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SB720-SSA1,49 9Section 49 . 71.22 (4m) (L) 3. of the statutes is amended to read:
SB720-SSA1,22,1610 71.22 (4m) (L) 3. For purposes of this paragraph, “Internal Revenue Code" does
11not include amendments to the federal Internal Revenue Code enacted after
12December 31, 2017, except that “Internal Revenue Code” includes sections 40307
13and 40413 of P.L. 115-123; section 1203 of P.L. 116-25; section 102 of division M,
14sections 108, 110, 111, 115, 116 (a) and (b), 204, 206, 302, and 601 of division O, section
151302 of division P, and sections 131, 202 (d), 204 (c), 205, and 301 of division Q of P.L.
16116-94, and section 2 (b) of P.L. 116-98
.
SB720-SSA1,50 17Section 50 . 71.22 (4m) (L) 4. of the statutes is amended to read:
SB720-SSA1,22,2318 71.22 (4m) (L) 4. For purposes of this paragraph, the provisions of federal
19public laws that directly or indirectly affect the Internal Revenue Code, as defined
20in this paragraph, apply for Wisconsin purposes at the same time as for federal
21purposes, except that changes made by P.L. 115-63 and sections 11026, 11027, 11028,
2213207, 13306, 13307, 13308, 13311, 13312, 13501, 13705, 13821, and 13823 of P.L.
23115-97 first apply for taxable years beginning after December 31, 2017
.
SB720-SSA1,51 24Section 51 . 71.22 (4m) (m) of the statutes is created to read:
SB720-SSA1,23,5
171.22 (4m) (m) 1. For taxable years beginning after December 31, 2019,
2“Internal Revenue Code," for corporations that are subject to a tax on unrelated
3business income under s. 71.26 (1) (a), means the federal Internal Revenue Code as
4amended to December 31, 2018, except as provided in subds. 2. and 3. and s. 71.98
5and subject to subd. 4.
SB720-SSA1,24,36 2. For purposes of this paragraph, “Internal Revenue Code" does not include
7the following provisions of federal public laws for taxable years beginning after
8December 31, 2019: section 13113 of P.L. 103-66; sections 1, 3, 4, and 5 of P.L.
9106-519; sections 101, 102, and 422 of P.L. 108-357; sections 1310 and 1351 of P.L.
10109-58; section 11146 of P.L. 109-59; section 403 (q) of P.L. 109-135; section 513 of
11P.L. 109-222; sections 104 and 307 of P.L. 109-432; sections 8233 and 8235 of P.L.
12110-28; section 11 (e) and (g) of P.L. 110-172; section 301 of P.L. 110-245; section
1315351 of P.L. 110-246; section 302 of division A, section 401 of division B, and sections
14312, 322, 502 (c), 707, and 801 of division C of P.L. 110-343; sections 1232, 1241, 1251,
151501, and 1502 of division B of P.L. 111-5; sections 211, 212, 213, 214, and 216 of P.L.
16111-226; sections 2011 and 2122 of P.L. 111-240; sections 753, 754, and 760 of P.L.
17111-312; section 1106 of P.L. 112-95; sections 104, 318, 322, 323, 324, 326, 327, and
18411 of P.L. 112-240; P.L. 114-7; section 1101 of P.L. 114-74; section 305 of division
19P of P.L. 114-113; sections 123, 125 to 128, 143, 144, 151 to 153, 165 to 167, 169 to
20171, 189, 191, 307, 326, and 411 of division Q of P.L. 114-113; sections 11011, 11012,
2113201 (a) to (e) and (g), 13206, 13221, 13301, 13304 (a), (b), and (d), 13531, 13601,
2213801, 14101, 14102, 14103, 14201, 14202, 14211, 14212, 14213, 14214, 14215,
2314221, 14222, 14301, 14302, 14304, and 14401 of P.L. 115-97; sections 40304, 40305,
2440306, and 40412 of P.L. 115-123; section 101 (c) of division T of P.L. 115-141;
25sections 101 (d) and (e), 102, 201 to 207, 301, 302, and 401 (a) (47) and (195), (b) (13),

1(17), (22) and (30), and (d) (1) (D) (v), (vi), and (xiii) and (xvii) (II) of division U of P.L.
2115-141; and section 301 of division O and sections 101, 102, 103, 104, 114, 115, 116,
3117, 118, 130, 132, and 145 of division Q of P.L. 116-94.
