SB40,944,414
71.24
(7) Extensions. In the case of a corporation required to file a return,
15when sufficient reason is shown, the department of revenue
may on written request 16shall allow an
automatic extension of
30 days 7 months or until the original due date
17of the corporation's
corresponding federal return, whichever is later
, if the
18corporation has not received an extension on its federal return. Any extension of time
19granted by law or by the internal revenue service for the filing of corresponding
20federal returns shall extend the time for filing under this subchapter to 30 days after
21the federal due date if
a copy of any extension requested of the internal revenue
22service is filed with the corporation reports the extension in the manner specified by
23the department on the return.
Termination of an automatic extension by the internal
24revenue service, or its refusal to grant such automatic extension, shall similarly
25require that any returns due under this subchapter are due on or before 30 days after
1the date for termination fixed by the internal revenue service. Except for payments
2of estimated taxes, income or franchise taxes payable upon the filing of the tax return
3shall not become delinquent during such extension period, but shall be subject to
4interest at the rate of 12% per year during such period.
SB40, s. 2019
5Section
2019. 71.26 (1) (am) of the statutes is created to read:
SB40,944,76
71.26
(1) (am)
Veterans service organizations. Income of a veterans service
7organization that is chartered under federal law.
SB40, s. 2020
8Section
2020. 71.26 (1) (b) of the statutes is amended to read:
SB40,944,129
71.26
(1) (b)
Political units. Income received by the United States, the state
10and all counties, cities, villages, towns, school districts, technical college districts,
11joint local water authorities created under s. 66.0823,
family long-term care districts
12under s. 46.2895 or other political units of this state.
SB40, s. 2021
13Section
2021. 71.26 (1) (be) of the statutes is amended to read:
SB40,944,1714
71.26
(1) (be)
Certain authorities. Income of the University of Wisconsin
15Hospitals and Clinics Authority, of the Health Insurance Risk-Sharing Plan
16Authority,
of the Healthy Wisconsin Authority, and of the Fox River Navigational
17System Authority, and of the Wisconsin Aerospace Authority.
SB40, s. 2022
18Section
2022. 71.26 (2) (a) of the statutes is amended to read:
SB40,945,1119
71.26
(2) (a)
Corporations in general. The "net income" of a corporation means
20the gross income as computed under the Internal Revenue Code as modified under
21sub. (3) minus the amount of recapture under s. 71.28 (1di) plus the amount of credit
22computed under s. 71.28 (1), (3), (4), and (5) minus, as provided under s. 71.28 (3) (c)
237., the amount of the credit under s. 71.28 (3) that the taxpayer added to income
24under this paragraph at the time that the taxpayer first claimed the credit plus the
25amount of the credit computed under s. 71.28 (1dd), (1de), (1di), (1dj), (1dL), (1dm),
1(1ds), (1dx), (3g), (3n),
(3p), (3t), (3w),
(5b), (5e), (5f), (5g),
and (5h)
, (5i), and (5j) and
2not passed through by a partnership, limited liability company, or tax-option
3corporation that has added that amount to the partnership's, limited liability
4company's, or tax-option corporation's income under s. 71.21 (4) or 71.34 (1) (g) plus
5the amount of losses from the sale or other disposition of assets the gain from which
6would be wholly exempt income, as defined in sub. (3) (L), if the assets were sold or
7otherwise disposed of at a gain and minus deductions, as computed under the
8Internal Revenue Code as modified under sub. (3), plus or minus, as appropriate, an
9amount equal to the difference between the federal basis and Wisconsin basis of any
10asset sold, exchanged, abandoned, or otherwise disposed of in a taxable transaction
11during the taxable year, except as provided in par. (b) and s. 71.45 (2) and (5).
SB40, s. 2023
12Section
2023. 71.26 (2) (b) 12. of the statutes is repealed.
SB40, s. 2024
13Section
2024. 71.26 (2) (b) 13. of the statutes is repealed.
SB40, s. 2025
14Section
2025. 71.26 (2) (b) 14. of the statutes is amended to read:
SB40,950,1315
71.26
(2) (b) 14. For taxable years that begin after December 31, 1998, and
16before January 1, 2000, for a corporation, conduit or common law trust which
17qualifies as a regulated investment company, real estate mortgage investment
18conduit, real estate investment trust or financial asset securitization investment
19trust under the Internal Revenue Code as amended to December 31, 1998, excluding
20sections 103, 104, and 110 of P.L.
102-227, sections 13113, 13150 (d), 13171 (d),
2113174, and 13203 (d) of P.L.
103-66 and sections 1123 (b), 1202 (c), 1204 (f), 1311, and
221605 (d) of P.L.
104-188, and as amended by P.L.
106-36, P.L.
106-170, P.L.
106-230,
23P.L.
106-554, excluding sections 162 and 165 of P.L.
106-554, P.L.
107-16, excluding
24section 431 of P.L.
107-16, P.L.
107-134, P.L.
107-147, excluding sections 101
, 301
25(a), and 406 of P.L.
107-147, P.L.
107-181, P.L.
107-276, P.L.
108-121, excluding
1section 109 of P.L.
108-121, P.L.
108-311, excluding sections 306, 307, 308,
316, 401,
2and 403 (a) of P.L.
108-311,
and P.L.
108-357, excluding sections 101, 201,
211, 242,
3244, 336, 337,
422, 847, 909, and 910 of P.L.
108-357,
P.L. 109-7, P.L. 109-135,
4excluding sections 101, 105, 201 (a) as it relates to section 1400S (a), 402 (e), 403 (e),
5(j), and (q), and 405 of P.L. 109-135, and P.L. 109-280, excluding sections 811 and 844
6of P.L. 109-280, and as indirectly affected in the provisions applicable to this
7subchapter by P.L.
99-514, P.L.
100-203, P.L.
100-647, P.L.
101-73, P.L.
101-140,
8P.L.
101-179, P.L.
101-239, P.L.
101-508, P.L.
102-227, excluding sections 103, 104,
9and 110 of P.L.
102-227, P.L.
102-318, P.L.
102-486, P.L.
103-66, excluding sections
1013113, 13150 (d), 13171 (d), 13174, and 13203 (d) of P.L.
103-66, P.L.
103-296, P.L.
11103-337, P.L.
103-465, P.L.
104-7, P.L.
104-188, excluding sections 1123 (b), 1202
12(c), 1204 (f), 1311, and 1605 (d) of P.L.
104-188, P.L.
104-191, P.L.
104-193, P.L.
13105-33, P.L.
105-34, P.L.
105-178, P.L.
105-206, P.L.
105-277, P.L.
106-36, P.L.
14106-170, P.L.
106-230, P.L.
106-554, excluding sections 162 and 165 of P.L.
106-554,
15P.L.
107-16, excluding section 431 of P.L.
107-16, P.L.
107-134, P.L.
107-147,
16excluding sections 101
, 301 (a), and 406 of P.L.
107-147, P.L.
107-181, P.L.
107-276,
17P.L.
108-121, excluding section 109 of P.L.
108-121, P.L.
108-311, excluding sections
18306, 307, 308,
316, 401, and 403 (a) of P.L.
108-311,
and P.L.
108-357, excluding
19sections 101, 201,
211, 242, 244, 336, 337,
422, 847, 909, and 910 of P.L.
108-357,
P.L.
20109-7, P.L. 109-135, excluding sections 101, 105, 201 (a) as it relates to section 1400S
21(a), 402 (e), 403 (e), (j), and (q), and 405 of P.L. 109-135, and P.L. 109-280, excluding
22sections 811 and 844 of P.L. 109-280, "net income" means the federal regulated
23investment company taxable income, federal real estate mortgage investment
24conduit taxable income, federal real estate investment trust or financial asset
25securitization investment trust taxable income of the corporation, conduit or trust
1as determined under the Internal Revenue Code as amended to December 31, 1998,
2excluding sections 103, 104, and 110 of P.L.
102-227, sections 13113, 13150 (d), 13171
3(d), 13174, and 13203 (d) of P.L.
103-66 and sections 1123 (b), 1202 (c), 1204 (f), 1311,
4and 1605 (d) of P.L.
104-188, and as amended by P.L.
106-36, P.L.
106-170, P.L.
5106-230, P.L.
106-554, excluding sections 162 and 165 of P.L.
106-554, P.L.
107-16,
6excluding section 431 of P.L.
107-16, P.L.
107-134, P.L.
107-147, excluding sections
7101
, 301 (a), and 406 of P.L.
107-147, P.L.
107-181, P.L.
107-276, P.L.
108-121,
8excluding section 109 of P.L.
108-121, P.L.
108-311, excluding sections 306, 307, 308,
9316, 401, and 403 (a) of P.L.
108-311,
and P.L.
108-357, excluding sections 101, 201,
10211, 242, 244, 336, 337,
422, 847, 909, and 910 of P.L.
108-357,
P.L. 109-7, P.L.
11109-135, excluding sections 101, 105, 201 (a) as it relates to section 1400S (a), 402
12(e), 403 (e), (j), and (q), and 405 of P.L. 109-135, and P.L. 109-280, excluding sections
13811 and 844 of P.L. 109-280, and as indirectly affected in the provisions applicable
14to this subchapter by P.L.
99-514, P.L.
100-203, P.L.
100-647, P.L.
101-73, P.L.
15101-140, P.L.
101-179, P.L.
101-239, P.L.
101-508, P.L.
102-227, excluding sections
16103, 104, and 110 of P.L.
102-227, P.L.
102-318, P.L.
102-486, P.L.
103-66, excluding
17sections 13113, 13150 (d), 13171 (d), 13174, and 13203 (d) of P.L.
103-66, P.L.
18103-296, P.L.
103-337, P.L.
103-465, P.L.
104-7, P.L.
104-188, excluding sections
191123 (b), 1202 (c), 1204 (f), 1311, and 1605 (d) of P.L.
104-188, P.L.
104-191, P.L.
20104-193, P.L.
105-33, P.L.
105-34, P.L.
105-178, P.L.
105-206, P.L.
105-277, P.L.
21106-36, P.L.
106-170, P.L.
106-230, P.L.
106-554, excluding sections 162 and 165 of
22P.L.
106-554, P.L.
107-16, excluding section 431 of P.L.
107-16, P.L.
107-134, P.L.
23107-147, excluding sections 101
, 301 (a), and 406 of P.L.
107-147, P.L.
107-181, P.L.
24107-276, P.L.
108-121, excluding section 109 of P.L.
108-121, P.L.
108-311,
25excluding sections 306, 307, 308,
316, 401, and 403 (a) of P.L.
108-311,
and P.L.
1108-357, excluding sections 101, 201,
211, 242, 244, 336, 337,
422, 847, 909, and 910
2of P.L.
108-357,
P.L. 109-7, P.L. 109-135, excluding sections 101, 105, 201 (a) as it
3relates to section 1400S (a), 402 (e), 403 (e), (j), and (q), and 405 of P.L. 109-135, and
4P.L. 109-280, excluding sections 811 and 844 of P.L. 109-280, except that property
5that, under s. 71.02 (1) (c) 8. to 11., 1985 stats., is required to be depreciated for
6taxable years 1983 to 1986 under the Internal Revenue Code as amended to
7December 31, 1980, shall continue to be depreciated under the Internal Revenue
8Code as amended to December 31, 1980, and except that the appropriate amount
9shall be added or subtracted to reflect differences between the depreciation or
10adjusted basis for federal income tax purposes and the depreciation or adjusted basis
11under this chapter of any property disposed of during the taxable year. The Internal
12Revenue Code as amended to December 31, 1998, excluding sections 103, 104, and
13110 of P.L.
102-227, sections 13113, 13150 (d), 13171 (d), 13174, and 13203 (d) of P.L.
14103-66, and sections 1123 (b), 1202 (c), 1204 (f), 1311, and 1605 (d) of P.L.
104-188,
15and as amended by P.L.
106-36, P.L.
106-170, P.L.
106-230, P.L.
106-554, excluding
16sections 162 and 165 of P.L.
106-554, P.L.
107-16, excluding section 431 of P.L.
17107-16, P.L.
107-134, P.L.
107-147, excluding sections 101
, 301 (a), and 406 of P.L.
18107-147, P.L.
107-181, P.L.
107-276, P.L.
108-121, excluding section 109 of P.L.
19108-121, P.L.
108-311, excluding sections 306, 307, 308,
316, 401, and 403 (a) of P.L.
20108-311,
and P.L.
108-357, excluding sections 101, 201,
211, 242, 244, 336, 337,
422,
21847, 909, and 910 of P.L.
108-357,
P.L. 109-7, P.L. 109-135, excluding sections 101,
22105, 201 (a) as it relates to section 1400S (a), 402 (e), 403 (e), (j), and (q), and 405 of
23P.L. 109-135, and P.L. 109-280, excluding sections 811 and 844 of P.L. 109-280, and
24as indirectly affected in the provisions applicable to this subchapter by P.L.
99-514,
25P.L.
100-203, P.L.
100-647, P.L.
101-73, P.L.
101-140, P.L.
101-179, P.L.
101-239,
1P.L.
101-508, 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.
106-230, P.L.
7106-554, excluding sections 162 and 165 of P.L.
106-554, P.L.
107-16, excluding
8section 431 of P.L.
107-16, P.L.
107-134, P.L.
107-147, excluding sections 101
, 301
9(a), and 406 of P.L.
107-147, P.L.
107-181, P.L.
107-276, P.L.
108-121, excluding
10section 109 of P.L.
108-121, P.L.
108-311, excluding sections 306, 307, 308,
316, 401,
11and 403 (a) of P.L.
108-311,
and P.L.
108-357, excluding sections 101, 201,
211, 242, 12244, 336, 337,
422, 847, 909, and 910 of P.L.
108-357,
P.L. 109-7, P.L. 109-135,
13excluding sections 101, 105, 201 (a) as it relates to section 1400S (a), 402 (e), 403 (e),
14(j), and (q), and 405 of P.L. 109-135, and P.L. 109-280, excluding sections 811 and 844
15of P.L. 109-280, applies for Wisconsin purposes at the same time as for federal
16purposes. Amendments to the Internal Revenue Code enacted after December 31,
171998, do not apply to this subdivision with respect to taxable years that begin after
18December 31, 1998, and before January 1, 2000, except that changes to the Internal
19Revenue Code made by P.L.
106-36, P.L.
106-170, P.L.
106-230, P.L.
106-554,
20excluding sections 162 and 165 of P.L.
106-554, P.L.
107-16, excluding section 431
21of P.L.
107-16, P.L.
107-134, P.L.
107-147, excluding sections 101
, 301 (a), and 406
22of P.L.
107-147, P.L.
107-181, P.L.
107-276, P.L.
