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AB754-ASA1,14,5
171.05 (1) (an) Uniformed services retirement benefits. All retirement payments
2received from the U.S. government that relate to service with the coast guard, the
3commissioned corps of the national oceanic and atmospheric administration, or the
4commissioned corps of the public health service, to the extent that such payments are
5not exempt under par. (a), (ae), or (am) or sub. (6) (b) 54.
AB754-ASA1,25 6Section 25 . 71.05 (6) (b) 4. of the statutes is renumbered 71.05 (6) (b) 4. (intro.)
7and amended to read:
AB754-ASA1,15,48 71.05 (6) (b) 4. (intro.) Disability payments other than disability payments that
9are paid from a retirement plan, the payments from which are exempt under sub.
10subs. (1) (ae), (am), and (an) and (6) (b) 54., if the individual either is single or is
11married and files a joint return, to the extent those payments are excludable under
12section 105 (d) of the Internal Revenue Code as it existed immediately prior to its
13repeal in 1983 by section 122 (b) of P.L. 98-21, except that if an individual is divorced
14during the taxable year that individual may subtract an amount only if that person
15is disabled and the amount that may be subtracted then is $100 for each week that
16payments are received or the amount of disability pay reported as income, whichever
17is less. If the exclusion under this subdivision is claimed on a joint return and only
18one of the spouses is disabled, the maximum exclusion is $100 for each week that
19payments are received or the amount of disability pay reported as income, whichever
20is less.
and is under 65 years of age before the close of the taxable year to which the
21subtraction relates, retired on disability, and, when the individual retired, was
22permanently and totally disabled. In this subdivision, “permanently and totally
23disabled" means an individual who is unable to engage in any substantial gainful
24activity by reason of any medically determinable physical or mental impairment
25which can be expected to result in death or which has lasted or can be expected to last

1for a continuous period of not less than 12 months. An individual shall not be
2considered permanently and totally disabled for purposes of this subdivision unless
3proof is furnished in such form and manner, and at such times, as prescribed by the
4department. The exclusion under this subdivision shall be determined as follows:
AB754-ASA1,26 5Section 26 . 71.05 (6) (b) 4. a. to c. of the statutes are created to read:
AB754-ASA1,15,96 71.05 (6) (b) 4. a. If the individual is single and the individual's federal adjusted
7gross income in the year to which the subtraction relates is less than $20,200, the
8maximum subtraction is $100 for each week that payments are received or the
9amount of disability pay reported as income, whichever is less.
AB754-ASA1,15,1410 b. If the individual is married and filing a joint return and the couple's federal
11adjusted gross income in the year to which the subtraction relates is less than
12$20,200, or $25,400 if both spouses are disabled, the maximum subtraction is $100
13for each week that payments are received, per spouse if both spouses are disabled,
14or the amount of disability pay reported as income, whichever is less.
AB754-ASA1,15,1915 c. If the federal adjusted gross income of the individual, or individuals if filing
16a joint return, for the taxable year, determined without regard to this subd. 4.,
17exceeds $15,000, the amount subtracted under this subd. 4. for the taxable year shall
18be reduced by an amount equal to the excess of the federal adjusted gross income over
19$15,000.
AB754-ASA1,27 20Section 27 . 71.05 (6) (b) 17. and 18. of the statutes are repealed.
AB754-ASA1,28 21Section 28 . 71.05 (6) (b) 19. c. of the statutes is amended to read:
AB754-ASA1,16,222 71.05 (6) (b) 19. c. For taxable years beginning before January 1, 2020, for a
23person who is a nonresident or a part-year resident of this state, modify the amount
24calculated under subd. 19. b. by multiplying the amount by a fraction the numerator
25of which is the person's net earnings from a trade or business that are taxable by this

1state and the denominator of which is the person's total net earnings from a trade
2or business.