SB720-SSA1,24,54 3. For purposes of this paragraph, “Internal Revenue Code" does not include
5amendments to the federal Internal Revenue Code enacted after December 31, 2019.
SB720-SSA1,24,136 4. For purposes of this paragraph, the provisions of federal public laws that
7directly or indirectly affect the Internal Revenue Code, as defined in this paragraph,
8apply for Wisconsin purposes at the same time as for federal purposes, except that
9changes made by section 13516 of P.L. 115-97, sections 20101, 20102, 20104, 20201,
1040201, 40202, 40203, 40308, 40309, 40311, 40414, 41101, 41107, 41115, and 41116
11of P.L. 115-123, section 101 (a), (b), and (h) of division U of P.L. 115-141, section 1122
12of P.L. 116-92, sections 201, 202, and 204 (a) and (b) of division Q of P.L. 116-94, and
13section 2 of P.L. 116-98 apply for taxable years beginning after December 31, 2019.
SB720-SSA1,52 14Section 52 . 71.22 (5g) of the statutes is created to read:
SB720-SSA1,24,1615 71.22 (5g) For purposes of s. 71.22 (4) (b) and (4m) (b), 2013 stats., “Internal
16Revenue Code" includes section 109 of division U of P.L. 115-141.
SB720-SSA1,53 17Section 53 . 71.26 (2) (b) 3., 4., 5., 6., 7., 8. and 9. of the statutes are repealed.
SB720-SSA1,54 18Section 54 . 71.26 (2) (b) 10. d. of the statutes is amended to read:
SB720-SSA1,25,319 71.26 (2) (b) 10. d. For purposes of subd. 10. a., “Internal Revenue Code" does
20not include amendments to the federal Internal Revenue Code enacted after
21December 31, 2013, except that “Internal Revenue Code" includes the provisions of
22P.L. 113-97, P.L. 113-159, P.L. 113-168, section 302901 of P.L. 113-287, sections 171,
23172, and 201 to 221 of P.L. 113-295, sections 102, 105, and 207 of division B of P.L.
24113-295, P.L. 114-14, P.L. 114-26, section 2004 of P.L. 114-41, sections 503 and 504
25of P.L. 114-74, sections 103, 104, 124, 168, 184, 185, 190, 204, 303, 306, 336, and 341

1of division Q of P.L. 114-113, and P.L. 114-239, sections 101 (m), (n), (o), (p), and (q)
2and 104 (a) of division U of P.L. 115-141, and section 102 of division M and sections
3110, 111, and 116 (b) of division O of P.L. 116-94
.
SB720-SSA1,55 4Section 55 . 71.26 (2) (b) 11. d. of the statutes is amended to read:
SB720-SSA1,25,105 71.26 (2) (b) 11. d. For purposes of subd. 11. a., “Internal Revenue Code" does
6not include amendments to the federal Internal Revenue Code enacted after
7December 31, 2016, except that “Internal Revenue Code” includes sections 11024,
811025, and 13543 of P.L. 115-97, sections 40307 and 40413 of P.L. 115-123, and
9section 102 of division M and sections 110, 111, and 116 (b) of division O of P.L.
10116-94
.
SB720-SSA1,56 11Section 56 . 71.26 (2) (b) 12. a. of the statutes is amended to read:
SB720-SSA1,25,2012 71.26 (2) (b) 12. a. For taxable years beginning after December 31, 2017, and
13before January 1, 2020,
for a corporation, conduit, or common law trust which
14qualifies as a regulated investment company, real estate mortgage investment
15conduit, real estate investment trust, or financial asset securitization investment
16trust under the Internal Revenue Code, “net income" means the federal regulated
17investment company taxable income, federal real estate mortgage investment
18conduit taxable income, federal real estate investment trust or financial asset
19securitization investment trust taxable income of the corporation, conduit, or trust
20as determined under the Internal Revenue Code.
SB720-SSA1,57 21Section 57 . 71.26 (2) (b) 12. d. of the statutes is amended to read:
SB720-SSA1,26,322 71.26 (2) (b) 12. d. For purposes of subd. 12. a., “Internal Revenue Code" does
23not include amendments to the federal Internal Revenue Code enacted after
24December 31, 2017, except that “Internal Revenue Code” includes sections 40307
25and 40413 of P.L. 115-123; section 1203 of P.L. 116-25; section 102 of division M,

1sections 108, 110, 111, 115, 116 (a) and (b), 204, 206, 302, and 601 of division O, section
21302 of division P, and sections 131, 202 (d), 204 (c), 205, and 301 of division Q of P.L.