108-121, excluding section 109 of
23P.L.
108-121, P.L.
108-311, excluding sections 306, 307, 308,
316, 401, and 403 (a)
24of P.L.
108-311,
and P.L.
108-357, excluding sections 101, 201,
211, 242, 244, 336,
25337,
422, 847, 909, and 910 of P.L.
108-357,
P.L. 109-7, P.L. 109-135, excluding
1sections 101, 105, 201 (a) as it relates to section 1400S (a), 402 (e), 403 (e), (j), and
2(q), and 405 of P.L. 109-135, and P.L. 109-280, excluding sections 811 and 844 of P.L.
3109-280, and changes that indirectly affect the provisions applicable to this
4subchapter made by P.L.
106-36, P.L.
106-170, P.L.
106-230, P.L.
106-554,
5excluding sections 162 and 165 of P.L.
106-554, P.L.
107-16, excluding section 431
6of P.L.
107-16, P.L.
107-134, P.L.
107-147, excluding sections 101
, 301 (a), and 406
7of P.L.
107-147, P.L.
107-181, P.L.
107-276, P.L.
108-121, excluding section 109 of
8P.L.
108-121, P.L.
108-311, excluding sections 306, 307, 308,
316, 401, and 403 (a)
9of P.L.
108-311,
and P.L.
108-357, excluding sections 101, 201,
211, 242, 244, 336,
10337,
422, 847, 909, and 910 of P.L.
108-357,
P.L. 109-7, P.L. 109-135, excluding
11sections 101, 105, 201 (a) as it relates to section 1400S (a), 402 (e), 403 (e), (j), and
12(q), and 405 of P.L. 109-135, and P.L. 109-280, excluding sections 811 and 844 of P.L.
13109-280, apply for Wisconsin purposes at the same time as for federal purposes.
SB40, s. 2026
14Section
2026. 71.26 (2) (b) 15. of the statutes is amended to read:
SB40,956,1315
71.26
(2) (b) 15. For taxable years that begin after December 31, 1999, and
16before January 1, 2003, for a corporation, conduit or common law trust which
17qualifies as a regulated investment company, real estate mortgage investment
18conduit, real estate investment trust or financial asset securitization investment
19trust under the Internal Revenue Code as amended to December 31, 1999, excluding
20sections 103, 104, and 110 of P.L.
102-227, sections 13113, 13150 (d), 13171 (d),
2113174, and 13203 (d) of P.L.
103-66 and sections 1123 (b), 1202 (c), 1204 (f), 1311, and
221605 (d) of P.L.
104-188, and as amended by P.L.
106-230, P.L.
106-554, excluding
23sections 162 and 165 of P.L.
106-554, P.L.
107-15, P.L.
107-16, excluding section 431
24of P.L.
107-16, P.L.
107-22, P.L.
107-116, P.L.
107-134, P.L.
107-147, excluding
25sections 101
, 301 (a), and 406 of P.L.
107-147, P.L.
107-181, P.L.
107-210, P.L.
1107-276, P.L.
107-358, P.L.
108-27, excluding sections 106, 201, and 202 of P.L.
2108-27, P.L.
108-121, excluding section 109 of P.L.
108-121, P.L.
108-218, P.L.
3108-311, excluding sections 306, 307, 308,
316, 401, and 403 (a) of P.L.
108-311,
and 4P.L.
108-357, excluding sections 101, 201,
211, 242, 244, 336, 337,
422, 847, 909, and
5910 of P.L.
108-357,
P.L. 109-7, P.L. 109-58, excluding sections 1305, 1308, 1309,
61310, 1323, 1324, 1325, 1326, 1328, 1329, 1348, and 1351 of P.L. 109-58, P.L.
7109-135, excluding sections 101, 105, 201 (a) as it relates to section 1400S (a), 402
8(e), 403 (e), (j), and (q), and 405 of P.L. 109-135, and P.L. 109-280, excluding sections
9811 and 844 of P.L. 109-280, and as indirectly affected in the provisions applicable
10to this subchapter by P.L.
99-514, P.L.
100-203, P.L.
100-647, P.L.
101-73, P.L.
11101-140, P.L.
101-179, P.L.
101-239, P.L.
101-508, P.L.
102-227, excluding sections
12103, 104, and 110 of P.L.
102-227, P.L.
102-318, P.L.
102-486, P.L.
103-66, excluding
13sections 13113, 13150 (d), 13171 (d), 13174, and 13203 (d) of P.L.
103-66, P.L.
14103-296, P.L.
103-337, P.L.
103-465, P.L.
104-7, P.L.
104-188, excluding sections
151123 (b), 1202 (c), 1204 (f), 1311, and 1605 (d) of P.L.
104-188, P.L.
104-191, P.L.
16104-193, P.L.
105-33, P.L.
105-34, P.L.
105-178, P.L.
105-206, P.L.
105-277, P.L.
17106-36, P.L.
106-170, P.L.
106-230, P.L.
106-554, excluding sections 162 and 165 of
18P.L.
106-554, P.L.
107-15, P.L.
107-16, excluding section 431 of P.L.
107-16, P.L.
19107-22, P.L.
107-116, P.L.
107-134, P.L.
107-147, excluding sections 101
, 301 (a), 20and 406 of P.L.
107-147, P.L.
107-181, P.L.
107-210, P.L.
107-276, P.L.
107-358, P.L.
21108-27, excluding sections 106, 201, and 202 of P.L.
108-27, P.L.
108-121, excluding
22section 109 of P.L.
108-121, P.L.
108-218, P.L.
108-311, excluding sections 306, 307,
23308,
316, 401, and 403 (a) of P.L.
108-311,
and P.L.
108-357, excluding sections 101,
24201,
211, 242, 244, 336, 337,
422, 847, 909, and 910 of P.L.
108-357,
P.L. 109-7, P.L.
25109-58, excluding sections 1305, 1308, 1309, 1310, 1323, 1324, 1325, 1326, 1328,
11329, 1348, and 1351 of P.L. 109-58, P.L. 109-135, excluding sections 101, 105, 201
2(a) as it relates to section 1400S (a), 402 (e), 403 (e), (j), and (q), and 405 of P.L.
3109-135, and P.L. 109-280, excluding sections 811 and 844 of P.L. 109-280, "net
4income" means the federal regulated investment company taxable income, federal
5real estate mortgage investment conduit taxable income, federal real estate
6investment trust or financial asset securitization investment trust taxable income
7of the corporation, conduit or trust as determined under the Internal Revenue Code
8as amended to December 31, 1999, excluding sections 103, 104, and 110 of P.L.
9102-227, sections 13113, 13150 (d), 13171 (d), 13174, and 13203 (d) of P.L.
103-66 10and sections 1123 (b), 1202 (c), 1204 (f), 1311, and 1605 (d) of P.L.
104-188, and as
11amended by P.L.
106-230, P.L.
106-554, excluding sections 162 and 165 of P.L.
12106-554, P.L.
107-15, P.L.
107-16, excluding section 431 of P.L.
107-16, P.L.
107-22,
13P.L.
107-116, P.L.
107-134, P.L.
107-147, excluding sections 101
, 301 (a), and 406 of
14P.L.
107-147, P.L.
107-181, P.L.
107-210, P.L.
107-276, P.L.
107-358, P.L.
108-27,
15excluding sections 106, 201, and 202 of P.L.
108-27, P.L.
108-121, excluding section
16109 of P.L.
108-121, P.L.
108-218, P.L.
108-311, excluding sections 306, 307, 308,
17316, 401, and 403 (a) of P.L.
108-311,
and P.L.
108-357, excluding sections 101, 201,
18211, 242, 244, 336, 337,
422, 847, 909, and 910 of P.L.
108-357,
P.L. 109-7, P.L.
19109-58, excluding sections 1305, 1308, 1309, 1310, 1323, 1324, 1325, 1326, 1328,
201329, 1348, and 1351 of P.L. 109-58, P.L. 109-135, excluding sections 101, 105, 201
21(a) as it relates to section 1400S (a), 402 (e), 403 (e), (j), and (q), and 405 of P.L.
22109-135, and P.L. 109-280, excluding sections 811 and 844 of P.L. 109-280, and as
23indirectly affected in the provisions applicable to this subchapter by P.L.
99-514, P.L.
24100-203, P.L.
100-647, P.L.
101-73, P.L.
101-140, P.L.
101-179, P.L.
101-239, P.L.
25101-508, P.L.
102-227, excluding sections 103, 104, and 110 of P.L.
102-227, P.L.
1102-318, P.L.
102-486, P.L.
103-66, excluding sections 13113, 13150 (d), 13171 (d),
213174, and 13203 (d) of P.L.
103-66, P.L.
103-296, P.L.
103-337, P.L.
103-465, P.L.
3104-7, P.L.
104-188, excluding sections 1123 (b), 1202 (c), 1204 (f), 1311, and 1605
4(d) of P.L.
104-188, P.L.
104-191, P.L.
104-193, P.L.
105-33, P.L.
105-34, P.L.
5105-178, P.L.
105-206, P.L.
105-277, P.L.
106-36, P.L.
106-170, P.L.
106-230, P.L.
6106-554, excluding sections 162 and 165 of P.L.
106-554, P.L.
107-15, P.L.
107-16,
7excluding section 431 of P.L.
107-16, P.L.
107-22, P.L.
107-116, P.L.
107-134, P.L.
8107-147, excluding sections 101
, 301 (a), and 406 of P.L.
107-147, P.L.
107-181, P.L.
9107-210, P.L.
107-276, P.L.
107-358, P.L.
108-27, excluding sections 106, 201, and
10202 of P.L.
108-27, P.L.
108-121, excluding section 109 of P.L.
108-121, P.L.
108-218,
11P.L.
108-311, excluding sections 306, 307, 308,
316, 401, and 403 (a) of P.L.
108-311,
12and P.L.
108-357, excluding sections 101, 201,
211, 242, 244, 336, 337,
422, 847, 909,
13and 910 of P.L.
108-357,
P.L. 109-7, P.L. 109-58, excluding sections 1305, 1308,
141309, 1310, 1323, 1324, 1325, 1326, 1328, 1329, 1348, and 1351 of P.L. 109-58, P.L.
15109-135, excluding sections 101, 105, 201 (a) as it relates to section 1400S (a), 402
16(e), 403 (e), (j), and (q), and 405 of P.L. 109-135, and P.L. 109-280, excluding sections
17811 and 844 of P.L. 109-280, except that property that, under s. 71.02 (1) (c) 8. to 11.,
181985 stats., is required to be depreciated for taxable years 1983 to 1986 under the
19Internal Revenue Code as amended to December 31, 1980, shall continue to be
20depreciated under the Internal Revenue Code as amended to December 31, 1980,
21and except that the appropriate amount shall be added or subtracted to reflect
22differences between the depreciation or adjusted basis for federal income tax
23purposes and the depreciation or adjusted basis under this chapter of any property
24disposed of during the taxable year. The Internal Revenue Code as amended to
25December 31, 1999, excluding sections 103, 104, and 110 of P.L.
102-227, sections
113113, 13150 (d), 13171 (d), 13174, and 13203 (d) of P.L.
103-66, and sections 1123
2(b), 1202 (c), 1204 (f), 1311, and 1605 (d) of P.L.
104-188, and as amended by P.L.
3106-230, P.L.
106-554, excluding sections 162 and 165 of P.L.
106-554, P.L.
107-15,
4P.L.
107-16, excluding section 431 of P.L.
107-16, P.L.
107-22, P.L.
107-116, P.L.
5107-134, P.L.
107-147, excluding sections 101
, 301 (a), and 406 of P.L.
107-147, P.L.
6107-181, P.L.
107-210, P.L.
107-276, P.L.
107-358, P.L.
108-27, excluding sections
7106, 201, and 202 of P.L.
108-27, P.L.
108-121, excluding section 109 of P.L.
108-121,
8P.L.
108-218, P.L.
108-311, excluding sections 306, 307, 308,
316, 401, and 403 (a)
9of P.L.
108-311,
and P.L.
108-357, excluding sections 101, 201,
211, 242, 244, 336,
10337,
422, 847, 909, and 910 of P.L.
108-357,
P.L. 109-7, P.L. 109-58, excluding
11sections 1305, 1308, 1309, 1310, 1323, 1324, 1325, 1326, 1328, 1329, 1348, and 1351
12of P.L. 109-58, P.L. 109-135, excluding sections 101, 105, 201 (a) as it relates to
13section 1400S (a), 402 (e), 403 (e), (j), and (q), and 405 of P.L. 109-135, and P.L.
14109-280, excluding sections 811 and 844 of P.L. 109-280, and as indirectly affected
15in the provisions applicable to this subchapter by P.L.
99-514, P.L.
100-203, P.L.
16100-647, P.L.
101-73, P.L.
101-140, P.L.
101-179, P.L.
101-239, P.L.
101-508, P.L.
17102-227, excluding sections 103, 104, and 110 of P.L.
102-227, P.L.
102-318, P.L.
18102-486, P.L.
103-66, excluding sections 13113, 13150 (d), 13171 (d), 13174, and
1913203 (d) of P.L.
103-66, P.L.
103-296, P.L.
103-337, P.L.
103-465, P.L.
104-7, P.L.
20104-188, excluding sections 1123 (b), 1202 (c), 1204 (f), 1311, and 1605 (d) of P.L.
21104-188, P.L.
104-191, P.L.
104-193, P.L.
105-33, P.L.
105-34, P.L.
105-178, P.L.
22105-206, P.L.
105-277, P.L.
106-36, P.L.
106-170, P.L.
106-230, P.L.
106-554,
23excluding sections 162 and 165 of P.L.
106-554, P.L.
107-15, P.L.
107-16, excluding
24section 431 of P.L.
107-16, P.L.
107-22, P.L.
107-116, P.L.
107-134, P.L.
107-147,
25excluding sections 101
, 301 (a), and 406 of P.L.
107-147, P.L.
107-181, P.L.
107-210,
1P.L.
107-276, P.L.
107-358, P.L.
108-27, excluding sections 106, 201, and 202 of P.L.
2108-27, P.L.
108-121, excluding section 109 of P.L.
108-121, P.L.
108-218, P.L.
3108-311, excluding sections 306, 307, 308,
316, 401, and 403 (a) of P.L.
108-311,
and 4P.L.
108-357, excluding sections 101, 201,
211, 242, 244, 336, 337,
422, 847, 909, and
5910 of P.L.
108-357,
P.L. 109-7, P.L. 109-58, excluding sections 1305, 1308, 1309,
61310, 1323, 1324, 1325, 1326, 1328, 1329, 1348, and 1351 of P.L. 109-58, P.L.