AB754-ASA1,29 3Section 29 . 71.05 (6) (b) 19. cm. of the statutes is created to read:
AB754-ASA1,16,164 71.05 (6) (b) 19. cm. For taxable years beginning after December 31, 2019, for
5a person who is a nonresident or a part-year resident of this state, modify the amount
6calculated under subd. 19. b. by multiplying the amount by a fraction the numerator
7of which is the person's wages, salary, tips, unearned income, and net earnings from
8a trade or business that are taxable by this state and the denominator of which is the
9person's total wages, salary, tips, unearned income, and net earnings from a trade
10or business. In this subd. 19. cm., for married persons filing separately “ wages,
11salary, tips, unearned income, and net earnings from a trade or business" means the
12separate wages, salary, tips, unearned income, and net earnings from a trade or
13business of each spouse, and for married persons filing jointly “wages, salary, tips,
14unearned income, and net earnings from a trade or business" means the total wages,
15salary, tips, unearned income, and net earnings from a trade or business of both
16spouses.
AB754-ASA1,30 17Section 30 . 71.05 (6) (b) 19. d. of the statutes is amended to read:
AB754-ASA1,16,2018 71.05 (6) (b) 19. d. Reduce For taxable years beginning before January 1, 2020,
19reduce
the amount calculated under subd. 19. b. or c. to the person's aggregate net
20earnings from a trade or business that are taxable by this state.
AB754-ASA1,31 21Section 31 . 71.05 (6) (b) 19. dm. of the statutes is created to read:
AB754-ASA1,16,2522 71.05 (6) (b) 19. dm. For taxable years beginning after December 31, 2019,
23reduce the amount calculated under subd. 19.b. or cm. to the person's aggregate
24wages, salary, tips, unearned income, and net earnings from a trade or business that
25are taxable by this state.
AB754-ASA1,32
1Section 32. 71.05 (6) (b) 20., 36., 37., 39., 40. and 41. of the statutes are
2repealed.
AB754-ASA1,33 3Section 33 . 71.05 (6) (b) 54. of the statutes is created to read:
AB754-ASA1,17,94 71.05 (6) (b) 54. Except for a payment that is exempt under sub. (1) (a), (am),
5or (an), or that is exempt as a railroad retirement benefit, for taxable years beginning
6after December 31, 2019, up to $5,000 of payments or distributions received each
7year by an individual from a qualified retirement plan under the Internal Revenue
8Code or from an individual retirement account established under 26 USC 408, if all
9of the following conditions apply:
AB754-ASA1,17,1110 a. The individual is at least 65 years of age before the close of the taxable year
11to which the exemption claim relates.
AB754-ASA1,17,1412 b. If the individual is single or files as head of household, his or her federal
13adjusted gross income in the year to which the exemption claim relates is less than
14$15,000.
AB754-ASA1,17,1615 c. If the individual is married and is a joint filer, the couple's federal adjusted
16gross income in the year to which the exemption claim relates is less than $30,000.
AB754-ASA1,17,1917 d. If the individual is married and files a separate return, the sum of both
18spouses' federal adjusted gross income in the year to which the exemption claim
19relates is less than $30,000.
AB754-ASA1,34 20Section 34 . 71.07 (5) (a) 15. of the statutes is amended to read:
AB754-ASA1,18,221 71.07 (5) (a) 15. The amount claimed as a deduction for medical care insurance
22under section 213 of the Internal Revenue Code that is exempt from taxation under
23s. 71.05 (6) (b) 17. to 20. 19., 35., 36., 37., 38., 39., 40., 41., and 42. and the amount
24claimed as a deduction for a long-term care insurance policy under section 213 (d)

1(1) (D) of the Internal Revenue Code, as defined in section 7702B (b) of the Internal
2Revenue Code that is exempt from taxation under s. 71.05 (6) (b) 26.