3116-94, and section 2 (b) of P.L. 116-98
.
SB720-SSA1,58 4Section 58 . 71.26 (2) (b) 12. e. of the statutes is amended to read:
SB720-SSA1,26,105 71.26 (2) (b) 12. e. For purposes of subd. 12. a., the provisions of federal public
6laws that directly or indirectly affect the Internal Revenue Code, as defined in this
7subdivision, apply for Wisconsin purposes at the same time as for federal purposes,
8except that changes made by P.L. 115-63 and sections 11026, 11027, 11028, 13207,
913306, 13307, 13308, 13311, 13312, 13501, 13705, 13821, and 13823 of P.L. 115-97
10first apply for taxable years beginning after December 31, 2017
.
SB720-SSA1,59 11Section 59 . 71.26 (2) (b) 13. of the statutes is created to read:
SB720-SSA1,26,1912 71.26 (2) (b) 13. a. For taxable years beginning after December 31, 2019, for a
13corporation, conduit, or common law trust which qualifies as a regulated investment
14company, real estate mortgage investment conduit, real estate investment trust, or
15financial asset securitization investment trust under the Internal Revenue Code,
16“net income" means the federal regulated investment company taxable income,
17federal real estate mortgage investment conduit taxable income, federal real estate
18investment trust or financial asset securitization investment trust taxable income
19of the corporation, conduit, or trust as determined under the Internal Revenue Code.
SB720-SSA1,26,2220 b. For purposes of subd. 13. a., “Internal Revenue Code" means the federal
21Internal Revenue Code as amended to December 31, 2019, except as provided in
22subd. 13. c. and d. and s. 71.98 and subject to subd. 13. e.
SB720-SSA1,27,2023 c. For purposes of subd. 13. a., “Internal Revenue Code" does not include the
24following provisions of federal public laws for taxable years beginning after
25December 31, 2019: section 13113 of P.L. 103-66; sections 1, 3, 4, and 5 of P.L.

1106-519; sections 101, 102, and 422 of P.L. 108-357; sections 1310 and 1351 of P.L.
2109-58; section 11146 of P.L. 109-59; section 403 (q) of P.L. 109-135; section 513 of
3P.L. 109-222; sections 104 and 307 of P.L. 109-432; sections 8233 and 8235 of P.L.
4110-28; section 11 (e) and (g) of P.L. 110-172; section 301 of P.L. 110-245; section
515351 of P.L. 110-246; section 302 of division A, section 401 of division B, and sections
6312, 322, 502 (c), 707, and 801 of division C of P.L. 110-343; sections 1232, 1241, 1251,
71501, and 1502 of division B of P.L. 111-5; sections 211, 212, 213, 214, and 216 of P.L.
8111-226; sections 2011 and 2122 of P.L. 111-240; sections 753, 754, and 760 of P.L.
9111-312; section 1106 of P.L. 112-95; sections 104, 318, 322, 323, 324, 326, 327, and
10411 of P.L. 112-240; P.L. 114-7; section 1101 of P.L. 114-74; section 305 of division
11P of P.L. 114-113; sections 123, 125 to 128, 143, 144, 151 to 153, 165 to 167, 169 to
12171, 189, 191, 307, 326, and 411 of division Q of P.L. 114-113; sections 11011, 11012,
1313201 (a) to (e) and (g), 13206, 13221, 13301, 13304 (a), (b), and (d), 13531, 13601,
1413801, 14101, 14102, 14103, 14201, 14202, 14211, 14212, 14213, 14214, 14215,
1514221, 14222, 14301, 14302, 14304, and 14401 of P.L. 115-97; sections 40304, 40305,
1640306, and 40412 of P.L. 115-123; section 101 (c) of division T of P.L. 115-141;
17sections 101 (d) and (e), 102, 201 to 207, 301, 302, and 401 (a) (47) and (195), (b) (13),
18(17), (22) and (30), and (d) (1) (D) (v), (vi), and (xiii) and (xvii) (II) of division U of P.L.
19115-141; and section 301 of division O and sections 101, 102, 103, 104, 114, 115, 116,
20117, 118, 130, 132, and 145 of division Q of P.L. 116-94.
SB720-SSA1,27,2221 d. For purposes of subd. 13. a., “Internal Revenue Code" does not include
22amendments to the federal Internal Revenue Code enacted after December 31, 2019.