7109-135, excluding sections 101, 105, 201 (a) as it relates to section 1400S (a), 402
8(e), 403 (e), (j), and (q), and 405 of P.L. 109-135, and P.L. 109-280, excluding sections
9811 and 844 of P.L. 109-280, applies for Wisconsin purposes at the same time as for
10federal purposes. Amendments to the Internal Revenue Code enacted after
11December 31, 1999, do not apply to this subdivision with respect to taxable years that
12begin after December 31, 1999, and before January 1, 2003, except that changes to
13the Internal Revenue Code made by P.L.
106-230, P.L.
106-554, excluding sections
14162 and 165 of P.L.
106-554, P.L.
107-15, P.L.
107-16, excluding section 431 of P.L.
15107-16, P.L.
107-22, P.L.
107-116, P.L.
107-134, P.L.
107-147, excluding sections
16101
, 301 (a), and 406 of P.L.
107-147, P.L.
107-181, P.L.
107-210, P.L.
107-276, P.L.
17107-358, P.L.
108-27, excluding sections 106, 201, and 202 of P.L.
108-27, P.L.
18108-121, excluding section 109 of P.L.
108-121, P.L.
108-218, P.L.
108-311,
19excluding sections 306, 307, 308,
316, 401, and 403 (a) of P.L.
108-311,
and P.L.
20108-357, excluding sections 101, 201,
211, 242, 244, 336, 337,
422, 847, 909, and 910
21of P.L.
108-357,
P.L. 109-7, P.L. 109-58, excluding sections 1305, 1308, 1309, 1310,
221323, 1324, 1325, 1326, 1328, 1329, 1348, and 1351 of P.L. 109-58, P.L. 109-135,
23excluding sections 101, 105, 201 (a) as it relates to section 1400S (a), 402 (e), 403 (e),
24(j), and (q), and 405 of P.L. 109-135, and P.L. 109-280, excluding sections 811 and 844
25of P.L. 109-280, and changes that indirectly affect the provisions applicable to this
1subchapter made by P.L.
106-230, P.L.
106-554, excluding sections 162 and 165 of
2P.L.
106-554, P.L.
107-15, P.L.
107-16, excluding section 431 of P.L.
107-16, P.L.
3107-22, P.L.
107-116, P.L.
107-134, P.L.
107-147, excluding sections 101
, 301 (a), 4and 406 of P.L.
107-147, P.L.
107-181, P.L.
107-210, P.L.
107-276, P.L.
107-358, P.L.
5108-27, excluding sections 106, 201, and 202 of P.L.
108-27, P.L.
108-121, excluding
6section 109 of P.L.
108-121, P.L.
108-218, P.L.
108-311, excluding sections 306, 307,
7308,
316, 401, and 403 (a) of P.L.
108-311,
and P.L.
108-357, excluding sections 101,
8201,
211, 242, 244, 336, 337,
422, 847, 909, and 910 of P.L.
108-357,
P.L. 109-7, P.L.
9109-58, excluding sections 1305, 1308, 1309, 1310, 1323, 1324, 1325, 1326, 1328,
101329, 1348, and 1351 of P.L. 109-58, P.L. 109-135, excluding sections 101, 105, 201
11(a) as it relates to section 1400S (a), 402 (e), 403 (e), (j), and (q), and 405 of P.L.
12109-135, and P.L. 109-280, excluding sections 811 and 844 of P.L. 109-280, apply for
13Wisconsin purposes at the same time as for federal purposes.
SB40, s. 2027
14Section
2027. 71.26 (2) (b) 16. of the statutes is amended to read:
SB40,962,815
71.26
(2) (b) 16. For taxable years that begin after December 31, 2002, and
16before January 1, 2004, for a corporation, conduit, or common law trust which
17qualifies as a regulated investment company, real estate mortgage investment
18conduit, real estate investment trust, or financial asset securitization investment
19trust under the Internal Revenue Code as amended to December 31, 2002, excluding
20sections 103, 104, and 110 of P.L.
102-227, sections 13113, 13150 (d), 13171 (d),
2113174, and 13203 (d) of P.L.
103-66, sections 1123 (b), 1202 (c), 1204 (f), 1311, and
221605 (d) of P.L.
104-188, P.L.
106-519, sections 162 and 165 of P.L.
106-554, P.L.
23106-573, section 431 of P.L.
107-16, and
section
sections 101
and 301 (a) of P.L.
24107-147, and as amended by P.L.
108-27, excluding sections 106, 201, and 202 of P.L.
25108-27, P.L.
108-121, excluding section 109 of P.L.
108-121, P.L.
108-173, excluding
1section 1201 of P.L.
108-173, P.L.
108-203, P.L.
108-218, P.L.
108-311, excluding
2sections 306, 307, 308,
316, 401, and 403 (a) of P.L.
108-311, P.L.
108-357, excluding
3sections 101, 201,
211, 242, 244, 336, 337,
422, 847, 909, and 910 of P.L.
108-357,
and 4P.L.
108-375,
P.L. 109-7, P.L. 109-58, excluding sections 1305, 1308, 1309, 1310,
51323, 1324, 1325, 1326, 1328, 1329, 1348, and 1351 of P.L. 109-58, P.L. 109-135,
6excluding sections 101, 105, 201 (a) as it relates to section 1400S (a), 402 (e), 403 (e),
7(j), and (q), and 405 of P.L. 109-135, and P.L. 109-280, excluding sections 811 and 844
8of P.L. 109-280, and as indirectly affected in the provisions applicable to this
9subchapter by P.L.
99-514, P.L.
100-203, P.L.
100-647, P.L.
101-73, P.L.
101-140,
10P.L.
101-179, P.L.
101-239, P.L.
101-508, P.L.
102-227, excluding sections 103, 104,
11and 110 of P.L.
102-227, P.L.
102-318, P.L.
102-486, P.L.
103-66, excluding sections
1213113, 13150 (d), 13171 (d), 13174, and 13203 (d) of P.L.
103-66, P.L.
103-296, P.L.
13103-337, P.L.
103-465, P.L.
104-7, P.L.
104-188, excluding sections 1123 (b), 1202
14(c), 1204 (f), 1311, and 1605 (d) of P.L.
104-188, P.L.
104-191, P.L.
104-193, P.L.
15105-33, P.L.
105-34, P.L.
105-178, P.L.
105-206, P.L.
105-277, P.L.
106-36, P.L.
16106-170, P.L.
106-230, P.L.
106-554, excluding sections 162 and 165 of P.L.
106-554,
17P.L.
107-15, P.L.
107-16, excluding section 431 of P.L.
107-16, P.L.
107-22, P.L.
18107-116, P.L.
107-134, P.L.
107-147, excluding
section
sections 101
and 301 (a) of
19P.L.
107-147, P.L.
107-181, P.L.
107-210, P.L.
107-276, P.L.
107-358, P.L.
108-27,
20excluding sections 106, 201, and 202 of P.L.
108-27, P.L.
108-121, excluding section
21109 of P.L.
108-121, P.L.
108-173, excluding section 1201 of P.L.
108-173, P.L.
22108-203, P.L.
108-218, P.L.
108-311, excluding sections 306, 307, 308,
316, 401, and
23403 (a) of P.L.
108-311, P.L.
108-357, excluding sections 101, 201,
211, 242, 244, 336,
24337,
422, 847, 909, and 910 of P.L.
108-357,
and P.L.
108-375,
P.L. 109-7, P.L.
25109-58, excluding sections 1305, 1308, 1309, 1310, 1323, 1324, 1325, 1326, 1328,
11329, 1348, and 1351 of P.L. 109-58, P.L. 109-135, excluding sections 101, 105, 201
2(a) as it relates to section 1400S (a), 402 (e), 403 (e), (j), and (q), and 405 of P.L.
3109-135, and P.L. 109-280, excluding sections 811 and 844 of P.L. 109-280, "net
4income" means the federal regulated investment company taxable income, federal
5real estate mortgage investment conduit taxable income, federal real estate
6investment trust or financial asset securitization investment trust taxable income
7of the corporation, conduit, or trust as determined under the Internal Revenue Code
8as amended to December 31, 2002, excluding sections 103, 104, and 110 of P.L.
9102-227, sections 13113, 13150 (d), 13171 (d), 13174, and 13203 (d) of P.L.
103-66,
10sections 1123 (b), 1202 (c), 1204 (f), 1311, and 1605 (d) of P.L.
104-188, P.L.
106-519,
11sections 162 and 165 of P.L.
106-554, P.L.
106-573, section 431 of P.L.
107-16, and
12section sections 101
and 301 (a) of P.L.
107-147, and as amended by P.L.
108-27,
13excluding sections 106, 201, and 202 of P.L.
108-27, P.L.
108-121, excluding section
14109 of P.L.
108-121, P.L.
108-173, excluding section 1201 of P.L.
108-173, P.L.
15108-203, P.L.
108-218, P.L.
108-311, excluding sections 306, 307, 308,
316, 401, and
16403 (a) of P.L.
108-311, P.L.
108-357, excluding sections 101, 201,
211, 242, 244, 336,
17337,
422, 847, 909, and 910 of P.L.
108-357,
and P.L.
108-375,
P.L. 109-7, P.L.
18109-58, excluding sections 1305, 1308, 1309, 1310, 1323, 1324, 1325, 1326, 1328,
191329, 1348, and 1351 of P.L. 109-58, P.L. 109-135, excluding sections 101, 105, 201
20(a) as it relates to section 1400S (a), 402 (e), 403 (e), (j), and (q), and 405 of P.L.
21109-135, and P.L. 109-280, excluding sections 811 and 844 of P.L. 109-280, and as
22indirectly affected in the provisions applicable to this subchapter by P.L.
99-514, P.L.
23100-203, P.L.
100-647, P.L.
101-73, P.L.
101-140, P.L.
101-179, P.L.
101-239, P.L.
24101-508, 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 (b), 1202 (c), 1204 (f), 1311, and 1605
3(d) of P.L.
104-188, P.L.
104-191, P.L.
104-193, P.L.
105-33, P.L.
105-34, P.L.
4105-178, P.L.
105-206, P.L.
105-277, P.L.
106-36, P.L.
106-170, P.L.
106-230, P.L.
5106-554, excluding sections 162 and 165 of P.L.
106-554, P.L.
107-15, P.L.
107-16,
6excluding section 431 of P.L.
107-16, P.L.
107-22, P.L.
107-116, P.L.
107-134, P.L.
7107-147, excluding
section sections 101
and 301 (a) of P.L.
107-147, P.L.
107-181,
8P.L.
107-210, P.L.
107-276, P.L.
107-358, P.L.
108-27, excluding sections 106, 201,
9and 202 of P.L.
108-27, P.L.
108-121, excluding section 109 of P.L.
108-121, P.L.
10108-173, excluding section 1201 of P.L.
108-173, P.L.
108-203, P.L.
108-218, P.L.
11108-311, excluding sections 306, 307, 308,
316, 401, and 403 (a) of P.L.
108-311, P.L.
12108-357, excluding sections 101, 201,
211, 242, 244, 336, 337,
422, 847, 909, and 910
13of P.L.
108-357,
and P.L.
108-375,
P.L. 109-7, P.L. 109-58, excluding sections 1305,
141308, 1309, 1310, 1323, 1324, 1325, 1326, 1328, 1329, 1348, and 1351 of P.L. 109-58,
15P.L. 109-135, excluding sections 101, 105, 201 (a) as it relates to section 1400S (a),
16402 (e), 403 (e), (j), and (q), and 405 of P.L. 109-135, and P.L. 109-280, excluding
17sections 811 and 844 of P.L. 109-280, except that property that, under s. 71.02 (1) (c)
188. to 11., 1985 stats., is required to be depreciated for taxable years 1983 to 1986
19under the Internal Revenue Code as amended to December 31, 1980, shall continue
20to be depreciated under the Internal Revenue Code as amended to
21December 31, 1980, and except that the appropriate amount shall be added or
22subtracted to reflect differences between the depreciation or adjusted basis for
23federal income tax purposes and the depreciation or adjusted basis under this
24chapter of any property disposed of during the taxable year. The Internal Revenue
25Code as amended to December 31, 2002, excluding sections 103, 104, and 110 of P.L.
1102-227, sections 13113, 13150 (d), 13171 (d), 13174, and 13203 (d) of P.L.
103-66,
2sections 1123 (b), 1202 (c), 1204 (f), 1311, and 1605 (d) of P.L.
104-188, P.L.
106-519,
3sections 162 and 165 of P.L.
106-554, P.L.
106-573, section 431 of P.L.
107-16, and
4section sections 101
and 301 (a) of P.L.
107-147, and as amended by P.L.
108-27,
5excluding sections 106, 201, and 202 of P.L.
108-27, P.L.
108-121, excluding section
6109 of P.L.
108-121, P.L.
108-173, excluding section 1201 of P.L.
108-173, P.L.
7108-203, P.L.
108-218, P.L.
108-311, excluding sections 306, 307, 308,
316, 401, and
8403 (a) of P.L.
108-311, P.L.
108-357, excluding sections 101, 201,
211, 242, 244, 336,
9337,
422, 847, 909, and 910 of P.L.
108-357,
and P.L.
108-375,
P.L. 109-7, P.L.
10109-58, excluding sections 1305, 1308, 1309, 1310, 1323, 1324, 1325, 1326, 1328,
111329, 1348, and 1351 of P.L. 109-58, P.L. 109-135, excluding sections 101, 105, 201
12(a) as it relates to section 1400S (a), 402 (e), 403 (e), (j), and (q), and 405 of P.L.
13109-135, and P.L. 109-280, excluding sections 811 and 844 of P.L. 109-280, and as
14indirectly affected in the provisions applicable to this subchapter by P.L.
99-514, P.L.
15100-203, P.L.
100-647, P.L.
101-73, P.L.
101-140, P.L.
101-179, P.L.
101-239, P.L.
16101-508, P.L.
102-227, excluding sections 103, 104, and 110 of P.L.
102-227, P.L.
17102-318, P.L.
102-486, P.L.
103-66, excluding sections 13113, 13150 (d), 13171 (d),
1813174, and 13203 (d) of P.L.
103-66, P.L.
103-296, P.L.
103-337, P.L.
103-465, P.L.
19104-7, P.L.
104-188, excluding sections 1123 (b), 1202 (c), 1204 (f), 1311, and 1605
20(d) of P.L.
104-188, P.L.
104-191, P.L.
104-193, P.L.
105-33, P.L.
105-34, P.L.
21105-178, P.L.
105-206, P.L.
105-277, P.L.
106-36, P.L.
106-170, P.L.
106-230, P.L.
22106-554, excluding sections 162 and 165 of P.L.
106-554, P.L.
107-15, P.L.
