sub. (1)
taxes to be shared with each taxing jurisdiction for which the taxation district
13collected taxes and determine the amount of taxes collected under s. 70.44 to be
14shared with each taxing jurisdiction for which the taxation district collected taxes
.
15The department's determination under this subsection is subject to review only
16under s. 227.53.
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