SB720-SSA1,28,523 e. For purposes of subd. 13. a., the provisions of federal public laws that directly
24or indirectly affect the Internal Revenue Code, as defined in this subdivision, apply
25for Wisconsin purposes at the same time as for federal purposes, except that changes

1made by section 13516 of P.L. 115-97, sections 20101, 20102, 20104, 20201, 40201,
240202, 40203, 40308, 40309, 40311, 40414, 41101, 41107, 41115, and 41116 of P.L.
3115-123, section 101 (a), (b), and (h) of division U of P.L. 115-141, section 1122 of P.L.
4116-92, sections 201, 202, and 204 (a) and (b) of division Q of P.L. 116-94, and section
52 of P.L. 116-98 apply for taxable years beginning after December 31, 2019.
SB720-SSA1,60 6Section 60 . 71.26 (2) (b) 14. of the statutes is created to read:
SB720-SSA1,28,87 71.26 (2) (b) 14. For purposes of s. 71.26 (2) (b) 2., 2013 stats., “Internal Revenue
8Code" includes section 109 of division U of P.L. 115-141.
SB720-SSA1,61 9Section 61. 71.28 (6) (h) of the statutes is amended to read:
SB720-SSA1,28,2110 71.28 (6) (h) Any person, including a nonprofit entity described in section 501
11(c) (3) of the Internal Revenue Code, may sell or otherwise transfer the credit under
12par. (a) 2m. or 3., in whole or in part, to another person who is subject to the taxes
13imposed under s. 71.02, 71.23, or 71.43, if the person notifies the department of the
14transfer, and submits with the notification a copy of the transfer documents, and the
15department certifies ownership of the credit with each transfer. The transferor may
16file a claim for more than one taxable year on a form prescribed by the department
17to compute all years of the credit under par. (a) 2m. or 3., at the time of the transfer
18request. The transferee may first use the credit to offset tax in the taxable year of the
19transferor in which the transfer occurs, and may use the credit only to offset tax in
20taxable years otherwise allowed to be claimed and carried forward by the original
21claimant.
SB720-SSA1,62 22Section 62 . 71.34 (1g) (c), (d), (e), (f), (g), (h) and (i) of the statutes are repealed.
SB720-SSA1,63 23Section 63 . 71.34 (1g) (j) 3. m. of the statutes is created to read:
SB720-SSA1,28,2524 71.34 (1g) (j) 3. m. Sections 101 (m), (n), (o), (p), and (q) and 104 (a) of division
25U of P.L. 115-141.
SB720-SSA1,64
1Section 64. 71.34 (1g) (j) 3. n. of the statutes is created to read:
SB720-SSA1,29,32 71.34 (1g) (j) 3. n. Section 102 of division M and sections 110, 111, and 116 (b)
3of division O of P.L. 116-94.
SB720-SSA1,65 4Section 65 . 71.34 (1g) (k) 3. of the statutes is amended to read:
SB720-SSA1,29,105 71.34 (1g) (k) 3. For purposes of this paragraph, “Internal Revenue Code" does
6not include amendments to the federal Internal Revenue Code enacted after
7December 31, 2016, except that “Internal Revenue Code” includes sections 11024,
811025, and 13543 of P.L. 115-97, sections 40307 and 40413 of P.L. 115-123, and
9section 102 of division M and sections 110, 111, and 116 (b) of division O of P.L.
10116-94
.
SB720-SSA1,66 11Section 66 . 71.34 (1g) (L) 1. of the statutes is amended to read:
SB720-SSA1,29,1512 71.34 (1g) (L) 1. For taxable years beginning after December 31, 2017, and
13before January 1, 2020,
for tax option corporations, “Internal Revenue Code" means
14the federal Internal Revenue Code as amended to December 31, 2017, except as
15provided in subds. 2., 3., and 5. and s. 71.98 and subject to subd. 4.
SB720-SSA1,67 16Section 67 . 71.34 (1g) (L) 3. of the statutes is amended to read:
SB720-SSA1,29,2317 71.34 (1g) (L) 3. For purposes of this paragraph, “Internal Revenue Code" does
18not include amendments to the federal Internal Revenue Code enacted after
19December 31, 2017, except that “Internal Revenue Code” includes sections 40307
20and 40413 of P.L. 115-123; section 1203 of P.L. 116-25; section 102 of division M,
21sections 108, 110, 111, 115, 116 (a) and (b), 204, 206, 302, and 601 of division O, section
221302 of division P, and sections 131, 202 (d), 204 (c), 205, and 301 of division Q of P.L.
23116-94, and section 2 (b) of P.L. 116-98
.