107-16,
23excluding section 431 of P.L.
107-16, P.L.
107-22, P.L.
107-116, P.L.
107-134, P.L.
24107-147, excluding
section sections 101
and 301 (a) of P.L.
107-147, P.L.
107-181,
25P.L.
107-210, P.L.
107-276, P.L.
107-358, P.L.
108-27, excluding sections 106, 201,
1and 202 of P.L.
108-27, P.L.
108-121, excluding section 109 of P.L.
108-121, P.L.
2108-173, excluding section 1201 of P.L.
108-173, P.L.
108-203, P.L.
108-218, P.L.
3108-311, excluding sections 306, 307, 308,
316, 401, and 403 (a) of P.L.
108-311, P.L.
4108-357, excluding sections 101, 201,
211, 242, 244, 336, 337,
422, 847, 909, and 910
5of P.L.
108-357,
and P.L.
108-375,
P.L. 109-7, P.L. 109-58, excluding sections 1305,
61308, 1309, 1310, 1323, 1324, 1325, 1326, 1328, 1329, 1348, and 1351 of P.L. 109-58,
7P.L. 109-135, excluding sections 101, 105, 201 (a) as it relates to section 1400S (a),
8402 (e), 403 (e), (j), and (q), and 405 of P.L. 109-135, and P.L. 109-280, excluding
9sections 811 and 844 of P.L. 109-280, applies for Wisconsin purposes at the same time
10as for federal purposes. Amendments to the Internal Revenue Code enacted after
11December 31, 2002, do not apply to this subdivision with respect to taxable years that
12begin after December 31, 2002, and before January 1, 2004, except that changes to
13the Internal Revenue Code made by P.L.
108-27, excluding sections 106, 201, and
14202 of P.L.
108-27, P.L.
108-121, excluding section 109 of P.L.
108-121, P.L.
108-173,
15excluding section 1201 of P.L.
108-173, P.L.
108-203, P.L.
108-218, P.L.
108-311,
16excluding sections 306, 307, 308,
316, 401, and 403 (a) of P.L.
108-311, P.L.
108-357,
17excluding sections 101, 201,
211, 242, 244, 336, 337,
422, 847, 909, and 910 of P.L.
18108-357,
and P.L.
108-375,
P.L. 109-7, P.L. 109-58, excluding sections 1305, 1308,
191309, 1310, 1323, 1324, 1325, 1326, 1328, 1329, 1348, and 1351 of P.L. 109-58, P.L.
20109-135, excluding sections 101, 105, 201 (a) as it relates to section 1400S (a), 402
21(e), 403 (e), (j), and (q), and 405 of P.L. 109-135, and P.L. 109-280, excluding sections
22811 and 844 of P.L. 109-280, and changes that indirectly affect the provisions
23applicable to this subchapter made by P.L.
108-27, excluding sections 106, 201, and
24202 of P.L.
108-27, P.L.
108-121, excluding section 109 of P.L.
108-121, P.L.
108-173,
25excluding section 1201 of P.L.
108-173, P.L.
108-203, P.L.
108-218, P.L.
108-311,
1excluding sections 306, 307, 308,
316, 401, and 403 (a) of P.L.
108-311, P.L.
108-357,
2excluding sections 101, 201,
211, 242, 244, 336, 337,
422, 847, 909, and 910 of P.L.
3108-357,
and P.L.
108-375,
P.L. 109-7, P.L. 109-58, excluding sections 1305, 1308,
41309, 1310, 1323, 1324, 1325, 1326, 1328, 1329, 1348, and 1351 of P.L. 109-58, P.L.
5109-135, excluding sections 101, 105, 201 (a) as it relates to section 1400S (a), 402
6(e), 403 (e), (j), and (q), and 405 of P.L. 109-135, and P.L. 109-280, excluding sections
7811 and 844 of P.L. 109-280, apply for Wisconsin purposes at the same time as for
8federal purposes.
SB40, s. 2028
9Section
2028. 71.26 (2) (b) 17. of the statutes is amended to read:
SB40,968,310
71.26
(2) (b) 17. For taxable years that begin after December 31, 2003, and
11before January 1, 2005, for a corporation, conduit, or common law trust which
12qualifies as a regulated investment company, real estate mortgage investment
13conduit, real estate investment trust, or financial asset securitization investment
14trust under the Internal Revenue Code as amended to December 31, 2003, excluding
15sections 103, 104, and 110 of P.L.
102-227, sections 13113, 13150 (d), 13171 (d),
1613174, and 13203 (d) of P.L.
103-66, sections 1123 (b), 1202 (c), 1204 (f), 1311, and
171605 (d) of P.L.
104-188, P.L.
106-519, sections 162 and 165 of P.L.
106-554, P.L.
18106-573, section 431 of P.L.
107-16,
section sections 101
and 301 (a) of P.L.
107-147,
19sections 106, 201, and 202 of P.L.
108-27, section 109 of P.L.
108-121, and section
201201 of P.L.
108-173, and as amended by P.L.
108-203, P.L.
108-218, P.L.
108-311,
21excluding sections 306, 307, 308,
316, 401, and 403 (a) of P.L.
108-311, P.L.
108-357,
22excluding sections 101, 201,
211, 242, 244, 336, 337,
422, 847, 909, and 910 of P.L.
23108-357, P.L.
108-375,
and P.L.
108-476,
P.L. 109-7, P.L. 109-58, excluding sections
241305, 1308, 1309, 1310, 1323, 1324, 1325, 1326, 1328, 1329, 1348, and 1351 of P.L.
25109-58, P.L. 109-73, excluding section 301 of P.L. 109-73, P.L. 109-135, excluding
1sections 101, 105, 201 (a) as it relates to section 1400S (a), 402 (e), 403 (e), (j), and
2(q), and 405 of P.L. 109-135, P.L. 109-227, and P.L. 109-280, excluding sections 811
3and 844 of P.L. 109-280, and as indirectly affected in the provisions applicable to this
4subchapter by P.L.
99-514, P.L.
100-203, P.L.
100-647, P.L.
101-73, P.L.
101-140,
5P.L.
101-179, P.L.
101-239, P.L.
101-508, P.L.
102-227, excluding sections 103, 104,
6and 110 of P.L.
102-227, P.L.
102-318, P.L.
102-486, P.L.
103-66, excluding sections
713113, 13150 (d), 13171 (d), 13174, and 13203 (d) of P.L.
103-66, P.L.
103-296, P.L.
8103-337, P.L.
103-465, P.L.
104-7, P.L.
104-188, excluding sections 1123 (b), 1202
9(c), 1204 (f), 1311, and 1605 (d) of P.L.
104-188, P.L.
104-191, P.L.
104-193, P.L.
10105-33, P.L.
105-34, P.L.
105-178, P.L.
105-206, P.L.
105-277, P.L.
106-36, P.L.
11106-170, P.L.
106-230, P.L.
106-554, excluding sections 162 and 165 of P.L.
106-554,
12P.L.
107-15, P.L.
107-16, excluding section 431 of P.L.
107-16, P.L.
107-22, P.L.
13107-116, P.L.
107-134, P.L.
107-147, excluding
section
sections 101
and 301 (a) of
14P.L.
107-147, P.L.
107-181, P.L.
107-210, P.L.
107-276, P.L.
107-358, P.L.
108-27,
15excluding sections 106, 201, and 202 of P.L.
108-27, P.L.
108-121, excluding section
16109 of P.L.
108-121, P.L.
108-173, excluding section 1201 of P.L.
108-173, P.L.
17108-203, P.L.
108-218, P.L.
108-311, excluding sections 306, 307, 308,
316, 401, and
18403 (a) of P.L.
108-311, P.L.
108-357, excluding sections 101, 201,
211, 242, 244, 336,
19337,
422, 847, 909, and 910 of P.L.
108-357, P.L.
108-375,
and P.L.
108-476,
P.L.
20109-7, P.L. 109-58, excluding sections 1305, 1308, 1309, 1310, 1323, 1324, 1325,
211326, 1328, 1329, 1348, and 1351 of P.L. 109-58, P.L. 109-73, excluding section 301
22of P.L. 109-73, P.L. 109-135, excluding sections 101, 105, 201 (a) as it relates to
23section 1400S (a), 402 (e), 403 (e), (j), and (q), and 405 of P.L. 109-135, P.L. 109-227,
24and P.L. 109-280, excluding sections 811 and 844 of P.L. 109-280, "net income"
25means the federal regulated investment company taxable income, federal real estate
1mortgage investment conduit taxable income, federal real estate investment trust
2or financial asset securitization investment trust taxable income of the corporation,
3conduit, or trust as determined under the Internal Revenue Code as amended to
4December 31, 2003, excluding sections 103, 104, and 110 of P.L.
102-227, sections
513113, 13150 (d), 13171 (d), 13174, and 13203 (d) of P.L.
103-66, sections 1123 (b),
61202 (c), 1204 (f), 1311, and 1605 (d) of P.L.
104-188, P.L.
106-519, sections 162 and
7165 of P.L.
106-554, P.L.
106-573, section 431 of P.L.
107-16,
section sections 101
and
8301 (a) of P.L.
107-147, sections 106, 201, and 202 of P.L.
108-27, section 109 of P.L.
9108-121, and section 1201 of P.L.
108-173, and as amended by P.L.
108-203, P.L.
10108-218, P.L.
108-311, excluding sections 306, 307, 308,
316, 401, and 403 (a) of P.L.
11108-311, P.L.
108-357, excluding sections 101, 201,
211, 242, 244, 336, 337,
422, 847, 12909, and 910 of P.L.
108-357, P.L.
108-375,
and P.L.
108-476,
P.L. 109-7, P.L.
13109-58, excluding sections 1305, 1308, 1309, 1310, 1323, 1324, 1325, 1326, 1328,
141329, 1348, and 1351 of P.L. 109-58, P.L. 109-73, excluding section 301 of P.L.
15109-73, P.L. 109-135, excluding sections 101, 105, 201 (a) as it relates to section
161400S (a), 402 (e), 403 (e), (j), and (q), and 405 of P.L. 109-135, P.L. 109-227, and P.L.
17109-280, excluding sections 811 and 844 of P.L. 109-280, and as indirectly affected
18in the provisions applicable to this subchapter by P.L.
99-514, P.L.
100-203, P.L.
19100-647, P.L.
101-73, P.L.
101-140, P.L.
101-179, P.L.
101-239, P.L.
101-508, P.L.
20102-227, 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, P.L.
106-170, P.L.
106-230, P.L.
106-554,
1excluding sections 162 and 165 of P.L.
106-554, P.L.
107-15, P.L.
107-16, excluding
2section 431 of P.L.
107-16, P.L.
107-22, P.L.
107-116, P.L.
107-134, P.L.
107-147,
3excluding
section sections 101
and 301 (a) of P.L.
107-147, P.L.
107-181, P.L.
4107-210, P.L.
107-276, P.L.
107-358, P.L.
108-27, excluding sections 106, 201, and
5202 of P.L.
108-27, P.L.
108-121, excluding section 109 of P.L.
108-121, P.L.
108-173,
6excluding section 1201 of P.L.
108-173, P.L.
108-203, P.L.
108-218, P.L.
108-311,
7excluding sections 306, 307, 308,
316, 401, and 403 (a) of P.L.
108-311, P.L.
108-357,
8excluding sections 101, 201,
211, 242, 244, 336, 337,
422, 847, 909, and 910 of P.L.
9108-357, P.L.
108-375,
and P.L.
108-476,
P.L. 109-7, P.L. 109-58, excluding sections
101305, 1308, 1309, 1310, 1323, 1324, 1325, 1326, 1328, 1329, 1348, and 1351 of P.L.
11109-58, P.L. 109-73, excluding section 301 of P.L. 109-73, P.L. 109-135, excluding
12sections 101, 105, 201 (a) as it relates to section 1400S (a), 402 (e), 403 (e), (j), and
13(q), and 405 of P.L. 109-135, P.L. 109-227, and P.L. 109-280, excluding sections 811
14and 844 of P.L. 109-280, except that property that, under s. 71.02 (1) (c) 8. to 11., 1985
15stats., is required to be depreciated for taxable years 1983 to 1986 under the Internal
16Revenue Code as amended to December 31, 1980, shall continue to be depreciated
17under the Internal Revenue Code as amended to December 31, 1980, and except that
18the appropriate amount shall be added or subtracted to reflect differences between
19the depreciation or adjusted basis for federal income tax purposes and the
20depreciation or adjusted basis under this chapter of any property disposed of during
21the taxable year. The Internal Revenue Code as amended to December 31, 2003,
22excluding sections 103, 104, and 110 of P.L.
102-227, sections 13113, 13150 (d), 13171
23(d), 13174, and 13203 (d) of P.L.
103-66, sections 1123 (b), 1202 (c), 1204 (f), 1311, and
241605 (d) of P.L.
104-188, P.L.
106-519, sections 162 and 165 of P.L.
106-554, P.L.
25106-573, section 431 of P.L.
107-16,
section sections 101
and 301 (a) of P.L.
107-147,
1sections 106, 201, and 202 of P.L.
108-27, section 109 of P.L.
108-121, and section
21201 of P.L.
108-173, and as amended by P.L.
108-203, P.L.
108-218, P.L.
108-311,
3excluding sections 306, 307, 308,
316, 401, and 403 (a) of P.L.
108-311, P.L.
108-357,
4excluding sections 101, 201,
211, 242, 244, 336, 337,
422, 847, 909, and 910 of P.L.
5108-357, P.L.
108-375,
and P.L.
108-476,
P.L. 109-7, P.L. 109-58, excluding sections
61305, 1308, 1309, 1310, 1323, 1324, 1325, 1326, 1328, 1329, 1348, and 1351 of P.L.
7109-58, P.L. 109-73, excluding section 301 of P.L. 109-73, P.L. 109-135, excluding
8sections 101, 105, 201 (a) as it relates to section 1400S (a), 402 (e), 403 (e), (j), and
9(q), and 405 of P.L. 109-135, P.L. 109-227, and P.L. 109-280, excluding sections 811
10and 844 of P.L. 109-280, and as indirectly affected in the provisions applicable to this
11subchapter by P.L.
99-514, P.L.
100-203, P.L.
100-647, P.L.
101-73, P.L.
101-140,
12P.L.
101-179, P.L.
101-239, P.L.
101-508, P.L.
102-227, excluding sections 103, 104,
13and 110 of P.L.
102-227, P.L.
102-318, P.L.
102-486, P.L.
103-66, excluding sections
1413113, 13150 (d), 13171 (d), 13174, and 13203 (d) of P.L.
103-66, P.L.
103-296, P.L.
15103-337, P.L.
103-465, P.L.