AB754-ASA1,35 3Section 35. 71.07 (9m) (h) of the statutes is amended to read:
AB754-ASA1,18,154 71.07 (9m) (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
13the transferor in which the transfer occurs and may use the credit only to offset tax
14in taxable years otherwise allowed to be claimed and carried forward by the original
15claimant.
AB754-ASA1,36 16Section 36 . 71.22 (4) (c), (d), (e), (f), (g), (h) and (i) of the statutes are repealed.
AB754-ASA1,37 17Section 37 . 71.22 (4) (j) 3. m. of the statutes is created to read:
AB754-ASA1,18,1918 71.22 (4) (j) 3. m. Sections 101 (m), (n), (o), (p), and (q) and 104 (a) of division
19U of P.L. 115-141.
AB754-ASA1,38 20Section 38 . 71.22 (4) (j) 3. n. of the statutes is created to read:
AB754-ASA1,18,2221 71.22 (4) (j) 3. n. Section 102 of division M and sections 110, 111, and 116 (b)
22of division O of P.L. 116-94.
AB754-ASA1,39 23Section 39 . 71.22 (4) (k) 3. of the statutes is amended to read:
AB754-ASA1,19,424 71.22 (4) (k) 3. For purposes of this paragraph, “Internal Revenue Code" does
25not include amendments to the federal Internal Revenue Code enacted after

1December 31, 2016, except that “Internal Revenue Code” includes sections 11024,
211025, and 13543 of P.L. 115-97, sections 40307 and 40413 of P.L. 115-123, and
3section 102 of division M and sections 110, 111, and 116 (b) of division O of P.L.
4116-94
.
AB754-ASA1,40 5Section 40 . 71.22 (4) (L) 1. of the statutes is amended to read:
AB754-ASA1,19,106 71.22 (4) (L) 1. For taxable years beginning after December 31, 2017, and
7before January 1, 2020,
“Internal Revenue Code" means the federal Internal
8Revenue Code as amended to December 31, 2017, except as provided in subds. 2. and
93. and subject to subd. 4., and except as provided in sub. (4m) and ss. 71.26 (2) (b) and
10(3), 71.34 (1g), 71.42 (2), and 71.98.
AB754-ASA1,41 11Section 41 . 71.22 (4) (L) 3. of the statutes is amended to read:
AB754-ASA1,19,1812 71.22 (4) (L) 3. For purposes of this paragraph, “Internal Revenue Code" does
13not include amendments to the federal Internal Revenue Code enacted after
14December 31, 2017, except that “Internal Revenue Code” includes sections 40307
15and 40413 of P.L. 115-123; section 1203 of P.L. 116-25; section 102 of division M,
16sections 108, 110, 111, 115, 116 (a) and (b), 204, 206, 302, and 601 of division O, section
171302 of division P, and sections 131, 202 (d), 204 (c), 205, and 301 of division Q of P.L.
18116-94, and section 2 (b) of P.L. 116-98
.
AB754-ASA1,42 19Section 42 . 71.22 (4) (L) 4. of the statutes is amended to read:
AB754-ASA1,19,2520 71.22 (4) (L) 4. For purposes of this paragraph, the provisions of federal public
21laws that directly or indirectly affect the Internal Revenue Code, as defined in this
22paragraph, apply for Wisconsin purposes at the same time as for federal purposes,
23except that changes made by P.L. 115-63 and sections 11026, 11027, 11028, 13207,
2413306, 13307, 13308, 13311, 13312, 13501, 13705, 13821, and 13823 of P.L. 115-97
25first apply for taxable years beginning after December 31, 2017
.
AB754-ASA1,43
1Section 43. 71.22 (4) (m) of the statutes is created to read:
AB754-ASA1,20,52 71.22 (4) (m) 1. For taxable years beginning after December 31, 2019, “Internal
3Revenue Code" means the federal Internal Revenue Code as amended to December
431, 2019, except as provided in subds. 2. and 3. and subject to subd. 4., and except
5as provided in sub. (4m) and ss. 71.26 (2) (b) and (3), 71.34 (1g), 71.42 (2), and 71.98.