SB720-SSA1,68 24Section 68 . 71.34 (1g) (L) 4. of the statutes is amended to read:
SB720-SSA1,30,6
171.34 (1g) (L) 4. For purposes of this paragraph, the provisions of federal public
2laws that directly or indirectly affect the Internal Revenue Code, as defined in this
3paragraph, apply for Wisconsin purposes at the same time as for federal purposes,
4except that changes made by P.L. 115-63 and sections 11026, 11027, 11028, 13207,
513306, 13307, 13308, 13311, 13312, 13501, 13705, 13821, and 13823 of P.L. 115-97
6first apply for taxable years beginning after December 31, 2017
.
SB720-SSA1,69 7Section 69 . 71.34 (1g) (m) of the statutes is created to read:
SB720-SSA1,30,118 71.34 (1g) (m) 1. For taxable years beginning after December 31, 2019, for tax
9option corporations, “Internal Revenue Code" means the federal Internal Revenue
10Code as amended to December 31, 2019, except as provided in subds. 2., 3., and 5. and
11s. 71.98 and subject to subd. 4.
SB720-SSA1,31,912 2. For purposes of this paragraph, “Internal Revenue Code" does not include
13the following provisions of federal public laws for taxable years beginning after
14December 31, 2019: section 13113 of P.L. 103-66; sections 1, 3, 4, and 5 of P.L.
15106-519; sections 101, 102, and 422 of P.L. 108-357; sections 1310 and 1351 of P.L.
16109-58; section 11146 of P.L. 109-59; section 403 (q) of P.L. 109-135; section 513 of
17P.L. 109-222; sections 104 and 307 of P.L. 109-432; sections 8233 and 8235 of P.L.
18110-28; section 11 (e) and (g) of P.L. 110-172; section 301 of P.L. 110-245; section
1915351 of P.L. 110-246; section 302 of division A, section 401 of division B, and sections
20312, 322, 502 (c), 707, and 801 of division C of P.L. 110-343; sections 1232, 1241, 1251,
211501, and 1502 of division B of P.L. 111-5; sections 211, 212, 213, 214, and 216 of P.L.
22111-226; sections 2011 and 2122 of P.L. 111-240; sections 753, 754, and 760 of P.L.
23111-312; section 1106 of P.L. 112-95; sections 104, 318, 322, 323, 324, 326, 327, and
24411 of P.L. 112-240; P.L. 114-7; section 1101 of P.L. 114-74; section 305 of division
25P of P.L. 114-113; sections 123, 125 to 128, 143, 144, 151 to 153, 165 to 167, 169 to

1171, 189, 191, 307, 326, and 411 of division Q of P.L. 114-113; sections 11011, 11012,
213201 (a) to (e) and (g), 13206, 13221, 13301, 13304 (a), (b), and (d), 13531, 13601,
313801, 14101, 14102, 14103, 14201, 14202, 14211, 14212, 14213, 14214, 14215,
414221, 14222, 14301, 14302, 14304, and 14401 of P.L. 115-97; sections 40304, 40305,
540306, and 40412 of P.L. 115-123; section 101 (c) of division T of P.L. 115-141;
6sections 101 (d) and (e), 102, 201 to 207, 301, 302, and 401 (a) (47) and (195), (b) (13),
7(17), (22) and (30), and (d) (1) (D) (v), (vi), and (xiii) and (xvii) (II) of division U of P.L.
8115-141; and section 301 of division O and sections 101, 102, 103, 104, 114, 115, 116,
9117, 118, 130, 132, and 145 of division Q of P.L. 116-94.
SB720-SSA1,31,1110 3. For purposes of this paragraph, “Internal Revenue Code" does not include
11amendments to the federal Internal Revenue Code enacted after December 31, 2019.
SB720-SSA1,31,1912 4. For purposes of this paragraph, the provisions of federal public laws that
13directly or indirectly affect the Internal Revenue Code, as defined in this paragraph,
14apply for Wisconsin purposes at the same time as for federal purposes, except that
15changes made by section 13516 of P.L. 115-97, sections 20101, 20102, 20104, 20201,
1640201, 40202, 40203, 40308, 40309, 40311, 40414, 41101, 41107, 41115, and 41116
17of P.L. 115-123, section 101 (a), (b), and (h) of division U of P.L. 115-141, section 1122
18of P.L. 116-92, sections 201, 202, and 204 (a) and (b) of division Q of P.L. 116-94, and
19section 2 of P.L. 116-98 apply for taxable years beginning after December 31, 2019.