104-7, P.L.
104-188, excluding sections 1123 (b), 1202
16(c), 1204 (f), 1311, and 1605 (d) of P.L.
104-188, P.L.
104-191, P.L.
104-193, P.L.
17105-33, P.L.
105-34, P.L.
105-178, P.L.
105-206, P.L.
105-277, P.L.
106-36, P.L.
18106-170, P.L.
106-230, P.L.
106-554, excluding sections 162 and 165 of P.L.
106-554,
19P.L.
107-15, P.L.
107-16, excluding section 431 of P.L.
107-16, P.L.
107-22, P.L.
20107-116, P.L.
107-134, P.L.
107-147, excluding
section
sections 101
and 301 (a) of
21P.L.
107-147, P.L.
107-181, P.L.
107-210, P.L.
107-276, P.L.
107-358, P.L.
108-27,
22excluding sections 106, 201, and 202 of P.L.
108-27, P.L.
108-121, excluding section
23109 of P.L.
108-121, P.L.
108-173, excluding section 1201 of P.L.
108-173, P.L.
24108-203, P.L.
108-218, P.L.
108-311, excluding sections 306, 307, 308,
316, 401, and
25403 (a) of P.L.
108-311, P.L.
108-357, excluding sections 101, 201,
211, 242, 244, 336,
1337,
422, 847, 909, and 910 of P.L.
108-357, P.L.
108-375,
and P.L.
108-476,
P.L.
2109-7, P.L. 109-58, excluding sections 1305, 1308, 1309, 1310, 1323, 1324, 1325,
31326, 1328, 1329, 1348, and 1351 of P.L. 109-58, P.L. 109-73, excluding section 301
4of P.L. 109-73, P.L. 109-135, excluding sections 101, 105, 201 (a) as it relates to
5section 1400S (a), 402 (e), 403 (e), (j), and (q), and 405 of P.L. 109-135, P.L. 109-227,
6and P.L. 109-280, excluding sections 811 and 844 of P.L. 109-280, applies for
7Wisconsin purposes at the same time as for federal purposes. Amendments to the
8Internal Revenue Code enacted after December 31, 2003, do not apply to this
9subdivision with respect to taxable years that begin after December 31, 2003, and
10before January 1, 2005, except that changes to the Internal Revenue Code made by
11P.L.
108-203, P.L.
108-218, P.L.
108-311, excluding sections 306, 307, 308,
316, 401,
12and 403 (a) of P.L.
108-311, P.L.
108-357, excluding sections 101, 201,
211, 242, 244,
13336, 337,
422, 847, 909, and 910 of P.L.
108-357, P.L.
108-375,
and P.L.
108-476,
P.L.
14109-7, P.L. 109-58, excluding sections 1305, 1308, 1309, 1310, 1323, 1324, 1325,
151326, 1328, 1329, 1348, and 1351 of P.L. 109-58, P.L. 109-73, excluding section 301
16of P.L. 109-73, P.L. 109-135, excluding sections 101, 105, 201 (a) as it relates to
17section 1400S (a), 402 (e), 403 (e), (j), and (q), and 405 of P.L. 109-135, P.L. 109-227,
18and P.L. 109-280, excluding sections 811 and 844 of P.L. 109-280, and changes that
19indirectly affect the provisions applicable to this subchapter made by P.L.
108-203,
20P.L.
108-218, P.L.
108-311, excluding sections 306, 307, 308,
316, 401, and 403 (a)
21of P.L.
108-311, P.L.
108-357, excluding sections 101, 201,
211, 242, 244, 336, 337,
22422, 847, 909, and 910 of P.L.
108-357, P.L.
108-375,
and P.L.
108-476,
P.L. 109-7,
23P.L. 109-58, excluding sections 1305, 1308, 1309, 1310, 1323, 1324, 1325, 1326, 1328,
241329, 1348, and 1351 of P.L. 109-58, P.L. 109-73, excluding section 301 of P.L.
25109-73, P.L. 109-135, excluding sections 101, 105, 201 (a) as it relates to section
11400S (a), 402 (e), 403 (e), (j), and (q), and 405 of P.L. 109-135, P.L. 109-227, and P.L.
2109-280, excluding sections 811 and 844 of P.L. 109-280, apply for Wisconsin
3purposes at the same time as for federal purposes.
SB40, s. 2029
4Section
2029. 71.26 (2) (b) 18. of the statutes is amended to read:
SB40,973,205
71.26
(2) (b) 18. For taxable years that begin after December 31, 2004,
and
6before January 1, 2006, for a corporation, conduit, or common law trust which
7qualifies as a regulated investment company, real estate mortgage investment
8conduit, real estate investment trust, or financial asset securitization investment
9trust under the Internal Revenue Code as amended to December 31, 2004, excluding
10sections 103, 104, and 110 of P.L.
102-227, sections 13113, 13150 (d), 13171 (d),
1113174, and 13203 (d) of P.L.
103-66, sections 1123 (b), 1202 (c), 1204 (f), 1311, and
121605 (d) of P.L.
104-188, sections 1, 3, 4, and 5 of P.L.
106-519, sections 162 and 165
13of P.L.
106-554, P.L.
106-573, section 431 of P.L.
107-16,
section sections 101
and 301
14(a) of P.L.
107-147, sections 106, 201, and 202 of P.L.
108-27, section 1201 of P.L.
15108-173, sections 306, 308,
316, 401, and 403 (a) of P.L.
108-311, and sections 101,
16201,
211, 242, 244, 336, 337,
422, 847, 909, and 910 of P.L.
108-357,
and as amended
17by P.L. 109-7, P.L. 109-58, excluding sections 1305, 1308, 1309, 1310, 1323, 1324,
181325, 1326, 1328, 1329, 1348, and 1351 of P.L. 109-58, P.L. 109-73, excluding section
19301 of P.L. 109-73, P.L. 109-135, excluding sections 101, 105, 201 (a) as it relates to
20section 1400S (a), 402 (e), 403 (e), (j), and (q), and 405 of P.L. 109-135, P.L. 109-151,
21P.L. 109-222, excluding sections 101, 207, 209, 503, 512, and 513 of P.L. 109-222, P.L.
22109-227, and P.L. 109-280, excluding sections 811 and 844 of P.L. 109-280, and as
23indirectly affected in the provisions applicable to this subchapter by P.L.
99-514, P.L.
24100-203, P.L.
100-647, P.L.
101-73, P.L.
101-140, P.L.
101-179, P.L.
101-239, P.L.
25101-508, P.L.
102-227, excluding sections 103, 104, and 110 of P.L.
102-227, P.L.
1102-318, P.L.
102-486, P.L.
103-66, excluding sections 13113, 13150 (d), 13171 (d),
213174, and 13203 (d) of P.L.
103-66, P.L.
103-296, P.L.
103-337, P.L.
103-465, P.L.
3104-7, P.L.
104-188, excluding sections 1123 (b), 1202 (c), 1204 (f), 1311, and 1605
4(d) of P.L.
104-188, P.L.
104-191, P.L.
104-193, P.L.
105-33, P.L.
105-34, P.L.
5105-178, P.L.
105-206, P.L.
105-277, P.L.
106-36, P.L.
106-170, P.L.
106-230, P.L.
6106-554, excluding sections 162 and 165 of P.L.
106-554, P.L.
107-15, P.L.
107-16,
7excluding section 431 of P.L.
107-16, P.L.
107-22, P.L.
107-116, P.L.
107-134, P.L.
8107-147, excluding
section sections 101
and 301 (a) of P.L.
107-147, P.L.
107-181,
9P.L.
107-210, P.L.
107-276, P.L.
107-358, P.L.
108-27, excluding sections 106, 201,
10and 202 of P.L.
108-27, P.L.
108-121, P.L.
108-173, excluding section 1201 of P.L.
11108-173, P.L.
108-203, P.L.
108-218, P.L.
108-311, excluding sections 306, 308,
316, 12401, and 403 (a) of P.L.
108-311, P.L.
108-357, excluding sections 101, 201,
211, 242, 13244, 336, 337,
422, 847, 909, and 910 of P.L.
108-357, P.L.
108-375,
and P.L.
108-476,
14P.L. 109-7, P.L. 109-58, excluding sections 1305, 1308, 1309, 1310, 1323, 1324, 1325,
151326, 1328, 1329, 1348, and 1351 of P.L. 109-58, P.L. 109-73, excluding section 301
16of P.L. 109-73, P.L. 109-135, excluding sections 101, 105, 201 (a) as it relates to
17section 1400S (a), 402 (e), 403 (e), (j), and (q), and 405 of P.L. 109-135, P.L. 109-151,
18P.L. 109-222, excluding sections 101, 207, 209, 503, 512, and 513 of P.L. 109-222, P.L.
19109-227, and P.L. 109-280, excluding sections 811 and 844 of P.L. 109-280, "net
20income" means the federal regulated investment company taxable income, federal
21real estate mortgage investment conduit taxable income, federal real estate
22investment trust or financial asset securitization investment trust taxable income
23of the corporation, conduit, or trust as determined under the Internal Revenue Code
24as amended to December 31, 2004, excluding sections 103, 104, and 110 of P.L.
25102-227, sections 13113, 13150 (d), 13171 (d), 13174, and 13203 (d) of P.L.
103-66,
1sections 1123 (b), 1202 (c), 1204 (f), 1311, and 1605 (d) of P.L.
104-188, sections 1, 3,
24, and 5 of P.L.
106-519, sections 162 and 165 of P.L.
106-554, P.L.
106-573, section
3431 of P.L.
107-16,
section sections 101
and 301 (a) of P.L.
107-147, sections 106, 201,
4and 202 of P.L.
108-27, section 1201 of P.L.
108-173, sections 306, 308,
316, 401, and
5403 (a) of P.L.
108-311, and sections 101, 201,
211, 242, 244, 336, 337,
422, 847, 909,
6and 910 of P.L.
108-357,
and as amended by P.L. 109-7, P.L. 109-58, excluding
7sections 1305, 1308, 1309, 1310, 1323, 1324, 1325, 1326, 1328, 1329, 1348, and 1351
8of P.L. 109-58, P.L. 109-73, excluding section 301 of P.L. 109-73, P.L. 109-135,
9excluding sections 101, 105, 201 (a) as it relates to section 1400S (a), 402 (e), 403 (e),
10(j), and (q), and 405 of P.L. 109-135, P.L. 109-151, P.L. 109-222, excluding sections
11101, 207, 209, 503, 512, and 513 of P.L. 109-222, P.L. 109-227, and P.L. 109-280,
12excluding sections 811 and 844 of P.L. 109-280, and as indirectly affected in the
13provisions applicable to this subchapter by P.L.
99-514, P.L.
100-203, P.L.
100-647,
14P.L.
101-73, P.L.
101-140, P.L.
101-179, P.L.
101-239, P.L.
101-508, P.L.
102-227,
15excluding sections 103, 104, and 110 of P.L.
102-227, P.L.
102-318, P.L.
102-486, P.L.
16103-66, excluding sections 13113, 13150 (d), 13171 (d), 13174, and 13203 (d) of P.L.
17103-66, P.L.
103-296, P.L.
103-337, P.L.
103-465, P.L.
104-7, P.L.
104-188,
18excluding sections 1123 (b), 1202 (c), 1204 (f), 1311, and 1605 (d) of P.L.
104-188, P.L.
19104-191, P.L.
104-193, P.L.
105-33, P.L.
105-34, P.L.
105-178, P.L.
105-206, P.L.
20105-277, P.L.
106-36, P.L.
106-170, P.L.
106-230, P.L.
106-554, excluding sections
21162 and 165 of P.L.
106-554, P.L.
107-15, P.L.
107-16, excluding section 431 of P.L.
22107-16, P.L.
107-22, P.L.
107-116, P.L.
107-134, P.L.
107-147, excluding
section 23sections 101
and 301 (a) of P.L.
107-147, P.L.
107-181, P.L.
107-210, P.L.
107-276,
24P.L.
107-358, P.L.
108-27, excluding sections 106, 201, and 202 of P.L.
108-27, P.L.
25108-121, P.L.
108-173, excluding section 1201 of P.L.
108-173, P.L.
108-203, P.L.
1108-218, P.L.
108-311, excluding sections 306, 308,
316, 401, and 403 (a) of P.L.
2108-311, P.L.
108-357, excluding sections 101, 201,
211, 242, 244, 336, 337,
422, 847, 3909, and 910 of P.L.
108-357, P.L.
108-375,
and P.L.
108-476,
P.L. 109-7, P.L.
4109-58, excluding sections 1305, 1308, 1309, 1310, 1323, 1324, 1325, 1326, 1328,
51329, 1348, and 1351 of P.L. 109-58, P.L. 109-73, excluding section 301 of P.L.
6109-73, P.L. 109-135, excluding sections 101, 105, 201 (a) as it relates to section
71400S (a), 402 (e), 403 (e), (j), and (q), and 405 of P.L. 109-135, P.L. 109-151, P.L.
8109-222, excluding sections 101, 207, 209, 503, 512, and 513 of P.L. 109-222, P.L.
9109-227, and P.L. 109-280, excluding sections 811 and 844 of P.L. 109-280, except
10that property that, under s. 71.02 (1) (c) 8. to 11., 1985 stats., is required to be
11depreciated for taxable years 1983 to 1986 under the Internal Revenue Code as
12amended to December 31, 1980, shall continue to be depreciated under the Internal
13Revenue Code as amended to December 31, 1980, and except that the appropriate
14amount shall be added or subtracted to reflect differences between the depreciation
15or adjusted basis for federal income tax purposes and the depreciation or adjusted
16basis under this chapter of any property disposed of during the taxable year. The
17Internal Revenue Code as amended to December 31, 2004, excluding sections 103,
18104, and 110 of P.L.
102-227, sections 13113, 13150 (d), 13171 (d), 13174, and 13203
19(d) of P.L.
103-66, sections 1123 (b), 1202 (c), 1204 (f), 1311, and 1605 (d) of P.L.
20104-188, sections 1, 3, 4, and 5 of P.L.
106-519, sections 162 and 165 of P.L.
106-554,
21P.L.
106-573, section 431 of P.L.
107-16,
section
sections 101
and 301 (a) of P.L.
22107-147, sections 106, 201, and 202 of P.L.
108-27, section 1201 of P.L.
108-173,
23sections 306, 308,
316, 401, and 403 (a) of P.L.
108-311, and sections 101, 201,
211,
24242, 244, 336, 337,
422, 847, 909, and 910 of P.L.
108-357,
and as amended by P.L.