SB720-SSA1,31,23205. For purposes of this paragraph, section 1366 (f) of the Internal Revenue Code
21(relating to pass-through of items to shareholders) is modified by substituting the
22tax under s. 71.35 for the taxes under sections 1374 and 1375 of the Internal Revenue
23Code.
SB720-SSA1,70 24Section 70 . 71.34 (1u) of the statutes is created to read:
SB720-SSA1,32,2
171.34 (1u) For purposes of s. 71.34 (1g) (b), 2013 stats., “Internal Revenue
2Code" includes section 109 of division U of P.L. 115-141.
SB720-SSA1,71 3Section 71 . 71.42 (2) (c), (d), (e), (f), (g), (h) and (i) of the statutes are repealed.
SB720-SSA1,72 4Section 72 . 71.42 (2) (j) 3. m. of the statutes is created to read:
SB720-SSA1,32,65 71.42 (2) (j) 3. m. Sections 101 (m), (n), (o), (p), and (q) and 104 (a) of division
6U of P.L. 115-141.
SB720-SSA1,73 7Section 73 . 71.42 (2) (j) 3. n. of the statutes is created to read:
SB720-SSA1,32,98 71.42 (2) (j) 3. n. Section 102 of division M and sections 110, 111, and 116 (b)
9of division O of P.L. 116-94.
SB720-SSA1,74 10Section 74 . 71.42 (2) (k) 3. of the statutes is amended to read:
SB720-SSA1,32,1611 71.42 (2) (k) 3. For purposes of this paragraph, “Internal Revenue Code" does
12not include amendments to the federal Internal Revenue Code enacted after
13December 31, 2016, except that “Internal Revenue Code” includes sections 11024,
1411025, and 13543 of P.L. 115-97, sections 40307 and 40413 of P.L. 115-123, and
15section 102 of division M and sections 110, 111, and 116 (b) of division O of P.L.
16116-94
.
SB720-SSA1,75 17Section 75 . 71.42 (2) (L) 1. of the statutes is amended to read:
SB720-SSA1,32,2118 71.42 (2) (L) 1. For taxable years beginning after December 31, 2017, and
19before January 1, 2020,
“Internal Revenue Code" means the federal Internal
20Revenue Code as amended to December 31, 2017, except as provided in subds. 2. to
214. and s. 71.98 and subject to subd. 5.
SB720-SSA1,76 22Section 76 . 71.42 (2) (L) 3. of the statutes is amended to read:
SB720-SSA1,33,423 71.42 (2) (L) 3. For purposes of this paragraph, “Internal Revenue Code" does
24not include amendments to the federal Internal Revenue Code enacted after
25December 31, 2017, except that “Internal Revenue Code” includes sections 40307

1and 40413 of P.L. 115-123; section 1203 of P.L. 116-25; section 102 of division M,
2sections 108, 110, 111, 115, 116 (a) and (b), 204, 206, 302, and 601 of division O, section
31302 of division P, and sections 131, 202 (d), 204 (c), 205, and 301 of division Q of P.L.
4116-94, and section 2 (b) of P.L. 116-98
.
SB720-SSA1,77 5Section 77 . 71.42 (2) (L) 5. of the statutes is amended to read:
SB720-SSA1,33,116 71.42 (2) (L) 5. For purposes of this paragraph, the provisions of federal public
7laws that directly or indirectly affect the Internal Revenue Code, as defined in this
8paragraph, apply for Wisconsin purposes at the same time as for federal purposes,
9except that changes made by P.L. 115-63 and sections 11026, 11027, 11028, 13207,
1013306, 13307, 13308, 13311, 13312, 13501, 13705, 13821, and 13823 of P.L. 115-97
11first apply for taxable years beginning after December 31, 2017
.
SB720-SSA1,78 12Section 78 . 71.42 (2) (m) of the statutes is created to read:
SB720-SSA1,33,1513 71.42 (2) (m) 1. For taxable years beginning after December 31, 2019, “Internal
14Revenue Code" means the federal Internal Revenue Code as amended to December
1531, 2019, except as provided in subds. 2. and 3. and s. 71.98 and subject to subd. 4.
SB720-SSA1,34,1316 2. For purposes of this paragraph, “Internal Revenue Code" does not include
17the following provisions of federal public laws for taxable years beginning after
18December 31, 2019: section 13113 of P.L. 103-66; sections 1, 3, 4, and 5 of P.L.