25109-7, P.L. 109-58, excluding sections 1305, 1308, 1309, 1310, 1323, 1324, 1325,
11326, 1328, 1329, 1348, and 1351 of P.L. 109-58, P.L. 109-73, excluding section 301
2of P.L. 109-73, P.L. 109-135, excluding sections 101, 105, 201 (a) as it relates to
3section 1400S (a), 402 (e), 403 (e), (j), and (q), and 405 of P.L. 109-135, P.L. 109-151,
4P.L. 109-222, excluding sections 101, 207, 209, 503, 512, and 513 of P.L. 109-222, P.L.
5109-227, and P.L. 109-280, excluding sections 811 and 844 of P.L. 109-280, 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 1123 (b), 1202 (c), 1204 (f), 1311, and 1605
12(d) of P.L.
104-188, P.L.
104-191, P.L.
104-193, P.L.
105-33, P.L.
105-34, P.L.
13105-178, P.L.
105-206, P.L.
105-277, P.L.
106-36, P.L.
106-170, P.L.
106-230, P.L.
14106-554, excluding sections 162 and 165 of P.L.
106-554, P.L.
107-15, P.L.
107-16,
15excluding section 431 of P.L.
107-16, P.L.
107-22, P.L.
107-116, P.L.
107-134, P.L.
16107-147, excluding
section sections 101
and 301 (a) of P.L.
107-147, P.L.
107-181,
17P.L.
107-210, P.L.
107-276, P.L.
107-358, P.L.
108-27, excluding sections 106, 201,
18and 202 of P.L.
108-27, P.L.
108-121, P.L.
108-173, excluding section 1201 of P.L.
19108-173, P.L.
108-203, P.L.
108-218, P.L.
108-311, excluding sections 306, 308,
316, 20401, and 403 (a) of P.L.
108-311, P.L.
108-357, excluding sections 101, 201,
211, 242, 21244, 336, 337,
422, 847, 909, and 910 of P.L.
108-357, P.L.
108-375,
and P.L.
108-476,
22P.L. 109-7, P.L. 109-58, excluding sections 1305, 1308, 1309, 1310, 1323, 1324, 1325,
231326, 1328, 1329, 1348, and 1351 of P.L. 109-58, P.L. 109-73, excluding section 301
24of P.L. 109-73, P.L. 109-135, excluding sections 101, 105, 201 (a) as it relates to
25section 1400S (a), 402 (e), 403 (e), (j), and (q), and 405 of P.L. 109-135, P.L. 109-151,
1P.L. 109-222, excluding sections 101, 207, 209, 503, 512, and 513 of P.L. 109-222, P.L.
2109-227, and P.L. 109-280, excluding sections 811 and 844 of P.L. 109-280, applies
3for Wisconsin purposes at the same time as for federal purposes. Amendments to the
4Internal Revenue Code enacted after December 31, 2004, do not apply to this
5subdivision with respect to taxable years that begin after December 31, 2004
, and
6before January 1, 2006, except that changes to the Internal Revenue Code made by
7P.L. 109-7, P.L. 109-58, excluding sections 1305, 1308, 1309, 1310, 1323, 1324, 1325,
81326, 1328, 1329, 1348, and 1351 of P.L. 109-58, P.L. 109-73, excluding section 301
9of P.L. 109-73, P.L. 109-135, excluding sections 101, 105, 201 (a) as it relates to
10section 1400S (a), 402 (e), 403 (e), (j), and (q), and 405 of P.L. 109-135, P.L. 109-151,
11P.L. 109-222, excluding sections 101, 207, 209, 503, 512, and 513 of P.L. 109-222, P.L.
12109-227, and P.L. 109-280, excluding sections 811 and 844 of P.L. 109-280, and
13changes that indirectly affect the provisions applicable to this subchapter made by
14P.L. 109-7, P.L. 109-58, excluding sections 1305, 1308, 1309, 1310, 1323, 1324, 1325,
151326, 1328, 1329, 1348, and 1351 of P.L. 109-58, P.L. 109-73, excluding section 301
16of P.L. 109-73, P.L. 109-135, excluding sections 101, 105, 201 (a) as it relates to
17section 1400S (a), 402 (e), 403 (e), (j), and (q), and 405 of P.L. 109-135, P.L. 109-151,
18P.L. 109-222, excluding sections 101, 207, 209, 503, 512, and 513 of P.L. 109-222, P.L.
19109-227, and P.L. 109-280, excluding sections 811 and 844 of P.L. 109-280, apply for
20Wisconsin purposes at the same time as for federal purposes.
SB40, s. 2030
21Section
2030. 71.26 (2) (b) 19. of the statutes is created to read:
SB40,979,422
71.26
(2) (b) 19. For taxable years that begin after December 31, 2005, and
23before January 1, 2007, 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, 2005, 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, sections 1123 (b), 1202 (c), 1204 (f), 1311, and
41605 (d) of P.L.
104-188, sections 1, 3, 4, and 5 of P.L.
106-519, sections 162 and 165
5of P.L.
106-554, P.L.
106-573, section 431 of P.L.
107-16, sections 101 and 301 (a) of
6P.L.
107-147, sections 106, 201, and 202 of P.L.
108-27, section 1201 of P.L.
108-173,
7sections 306, 308, 316, 401, and 403 (a) of P.L.
108-311, sections 101, 201, 211, 242,
8244, 336, 337, 422, 847, 909, and 910 of P.L.
108-357, P.L.
109-1, sections 1305, 1308,
91309, 1310, 1323, 1324, 1325, 1326, 1328, 1329, 1348, and 1351 of P.L.
109-58,
10section 11146 of P.L.
109-59, section 301 of P.L.
109-73, and sections 101, 105, 201
11(a) as it relates to section 1400S (a), 402 (e), 403 (e), (j), and (q), and 405 of P.L.
12109-135, and as amended by P.L.
109-222, excluding sections 101, 207, 209, 503,
13512, and 513 of P.L.
109-222, P.L.
109-227, and P.L.
109-280, excluding sections 811
14and 844 of P.L.
109-280, and as indirectly affected in the provisions applicable to this
15subchapter by P.L.
99-514, P.L.
100-203, P.L.
100-647, P.L.
101-73, P.L.
101-140,
16P.L.
101-179, P.L.
101-239, P.L.
101-508, P.L.
102-227, excluding sections 103, 104,
17and 110 of P.L.
102-227, P.L.
102-318, P.L.
102-486, P.L.
103-66, excluding sections
1813113, 13150 (d), 13171 (d), 13174, and 13203 (d) of P.L.
103-66, P.L.
103-296, P.L.
19103-337, P.L.
103-465, P.L.
104-7, P.L.
104-188, excluding sections 1123 (b), 1202
20(c), 1204 (f), 1311, and 1605 (d) of P.L.
104-188, P.L.
104-191, P.L.
104-193, P.L.
21105-33, P.L.
105-34, P.L.
105-178, P.L.
105-206, P.L.
105-277, P.L.
106-36, P.L.
22106-170, P.L.
106-230, P.L.
106-554, excluding sections 162 and 165 of P.L.
106-554,
23P.L.
107-15, P.L.
107-16, excluding section 431 of P.L.
107-16, P.L.
107-22, P.L.
24107-116, P.L.
107-134, P.L.
107-147, excluding sections 101 and 301 (a) of P.L.
25107-147, P.L.
107-181, P.L.
107-210, P.L.
107-276, P.L.
107-358, P.L.
108-27,
1excluding sections 106, 201, and 202 of P.L.
108-27, P.L.
108-121, P.L.
108-173,
2excluding section 1201 of P.L.
108-173, P.L.
108-203, P.L.
108-218, P.L.
108-311,
3excluding sections 306, 308, 316, 401, and 403 (a) of P.L.
108-311, P.L.
108-357,
4excluding sections 101, 201, 211, 242, 244, 336, 337, 422, 847, 909, and 910 of P.L.
5108-357, P.L.
108-375, P.L.
108-476, P.L.
109-7, P.L.
109-58, excluding sections
61305, 1308, 1309, 1310, 1323, 1324, 1325, 1326, 1328, 1329, 1348, and 1351 of P.L.
7109-58, P.L.
109-59, excluding section 11146 of P.L.
109-59, P.L.
109-73, excluding
8section 301 of P.L.
109-73, P.L.
109-135, excluding sections 101, 105, 201 (a) as it
9relates to section 1400S (a), 402 (e), 403 (e), (j), and (q), and 405 of P.L.
109-135, P.L.
10109-151, P.L.
109-222, excluding sections 101, 207, 209, 503, 512, and 513 of P.L.
11109-222, P.L.
109-227, and P.L.
109-280, excluding sections 811 and 844 of P.L.
12109-280, "net income" means the federal regulated investment company taxable
13income, federal real estate mortgage investment conduit taxable income, federal real
14estate investment trust or financial asset securitization investment trust taxable
15income of the corporation, conduit, or trust as determined under the Internal
16Revenue Code as amended to December 31, 2005, excluding sections 103, 104, and
17110 of P.L.
102-227, sections 13113, 13150 (d), 13171 (d), 13174, and 13203 (d) of P.L.
18103-66, sections 1123 (b), 1202 (c), 1204 (f), 1311, and 1605 (d) of P.L.
104-188,
19sections 1, 3, 4, and 5 of P.L.
106-519, sections 162 and 165 of P.L.
106-554, P.L.
20106-573, section 431 of P.L.
107-16, sections 101 and 301 (a) of P.L.
107-147, sections
21106, 201, and 202 of P.L.
108-27, section 1201 of P.L.
108-173, sections 306, 308, 316,
22401, and 403 (a) of P.L.
108-311, sections 101, 201, 211, 242, 244, 336, 337, 422, 847,
23909, and 910 of P.L.
108-357, P.L.
109-1, sections 1305, 1308, 1309, 1310, 1323, 1324,
241325, 1326, 1328, 1329, 1348, and 1351 of P.L.
109-58, section 11146 of P.L.
109-59,
25section 301 of P.L.
109-73, and sections 101, 105, 201 (a) as it relates to section 1400S
1(a), 402 (e), 403 (e), (j), and (q), and 405 of P.L.
109-135, and as amended by P.L.
2109-222, excluding sections 101, 207, 209, 503, 512, and 513 of P.L.
109-222, P.L.
3109-227, and P.L.
109-280, excluding sections 811 and 844 of P.L.
109-280, and as
4indirectly affected in the provisions applicable to this subchapter by P.L.
99-514, P.L.
5100-203, P.L.
100-647, P.L.
101-73, P.L.
101-140, P.L.
101-179, P.L.
101-239, P.L.
6101-508, P.L.
102-227, excluding sections 103, 104, and 110 of P.L.
102-227, P.L.
7102-318, P.L.
102-486, P.L.
103-66, excluding sections 13113, 13150 (d), 13171 (d),
813174, and 13203 (d) of P.L.
103-66, P.L.
103-296, P.L.
103-337, P.L.
103-465, P.L.
9104-7, P.L.
104-188, excluding sections 1123 (b), 1202 (c), 1204 (f), 1311, and 1605
10(d) of P.L.
104-188, P.L.
104-191, P.L.
104-193, P.L.
105-33, P.L.
105-34, P.L.
11105-178, P.L.
105-206, P.L.
105-277, P.L.
106-36, P.L.
106-170, P.L.
106-230, P.L.
12106-554, excluding sections 162 and 165 of P.L.
106-554, P.L.
107-15, P.L.
107-16,
13excluding section 431 of P.L.
107-16, P.L.
107-22, P.L.
107-116, P.L.
107-134, P.L.
14107-147, excluding sections 101 and 301 (a) of P.L.
107-147, P.L.
107-181, P.L.
15107-210, P.L.
107-276, P.L.
107-358, P.L.
108-27, excluding sections 106, 201, and
16202 of P.L.
108-27, P.L.
108-121, P.L.
108-173, excluding section 1201 of P.L.
17108-173, P.L.
108-203, P.L.
108-218, P.L.
108-311, excluding sections 306, 308, 316,
18401, and 403 (a) of P.L.
108-311, P.L.
108-357, excluding sections 101, 201, 211, 242,
19244, 336, 337, 422, 847, 909, and 910 of P.L.
108-357, P.L.
108-375, P.L.
108-476, P.L.
20109-7, P.L.
109-58, excluding sections 1305, 1308, 1309, 1310, 1323, 1324, 1325,
211326, 1328, 1329, 1348, and 1351 of P.L.
109-58, P.L.
109-59, excluding section 11146
22of P.L.
109-59, P.L.
109-73, excluding section 301 of P.L.
109-73, P.L.
109-135,
23excluding sections 101, 105, 201 (a) as it relates to section 1400S (a), 402 (e), 403 (e),
24(j), and (q), and 405 of P.L.
109-135, P.L.
109-151, P.L.
109-222, excluding sections
25101, 207, 209, 503, 512, and 513 of P.L.
109-222, 109-227, P.L.
109-227, and P.L.
1109-280, excluding sections 811 and 844 of P.L.
109-280, except that property that,
2under s. 71.02 (1) (c) 8. to 11., 1985 stats., is required to be depreciated for taxable
3years 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, 2005, 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, sections 1123 (b), 1202 (c), 1204 (f), 1311, and 1605 (d) of P.L.
104-188,
12sections 1, 3, 4, and 5 of P.L.
106-519, sections 162 and 165 of P.L.
106-554, P.L.
13106-573, section 431 of P.L.
107-16, sections 101 and 301 (a) of P.L.
107-147, sections
14106, 201, and 202 of P.L.
108-27, section 1201 of P.L.
108-173, sections 306, 308, 316,
15401, and 403 (a) of P.L.
108-311, sections 101, 201, 211, 242, 244, 336, 337, 422, 847,
16909, and 910 of P.L.
108-357, P.L.
109-1, sections 1305, 1308, 1309, 1310, 1323, 1324,
171325, 1326, 1328, 1329, 1348, and 1351 of P.L.
109-58, section 11146 of P.L.
109-59,
18section 301 of P.L.
109-73, and sections 101, 105, 201 (a) as it relates to section 1400S
19(a), 402 (e), 403 (e), (j), and (q), and 405 of P.L.
109-135, and as amended by P.L.
20109-222, excluding sections 101, 207, 209, 503, 512, and 513 of P.L.
109-222, P.L.
21109-227, and P.L.
109-280, excluding sections 811 and 844 of P.L.
109-280, and as
22indirectly affected in the provisions applicable to this subchapter by P.L.
99-514, P.L.
23100-203, P.L.
100-647, P.L.
101-73, P.L.
101-140, P.L.
101-179, P.L.
101-239, P.L.
24101-508, 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 (b), 1202 (c), 1204 (f), 1311, and 1605
3(d) of P.L.
104-188, P.L.
104-191, P.L.
104-193, P.L.
105-33, P.L.
105-34, P.L.
4105-178, P.L.
105-206, P.L.
105-277, P.L.
106-36, P.L.
106-170, P.L.
106-230, P.L.
5106-554, excluding sections 162 and 165 of P.L.
106-554, P.L.
107-15, P.L.
107-16,
6excluding section 431 of P.L.
107-16, P.L.
107-22, P.L.
107-116, P.L.
107-134, P.L.
7107-147, excluding sections 101 and 301 (a) of P.L.
107-147, P.L.
107-181, P.L.
8107-210, P.L.
107-276, P.L.
107-358, P.L.
108-27, excluding sections 106, 201, and
9202 of P.L.
108-27, P.L.
108-121, P.L.
108-173, excluding section 1201 of P.L.
10108-173, P.L.
108-203, P.L.
108-218, P.L.
108-311, excluding sections 306, 308, 316,
11401, and 403 (a) of P.L.
108-311, P.L.
108-357, excluding sections 101, 201, 211, 242,
12244, 336, 337, 422, 847, 909, and 910 of P.L.
108-357, P.L.
108-375, P.L.
108-476, P.L.
13109-7, P.L.
109-58, excluding sections 1305, 1308, 1309, 1310, 1323, 1324, 1325,
141326, 1328, 1329, 1348, and 1351 of P.L.
109-58, P.L.
109-59, excluding section 11146
15of P.L.
109-59, P.L.
109-73, excluding section 301 of P.L.
109-73, P.L.
109-135,
16excluding sections 101, 105, 201 (a) as it relates to section 1400S (a), 402 (e), 403 (e),
17(j), and (q), and 405 of P.L.
109-135, P.L.
109-151, P.L.
109-222, excluding sections
18101, 207, 209, 503, 512, and 513 of P.L.
109-222, P.L.
109-227, and P.L.
109-280,
19excluding sections 811 and 844 of P.L.
109-280, applies for Wisconsin purposes at the
20same time as for federal purposes. Amendments to the Internal Revenue Code
21enacted after December 31, 2005, do not apply to this subdivision with respect to
22taxable years that begin after December 31, 2005, and before January 1, 2007,
23except that changes to the Internal Revenue Code made by P.L.
109-222, excluding
24sections 101, 207, 209, 503, 512, and 513 of P.L.
109-222, P.L.
109-227, and P.L.
25109-280, excluding sections 811 and 844 of P.L.
109-280, and changes that indirectly
1affect the provisions applicable to this subchapter made by P.L.
109-222, excluding
2sections 101, 207, 209, 503, 512, and 513 of P.L.
109-222, P.L.
109-227, and P.L.
3109-280, excluding sections 811 and 844 of P.L.
109-280, apply for Wisconsin
4purposes at the same time as for federal purposes.
SB40, s. 2031
5Section
2031. 71.26 (2) (b) 20. of the statutes is created to read:
SB40,984,36
71.26
(2) (b) 20. For taxable years that begin after December 31, 2006, for a
7corporation, conduit, or common law trust which qualifies as a regulated investment
8company, real estate mortgage investment conduit, real estate investment trust, or
9financial asset securitization investment trust under the Internal Revenue Code as
10amended to December 31, 2006, excluding sections 103, 104, and 110 of P.L.
102-227,
11sections 13113, 13150 (d), 13171 (d), 13174, and 13203 (d) of P.L.
103-66, sections
121123 (b), 1202 (c), 1204 (f), 1311, and 1605 (d) of P.L.
104-188, sections 1, 3, 4, and
135 of P.L.
106-519, sections 162 and 165 of P.L.
106-554, P.L.
106-573, section 431 of
14P.L.
107-16, sections 101 and 301 (a) of P.L.
107-147, sections 106, 201, and 202 of
15P.L.
108-27, section 1201 of P.L.
108-173, sections 306, 308, 316, 401, and 403 (a) of
16P.L.
108-311, sections 101, 201, 211, 242, 244, 336, 337, 422, 847, 909, and 910 of P.L.
17108-357, P.L.
109-1, sections 1305, 1308, 1309, 1310, 1323, 1324, 1325, 1326, 1328,
181329, 1348, and 1351 of P.L.
109-58, section 11146 of P.L.
109-59, section 301 of P.L.
19109-73, sections 101, 105, 201 (a) as it relates to section 1400S (a), 402 (e), 403 (e),
20(j), and (q), and 405 of P.L.
109-135, sections 101, 207, 209, 503, 512, and 513 of P.L.
21109-222, sections 811 and 844 of P.L.
109-280, and P.L.
109-432, and as indirectly
22affected in the provisions applicable to this subchapter by P.L.
99-514, P.L.
100-203,
23P.L.
100-647, P.L.
101-73, P.L.
101-140, P.L.
101-179, P.L.
101-239, P.L.
101-508,
24P.L.
102-227, excluding sections 103, 104, and 110 of P.L.
102-227, P.L.
102-318, P.L.
25102-486, P.L.
103-66, excluding sections 13113, 13150 (d), 13171 (d), 13174, and
113203 (d) of P.L.
103-66, P.L.
103-296, P.L.
103-337, P.L.
103-465, P.L.
104-7, P.L.
2104-188, excluding sections 1123 (b), 1202 (c), 1204 (f), 1311, and 1605 (d) of P.L.
3104-188, P.L.
104-191, P.L.
104-193, P.L.
105-33, P.L.
105-34, P.L.
105-178, P.L.
4105-206, P.L.
105-277, P.L.
106-36, P.L.
106-170, P.L.
106-230, P.L.
106-554,
5excluding sections 162 and 165 of P.L.
106-554, P.L.
107-15, P.L.
107-16, excluding
6section 431 of P.L.
107-16, P.L.
107-22, P.L.
107-116, P.L.
107-134, P.L.
107-147,
7excluding sections 101 and 301 (a) of P.L.
107-147, P.L.
107-181, P.L.
107-210, P.L.
8107-276, P.L.
107-358, P.L.
108-27, excluding sections 106, 201, and 202 of P.L.
9108-27, P.L.
108-121, P.L.
108-173, excluding section 1201 of P.L.
108-173, P.L.
10108-203, P.L.
108-218, P.L.
108-311, excluding sections 306, 308, 316, 401, and 403
11(a) of P.L.
108-311, P.L.
108-357, excluding sections 101, 201, 211, 242, 244, 336, 337,
12422, 847, 909, and 910 of P.L.
108-357, P.L.
108-375, P.L.
108-476, P.L.
109-7, P.L.
13109-58, excluding sections 1305, 1308, 1309, 1310, 1323, 1324, 1325, 1326, 1328,
141329, 1348, and 1351 of P.L.
109-58, P.L.
109-59, excluding section 11146 of P.L.
15109-59, P.L.
109-73, excluding section 301 of P.L.
109-73, P.L.
109-135, excluding
16sections 101, 105, 201 (a) as it relates to section 1400S (a), 402 (e), 403 (e), (j), and
17(q), and 405 of P.L.
109-135, P.L.
109-151, P.L.
109-222, excluding sections 101, 207,
18209, 503, 512, and 513 of P.L.
109-222, P.L.
109-227, and P.L.
109-280, excluding
19sections 811 and 844 of P.L.
109-280, "net income" means the federal regulated
20investment company taxable income, federal real estate mortgage investment
21conduit taxable income, federal real estate investment trust or financial asset
22securitization investment trust taxable income of the corporation, conduit, or trust
23as determined under the Internal Revenue Code as amended to December 31, 2006,
24excluding sections 103, 104, and 110 of P.L.
102-227, sections 13113, 13150 (d), 13171
25(d), 13174, and 13203 (d) of P.L.
103-66, sections 1123 (b), 1202 (c), 1204 (f), 1311, and
11605 (d) of P.L.
104-188, sections 1, 3, 4, and 5 of P.L.
106-519, sections 162 and 165
2of P.L.
106-554, P.L.
106-573, section 431 of P.L.
107-16, sections 101 and 301 (a) of
3P.L.
107-147, sections 106, 201, and 202 of P.L.
108-27, section 1201 of P.L.
108-173,
4sections 306, 308, 316, 401, and 403 (a) of P.L.
108-311, sections 101, 201, 211, 242,
5244, 336, 337, 422, 847, 909, and 910 of P.L.
108-357, P.L.
109-1, sections 1305, 1308,
61309, 1310, 1323, 1324, 1325, 1326, 1328, 1329, 1348, and 1351 of P.L.
109-58,
7section 11146 of P.L.
109-59, section 301 of P.L.
109-73, sections 101, 105, 201 (a) as
8it relates to section 1400S (a), 402 (e), 403 (e), (j), and (q), and 405 of P.L.
109-135,
9sections 101, 207, 209, 503, 512, and 513 of P.L.
109-222, sections 811 and 844 of P.L.
10109-280, and P.L.
109-432, and as indirectly affected in the provisions applicable to
11this subchapter by P.L.
99-514, P.L.
100-203, P.L.
100-647, P.L.
101-73, P.L.
12101-140, P.L.
101-179, P.L.
101-239, P.L.
101-508, P.L.
102-227, excluding sections
13103, 104, and 110 of P.L.
102-227, P.L.
102-318, P.L.
102-486, P.L.
103-66, excluding
14sections 13113, 13150 (d), 13171 (d), 13174, and 13203 (d) of P.L.
103-66, P.L.
15103-296, P.L.
103-337, P.L.
103-465, P.L.
104-7, P.L.
104-188, excluding sections
161123 (b), 1202 (c), 1204 (f), 1311, and 1605 (d) of P.L.
104-188, P.L.
104-191, P.L.
17104-193, P.L.
105-33, P.L.
105-34, P.L.
105-178, P.L.
105-206, P.L.
105-277, P.L.
18106-36, P.L.
106-170, P.L.
106-230, P.L.
106-554, excluding sections 162 and 165 of
19P.L.
106-554, P.L.
107-15, P.L.
107-16, excluding section 431 of P.L.
107-16, P.L.
20107-22, P.L.
107-116, P.L.
107-134, P.L.
107-147, excluding sections 101 and 301 (a)
21of P.L.
107-147, P.L.
107-181, P.L.
107-210, P.L.
107-276, P.L.
107-358, P.L.
108-27,
22excluding sections 106, 201, and 202 of P.L.
108-27, P.L.
108-121, P.L.
108-173,
23excluding section 1201 of P.L.
108-173, P.L.
108-203, P.L.
108-218, P.L.
108-311,
24excluding sections 306, 308, 316, 401, and 403 (a) of P.L.
108-311, P.L.
108-357,
25excluding sections 101, 201, 211, 242, 244, 336, 337, 422, 847, 909, and 910 of P.L.
1108-357, P.L.
108-375, P.L.
108-476, P.L.
109-7, P.L.
109-58, excluding sections
21305, 1308, 1309, 1310, 1323, 1324, 1325, 1326, 1328, 1329, 1348, and 1351 of P.L.
3109-58, P.L.
109-59, excluding section 11146 of P.L.
109-59, P.L.
109-73, excluding
4section 301 of P.L.
109-73, P.L.
109-135, excluding sections 101, 105, 201 (a) as it
5relates to section 1400S (a), 402 (e), 403 (e), (j), and (q), and 405 of P.L.
109-135, P.L.
6109-151, P.L.
109-222, excluding sections 101, 207, 209, 503, 512, and 513 of P.L.
7109-222, P.L.
109-227, and P.L.
109-280, excluding sections 811 and 844 of P.L.
8109-280, 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, 2006, 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, sections 1123 (b), 1202 (c), 1204 (f), 1311, and
181605 (d) of P.L.
104-188, sections 1, 3, 4, and 5 of P.L.
106-519, sections 162 and 165
19of P.L.
106-554, P.L.
106-573, section 431 of P.L.
107-16, sections 101 and 301 (a) of
20P.L.
107-147, sections 106, 201, and 202 of P.L.
108-27, section 1201 of P.L.
108-173,
21sections 306, 308, 316, 401, and 403 (a) of P.L.
108-311, sections 101, 201, 211, 242,
22244, 336, 337, 422, 847, 909, and 910 of P.L.
108-357, P.L.
109-1, sections 1305, 1308,
231309, 1310, 1323, 1324, 1325, 1326, 1328, 1329, 1348, and 1351 of P.L.
109-58,
24section 11146 of P.L.
109-59, section 301 of P.L.
109-73, sections 101, 105, 201 (a) as
25it relates to section 1400S (a), 402 (e), 403 (e), (j), and (q), and 405 of P.L.
109-135,
1sections 101, 207, 209, 503, 512, and 513 of P.L.
109-222, sections 811 and 844 of P.L.
2109-280, and P.L.
109-432, and as indirectly affected in the provisions applicable to
3this subchapter by P.L.
99-514, P.L.
100-203, P.L.
100-647, P.L.
101-73, P.L.
4101-140, P.L.
101-179, P.L.
101-239, P.L.
101-508, P.L.
102-227, excluding sections
5103, 104, and 110 of P.L.
102-227, P.L.
102-318, P.L.
102-486, P.L.
103-66, excluding
6sections 13113, 13150 (d), 13171 (d), 13174, and 13203 (d) of P.L.
103-66, P.L.
7103-296, P.L.
103-337, P.L.
103-465, P.L.
104-7, P.L.
104-188, excluding sections
81123 (b), 1202 (c), 1204 (f), 1311, and 1605 (d) of P.L.
104-188, P.L.
104-191, P.L.
9104-193, P.L.
105-33, P.L.
105-34, P.L.
105-178, P.L.
105-206, P.L.
105-277, P.L.
10106-36, P.L.
106-170, P.L.
106-230, P.L.
106-554, excluding sections 162 and 165 of
11P.L.
106-554, P.L.
107-15, P.L.
107-16, excluding section 431 of P.L.
107-16, P.L.
12107-22, P.L.
107-116, P.L.
107-134, P.L.
107-147, excluding sections 101 and 301 (a)
13of P.L.
107-147, P.L.
107-181, P.L.
107-210, P.L.
107-276, P.L.
107-358, P.L.
108-27,
14excluding sections 106, 201, and 202 of P.L.
108-27, P.L.
108-121, P.L.
108-173,
15excluding section 1201 of P.L.
108-173, P.L.
108-203, P.L.
108-218, P.L.
108-311,
16excluding sections 306, 308, 316, 401, and 403 (a) of P.L.
108-311, P.L.
108-357,
17excluding sections 101, 201, 211, 242, 244, 336, 337, 422, 847, 909, and 910 of P.L.
18108-357, P.L.
108-375, P.L.
108-476, P.L.
109-7, P.L.
109-58, excluding sections
191305, 1308, 1309, 1310, 1323, 1324, 1325, 1326, 1328, 1329, 1348, and 1351 of P.L.