19106-519; sections 101, 102, and 422 of P.L. 108-357; sections 1310 and 1351 of P.L.
20109-58; section 11146 of P.L. 109-59; section 403 (q) of P.L. 109-135; section 513 of
21P.L. 109-222; sections 104 and 307 of P.L. 109-432; sections 8233 and 8235 of P.L.
22110-28; section 11 (e) and (g) of P.L. 110-172; section 301 of P.L. 110-245; section
2315351 of P.L. 110-246; section 302 of division A, section 401 of division B, and sections
24312, 322, 502 (c), 707, and 801 of division C of P.L. 110-343; sections 1232, 1241, 1251,
251501, and 1502 of division B of P.L. 111-5; sections 211, 212, 213, 214, and 216 of P.L.

1111-226; sections 2011 and 2122 of P.L. 111-240; sections 753, 754, and 760 of P.L.
2111-312; section 1106 of P.L. 112-95; sections 104, 318, 322, 323, 324, 326, 327, and
3411 of P.L. 112-240; P.L. 114-7; section 1101 of P.L. 114-74; section 305 of division
4P of P.L. 114-113; sections 123, 125 to 128, 143, 144, 151 to 153, 165 to 167, 169 to
5171, 189, 191, 307, 326, and 411 of division Q of P.L. 114-113; sections 11011, 11012,
613201 (a) to (e) and (g), 13206, 13221, 13301, 13304 (a), (b), and (d), 13531, 13601,
713801, 14101, 14102, 14103, 14201, 14202, 14211, 14212, 14213, 14214, 14215,
814221, 14222, 14301, 14302, 14304, and 14401 of P.L. 115-97; sections 40304, 40305,
940306, and 40412 of P.L. 115-123; section 101 (c) of division T of P.L. 115-141;
10sections 101 (d) and (e), 102, 201 to 207, 301, 302, and 401 (a) (47) and (195), (b) (13),
11(17), (22) and (30), and (d) (1) (D) (v), (vi), and (xiii) and (xvii) (II) of division U of P.L.
12115-141; and section 301 of division O and sections 101, 102, 103, 104, 114, 115, 116,
13117, 118, 130, 132, and 145 of division Q of P.L. 116-94.
SB720-SSA1,34,1514 3. For purposes of this paragraph, “Internal Revenue Code" does not include
15amendments to the federal Internal Revenue Code enacted after December 31, 2019.
SB720-SSA1,34,2316 4. For purposes of this paragraph, the provisions of federal public laws that
17directly or indirectly affect the Internal Revenue Code, as defined in this paragraph,
18apply for Wisconsin purposes at the same time as for federal purposes, except that
19changes made by section 13516 of P.L. 115-97, sections 20101, 20102, 20104, 20201,
2040201, 40202, 40203, 40308, 40309, 40311, 40414, 41101, 41107, 41115, and 41116
21of P.L. 115-123, section 101 (a), (b), and (h) of division U of P.L. 115-141, section 1122
22of P.L. 116-92, sections 201, 202, and 204 (a) and (b) of division Q of P.L. 116-94, and
23section 2 of P.L. 116-98 apply for taxable years beginning after December 31, 2019.
SB720-SSA1,79 24Section 79 . 71.42 (2p) of the statutes is created to read:
SB720-SSA1,35,2
171.42 (2p) For purposes of s. 71.42 (2) (b), 2013 stats., “Internal Revenue Code"
2includes section 109 of division U of P.L. 115-141.
SB720-SSA1,80 3Section 80. 71.47 (6) (h) of the statutes is amended to read:
SB720-SSA1,35,154 71.47 (6) (h) Any person, including a nonprofit entity described in section 501
5(c) (3) of the Internal Revenue Code, may sell or otherwise transfer the credit under
6par. (a) 2m. or 3., in whole or in part, to another person who is subject to the taxes
7imposed under s. 71.02, 71.23, or 71.43, if the person notifies the department of the
8transfer, and submits with the notification a copy of the transfer documents, and the
9department certifies ownership of the credit with each transfer. The transferor may
10file a claim for more than one taxable year on a form prescribed by the department
11to compute all years of the credit under par. (a) 2m. or 3., at the time of the transfer
12request. The transferee may first use the credit to offset tax in the taxable year of the
13transferor in which the transfer occurs, and may use the credit only to offset tax in
14taxable years otherwise allowed to be claimed and carried forward by the original
15claimant.
SB720-SSA1,81 16Section 81. 71.52 (1g) of the statutes is created to read:
SB720-SSA1,35,2517 71.52 (1g) “Earned income” means wages, salaries, tips, and other employee
18compensation that may be included in federal adjusted gross income for the taxable
19year, plus the amount of the claimant's net earnings from self-employment for the
20taxable year determined with regard to the deduction allowed to the taxpayer by
21section 164 (f) of the Internal Revenue Code. For purposes of this subsection, a
22claimant's earned income is computed without regard to any marital property laws
23and a claimant may elect to treat amounts excluded from federal adjusted gross
24income as earned income, as provided under section 112 of the Internal Revenue
25Code. “Earned income” does not include the following:
SB720-SSA1,36,1
1(a) Any amount received as a pension or annuity.
SB720-SSA1,36,22(b) Any amount to which section 871 (a) of the Internal Revenue Code applies.
SB720-SSA1,36,43 (c) Any amount received for services provided by an individual while the
4individual is an inmate at a penal institution.
SB720-SSA1,36,95 (d) Any amount received for service performed in work activities under
6paragraphs (4) or (7) of section 407 (d) of the Social Security Act to which the claimant
7is assigned under any state program under part A of title IV of the Social Security
8Act. This paragraph applies only to amounts subsidized under any such state
9program.
SB720-SSA1,82 10Section 82. 71.55 (10) of the statutes is amended to read:
SB720-SSA1,36,1911 71.55 (10) Farmers. Notwithstanding the provision in s. 71.52 (6) that requires
12the addition of certain disqualified losses to income, such an addition may not be
13made by a claimant who is a farmer whose primary income is from farming and
14whose farming generates less than $250,000 in gross receipts from the operation of
15farm premises in the year to which the claim relates. For purposes of this subsection,
16a claimant's primary income is from farming if the claimant's gross income from
17farming for the year to which the claim relates is greater than 50 percent of the
18claimant's total gross income from all sources for the year to which the claim relates.
19In this subsection, “gross income” has the meaning given in s. 71.03 (1).
SB720-SSA1,83 20Section 83. 71.76 of the statutes is renumbered 71.76 (1) and amended to read:
SB720-SSA1,37,1321 71.76 (1) If for any year the amount of federal net income tax payable, of a credit
22claimed or carried forward, of a net operating loss carried forward or of a capital loss
23carried forward of any taxpayer as reported to the internal revenue service is
24changed or corrected by the internal revenue service or other officer of the United
25States, such taxpayer shall report such changes or corrections to the department

1within 90 180 days after its final determination and shall concede the accuracy of
2such determination or state how the determination is erroneous. Such changes or
3corrections need not be reported unless they affect the amount of net tax payable
4under this chapter, of a credit calculated under this chapter, of a Wisconsin net
5operating loss carried forward, of a Wisconsin net business loss carried forward or
6of a capital loss carried forward under this chapter. Any taxpayer submitting an
7amended return to the internal revenue service, or to another state if there has been
8allowed a credit against Wisconsin taxes for taxes paid to that state, shall also file,
9within 90 180 days of such filing date, an amended return if any information
10contained on the amended return affects the amount of net tax payable under this
11chapter of a credit calculated under this chapter, of a Wisconsin net operating loss
12carried forward, of a Wisconsin net business loss carried forward or of a capital loss
13carried forward under this chapter.
SB720-SSA1,84 14Section 84 . 71.76 (2) of the statutes is created to read:
SB720-SSA1,37,2215 71.76 (2) In the case of any partnership adjustments, as defined under section
166241 of the Internal Revenue Code and including adjustments under section 6225
17of the Internal Revenue Code, the partnership and its partners shall report such
18changes or corrections to the department within 180 days after the department's
19final determination and shall concede the accuracy of such determination or state
20how the determination is erroneous. The partnership and its partners shall submit
21amended returns, as applicable, for each reviewed year, as defined under section
226225 of the Internal Revenue Code, to which such partnership adjustments relate.
SB720-SSA1,85 23Section 85. 71.77 (7) (b) of the statutes is amended to read:
SB720-SSA1,38,524 71.77 (7) (b) If notice of assessment or refund is given to the taxpayer within
2590 180 days of the date on which the department receives a report from the taxpayer

1under s. 71.76 or within such other period specified in a written agreement entered
2into prior to the expiration of such 90 180 days by the taxpayer and the department.
3If the taxpayer does not report to the department as required under s. 71.76, the
4department may make an assessment against the taxpayer or refund to the taxpayer
5within 4 years after discovery by the department.
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