20109-58, P.L.
109-59, excluding section 11146 of P.L.
109-59, P.L.
109-73, excluding
21section 301 of P.L.
109-73, P.L.
109-135, excluding sections 101, 105, 201 (a) as it
22relates to section 1400S (a), 402 (e), 403 (e), (j), and (q), and 405 of P.L.
109-135, P.L.
23109-151, P.L.
109-222, excluding sections 101, 207, 209, 503, 512, and 513 of P.L.
24109-222, 109-227, and P.L.
109-280, excluding sections 811 and 844 of P.L.
109-280,
25applies for Wisconsin purposes at the same time as for federal purposes.
1Amendments to the Internal Revenue Code enacted after December 31, 2006, do not
2apply to this subdivision with respect to taxable years that begin after
3December 31, 2006.
SB40, s. 2032
4Section
2032. 71.26 (3) (s) of the statutes is amended to read:
SB40,984,75
71.26
(3) (s) Sections 951 to 964 (relating to controlled foreign corporations) are
6excluded
, and, for taxable years beginning on or after January 1, 2006, sections 951
7to 965 (relating to controlled foreign corporations) are excluded.
SB40, s. 2033
8Section
2033. 71.28 (1dj) (am) 4h. of the statutes is amended to read:
SB40,984,149
71.28
(1dj) (am) 4h. Modify section
51 (a) of the internal revenue code so that
10the amount of the credit is 25% of the qualified first-year wages if the wages are paid
11to an applicant for a Wisconsin
works Works employment position for service either
12in an unsubsidized position or in a
trial job position under s. 49.147 (3)
or (3m) and
13so that the amount of the credit is 20% of the qualified first-year wages if the wages
14are not paid to such an applicant.
SB40, s. 2034
15Section
2034. 71.28 (1dx) (a) 5. of the statutes is amended to read:
SB40,985,316
71.28
(1dx) (a) 5. "Member of a targeted group" means a person who resides
17in an area designated by the federal government as an economic revitalization area,
18a person who is employed in an unsubsidized job but meets the eligibility
19requirements under s. 49.145 (2) and (3) for a Wisconsin Works employment position,
20a person who is employed in a trial job, as defined in s. 49.141 (1) (n),
or in a real work,
21real pay project position under s. 49.147 (3m), a person who is eligible for child care
22assistance under s. 49.155, a person who is a vocational rehabilitation referral, an
23economically disadvantaged youth, an economically disadvantaged veteran, a
24supplemental security income recipient, a general assistance recipient, an
25economically disadvantaged ex-convict, a qualified summer youth employee, as
1defined in
26 USC 51 (d) (7), a dislocated worker, as defined in
29 USC 2801 (9), or
2a food stamp recipient, if the person has been certified in the manner under sub. (1dj)
3(am) 3. by a designated local agency, as defined in sub. (1dj) (am) 2.
SB40, s. 2035
4Section
2035. 71.28 (1dx) (b) 2. of the statutes is amended to read:
SB40,985,95
71.28
(1dx) (b) 2. The amount determined by multiplying the amount
6determined under s. 560.785 (1) (b) by the number of full-time jobs created in a
7development zone and filled by a member of a targeted group and by then subtracting
8the subsidies paid under s. 49.147 (3) (a)
or the subsidies and reimbursements paid
9under s. 49.147 (3m) (c) for those jobs.
SB40, s. 2036
10Section
2036. 71.28 (1dx) (b) 3. of the statutes is amended to read:
SB40,985,1511
71.28
(1dx) (b) 3. The amount determined by multiplying the amount
12determined under s. 560.785 (1) (c) by the number of full-time jobs created in a
13development zone and not filled by a member of a targeted group and by then
14subtracting the subsidies paid under s. 49.147 (3) (a)
or the subsidies and
15reimbursements paid under s. 49.147 (3m) (c) for those jobs.
SB40, s. 2037
16Section
2037. 71.28 (1dx) (b) 4. of the statutes is amended to read:
SB40,985,2317
71.28
(1dx) (b) 4. The amount determined by multiplying the amount
18determined under s. 560.785 (1) (bm) by the number of full-time jobs retained, as
19provided in the rules under s. 560.785, excluding jobs for which a credit has been
20claimed under sub. (1dj), in an enterprise development zone under s. 560.797 and for
21which significant capital investment was made and by then subtracting the
22subsidies paid under s. 49.147 (3) (a)
or the subsidies and reimbursements paid
23under s. 49.147 (3m) (c) for those jobs.
SB40, s. 2038
24Section
2038. 71.28 (1dx) (b) 5. of the statutes is amended to read:
SB40,986,6
171.28
(1dx) (b) 5. The amount determined by multiplying the amount
2determined under s. 560.785 (1) (c) by the number of full-time jobs retained, as
3provided in the rules under s. 560.785, excluding jobs for which a credit has been
4claimed under sub. (1dj), in a development zone and not filled by a member of a
5targeted group and by then subtracting the subsidies paid under s. 49.147 (3) (a)
or
6the subsidies and reimbursements paid under s. 49.147 (3m) (c) for those jobs.
SB40, s. 2039
7Section
2039. 71.28 (3p) of the statutes is created to read:
SB40,986,98
71.28
(3p) Dairy manufacturing facility investment credit. (a)
Definitions.
9In this subsection:
SB40,986,1010
1. "Claimant" means a person who files a claim under this subsection.
SB40,986,1211
2. "Dairy manufacturing" means processing milk into dairy products or
12processing dairy products for sale commercially.
SB40,986,1713
3. "Dairy manufacturing modernization or expansion" means constructing,
14improving, or acquiring buildings or facilities, or acquiring equipment, for dairy
15manufacturing, including the following, if used exclusively for dairy manufacturing
16and if acquired and placed in service in this state during taxable years that begin
17after December 31, 2006, and before January 1, 2015:
SB40,986,1818
a. Building construction, including storage and warehouse facilities.
SB40,986,1919
b. Building additions.
SB40,986,2020
c. Upgrades to utilities, including water, electric, heat, and waste facilities.
SB40,986,2121
d. Milk intake and storage equipment.
SB40,986,2422
e. Processing and manufacturing equipment, including pipes, motors, pumps,
23valves, pasteurizers, homogenizers, vats, evaporators, dryers, concentrators, and
24churns.
SB40,987,2
1f. Packaging and handling equipment, including sealing, bagging, boxing,
2labeling, conveying, and product movement equipment.
SB40,987,33
g. Warehouse equipment, including storage racks.
SB40,987,64
h. Waste treatment and waste management equipment, including tanks,
5blowers, separators, dryers, digesters, and equipment that uses waste to produce
6energy, fuel, or industrial products.
SB40,987,97
i. Computer software and hardware used for managing the claimant's dairy
8manufacturing operation, including software and hardware related to logistics,
9inventory management, and production plant controls.
SB40,987,1110
4. "Used exclusively" means used to the exclusion of all other uses except for
11use not exceeding 5 percent of total use.
SB40,987,1712
(b)
Filing claims. Subject to the limitations provided in this subsection, for
13taxable years beginning after December 31, 2006, and before January 1, 2015, a
14claimant may claim as a credit against the taxes imposed under s. 71.23, up to the
15amount of the tax, an amount equal to 10 percent of the amount the claimant paid
16in the taxable year for dairy manufacturing modernization or expansion related to
17the claimant's dairy manufacturing operation.
SB40,987,2018
(c)
Limitations. 1. No credit may be allowed under this subsection for any
19amount that the claimant paid for expenses described under par. (b) that the
20claimant also claimed as a deduction under section
162 of the Internal Revenue Code.
SB40,987,2221
2. The aggregate amount of credits that a claimant may claim under this
22subsection is $200,000.
SB40,988,623
3. Partnerships, limited liability companies, and tax-option corporations may
24not claim the credit under this subsection, but the eligibility for, and the amount of,
25the credit are based on their payment of expenses under par. (b), except that the
1aggregate amount of credits that the entity may compute shall not exceed $200,000.
2A partnership, limited liability company, or tax-option corporation shall compute
3the amount of credit that each of its partners, members, or shareholders may claim
4and shall provide that information to each of them. Partners, members of limited
5liability companies, and shareholders of tax-option corporations may claim the
6credit in proportion to their ownership interest.
SB40,988,107
4. If 2 or more persons own and operate the dairy manufacturing operation,
8each person may claim a credit under par. (b) in proportion to his or her ownership
9interest, except that the aggregate amount of the credits claimed by all persons who
10own and operate the farm shall not exceed $200,000.
SB40,988,1211
(d)
Administration. Subsection (4) (e) to (h), as it applies to the credit under
12sub. (4), applies to the credit under this subsection.
SB40, s. 2040
13Section
2040. 71.28 (3w) (a) 5m. of the statutes is created to read:
SB40,988,1514
71.28
(3w) (a) 5m. "Wages" means wages under section
3306 (b) of the Internal
15Revenue Code, determined without regard to any dollar limitations.
SB40, s. 2041
16Section
2041. 71.28 (3w) (a) 6. of the statutes is amended to read:
SB40,988,2117
71.28
(3w) (a) 6. "Zone payroll" means the amount of state payroll that is
18attributable to
compensation wages paid to
individuals full-time employees for
19services that are performed in
a an enterprise zone. "Zone payroll" does not include
20the amount of
compensation wages paid to any
individuals full-time employees that
21exceeds $100,000.
SB40, s. 2042
22Section
2042. 71.28 (3w) (b) 1. a. of the statutes is amended to read:
SB40,989,323
71.28
(3w) (b) 1. a. The
claimant's zone payroll in the taxable year, minus the
24claimant's zone payroll number of full-time employees whose annual wages are
25greater than $30,000 and who the claimant employed in the enterprise zone in the
1taxable year, minus the number of full-time employees whose annual wages were
2greater than $30,000 and who the claimant employed in the area that comprises the
3enterprise zone in the base year.
SB40, s. 2043
4Section
2043. 71.28 (3w) (b) 1. b. of the statutes is amended to read:
SB40,989,95
71.28
(3w) (b) 1. b. The
claimant's state payroll in the taxable year, minus the
6claimant's state payroll number of full-time employees whose annual wages are
7greater than $30,000 and who the claimant employed in the state in the taxable year,
8minus the number of full-time employees whose annual wages were greater than
9$30,000 and who the claimant employed in the state in the base year.
SB40, s. 2044
10Section
2044. 71.28 (3w) (b) 2. of the statutes is amended to read:
SB40,989,1611
71.28
(3w) (b) 2.
Subtract the number of Determine the claimant's average
12zone payroll by dividing total wages for full-time employees
that whose annual
13wages are greater than $30,000 and who the claimant employed in
the area that
14comprises the enterprise zone in the
base taxable year
from by the number of
15full-time employees
that whose annual wages are greater than $30,000 and who the
16claimant employed in the enterprise zone in the taxable year.
SB40, s. 2045
17Section
2045. 71.28 (3w) (b) 3. of the statutes is amended to read:
SB40,989,1918
71.28
(3w) (b) 3.
Multiply Subtract $30,000 from the amount determined under
19subd. 2.
, but not an amount less than zero, by $30,000.
SB40, s. 2046
20Section
2046. 71.28 (3w) (b) 4. of the statutes is amended to read:
SB40,989,2221
71.28
(3w) (b) 4.
Subtract Multiply the amount determined under subd. 3.
from 22by the amount determined under subd. 1.
SB40, s. 2047
23Section
2047. 71.28 (3w) (bm) (intro.) and 4. of the statutes are consolidated,
24renumbered 71.28 (3w) (bm) and amended to read:
SB40,990,10
171.28
(3w) (bm)
Filing supplemental claims. In addition to the credit under
2par. (b) and subject to the limitations provided in this subsection and s. 560.799, a
3claimant may claim as a credit against the tax imposed under s. 71.23 an amount
4equal to
all of the following: 4. The the amount the claimant paid in the taxable year
5to upgrade or improve the
job-related skills of any of the claimant's full-time
6employees, to train any of the claimant's full-time employees on the use of
7job-related new technologies, or to
train provide job-related training to any
8full-time employee whose employment with the claimant represents the employee's
9first full-time job. This subdivision does not apply to employees who do not work in
10 a an enterprise zone.
SB40, s. 2048
11Section
2048. 71.28 (3w) (bm) 3. of the statutes is repealed.
SB40, s. 2049
12Section
2049. 71.28 (3w) (d) of the statutes is amended to read:
SB40,990,1613
71.28
(3w) (d)
Administration. Subsection (4) (g) and (h), as it applies to the
14credit under sub. (4), applies to the credit under this subsection.
Claimants shall
15include with their returns a copy of their certification for tax benefits, and a copy of
16the verification of their expenses, from the department of commerce.
SB40, s. 2050
17Section
2050. 71.28 (5b) (c) 1. of the statutes is amended to read:
SB40,990,2018
71.28
(5b) (c) 1.
The Except as provided in s. 73.03 (63), the maximum amount
19of the credits that may be claimed under this subsection and ss. 71.07 (5b) and 71.47
20(5b) for all taxable years combined is
$35,000,000
$52,500,000.
SB40, s. 2051
21Section
2051. 71.28 (5b) (d) of the statutes is renumbered 71.28 (5b) (d) 1.
SB40, s. 2052
22Section
2052. 71.28 (5b) (d) 2. of the statutes is created to read:
SB40,991,323
71.28
(5b) (d) 2. The Wisconsin adjusted basis of any investment for which a
24credit is claimed under par. (b) shall be reduced by the amount of the credit that is
25offset against Wisconsin income taxes. The Wisconsin basis of a partner's interest
1in a partnership, a member's interest in a limited liability company, or stock in a
2tax-option corporation shall be adjusted to reflect adjustments made under this
3subdivision.
SB40, s. 2053
4Section
2053. 71.28 (5e) (b) of the statutes is amended to read:
SB40,991,115
71.28
(5e) (b)
Filing claims. Subject to the limitations provided in this
6subsection and subject to
2005 Wisconsin Act 479, section
17, beginning in the first
7taxable year following the taxable year in which the claimant claims
an exemption 8a deduction under s.
77.54 (48)
77.585 (9), a claimant may claim as a credit against
9the taxes imposed under s. 71.23, up to the amount of those taxes, in each taxable
10year for 2 years, the amount certified by the department of commerce that the
11claimant claimed as
an exemption a deduction under s.
77.54 (48) 77.585 (9).
SB40, s. 2054
12Section
2054. 71.28 (5e) (c) 1. of the statutes is amended to read:
SB40,991,1413
71.28
(5e) (c) 1. No credit may be allowed under this subsection unless the
14claimant satisfies the requirements under s.
77.54 (48) 77.585 (9).