AB754-ASA1,21,36 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.
AB754-ASA1,21,54 3. For purposes of this paragraph, “Internal Revenue Code" does not include
5amendments to the federal Internal Revenue Code enacted after December 31, 2019.
AB754-ASA1,21,136 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.
AB754-ASA1,44 14Section 44 . 71.22 (4m) (c), (d), (e), (f), (g), (h) and (i) of the statutes are repealed.
AB754-ASA1,45 15Section 45 . 71.22 (4m) (j) 3. m. of the statutes is created to read:
AB754-ASA1,21,1716 71.22 (4m) (j) 3. m. Sections 101 (m), (n), (o), (p), and (q) and 104 (a) of division
17U of P.L. 115-141.
AB754-ASA1,46 18Section 46 . 71.22 (4m) (j) 3. n. of the statutes is created to read:
AB754-ASA1,21,2019 71.22 (4m) (j) 3. n. Section 102 of division M and sections 110, 111, and 116 (b)
20of division O of P.L. 116-94.
AB754-ASA1,47 21Section 47 . 71.22 (4m) (k) 3. of the statutes is amended to read:
AB754-ASA1,22,222 71.22 (4m) (k) 3. For purposes of this paragraph, “Internal Revenue Code" does
23not include amendments to the federal Internal Revenue Code enacted after
24December 31, 2016, except that “Internal Revenue Code” includes sections 11024,
2511025, and 13543 of P.L. 115-97, sections 40307 and 40413 of P.L. 115-123, and

1section 102 of division M and sections 110, 111, and 116 (b) of division O of P.L.
2116-94
.
AB754-ASA1,48 3Section 48 . 71.22 (4m) (L) 1. of the statutes is amended to read:
AB754-ASA1,22,84 71.22 (4m) (L) 1. For taxable years beginning after December 31, 2017, and
5before January 1, 2020,
“Internal Revenue Code", for corporations that are subject
6to a tax on unrelated business income under s. 71.26 (1) (a), means the federal
7Internal Revenue Code as amended to December 31, 2017, except as provided in
8subds. 2. and 3. and s. 71.98 and subject to subd. 4.
AB754-ASA1,49 9Section 49 . 71.22 (4m) (L) 3. of the statutes is amended to read:
AB754-ASA1,22,1610 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
.
AB754-ASA1,50 17Section 50 . 71.22 (4m) (L) 4. of the statutes is amended to read:
AB754-ASA1,22,2318 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
.
AB754-ASA1,51 24Section 51 . 71.22 (4m) (m) of the statutes is created to read:
AB754-ASA1,23,5
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.
AB754-ASA1,24,36 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.
AB754-ASA1,24,54 3. For purposes of this paragraph, “Internal Revenue Code" does not include
5amendments to the federal Internal Revenue Code enacted after December 31, 2019.
AB754-ASA1,24,136 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.
AB754-ASA1,52 14Section 52 . 71.22 (5g) of the statutes is created to read:
AB754-ASA1,24,1615 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.
AB754-ASA1,53 17Section 53 . 71.26 (2) (b) 3., 4., 5., 6., 7., 8. and 9. of the statutes are repealed.
AB754-ASA1,54 18Section 54 . 71.26 (2) (b) 10. d. of the statutes is amended to read:
AB754-ASA1,25,319 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
.
AB754-ASA1,55 4Section 55 . 71.26 (2) (b) 11. d. of the statutes is amended to read:
AB754-ASA1,25,105 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
.
AB754-ASA1,56 11Section 56 . 71.26 (2) (b) 12. a. of the statutes is amended to read:
AB754-ASA1,25,2012 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.
AB754-ASA1,57 21Section 57 . 71.26 (2) (b) 12. d. of the statutes is amended to read:
AB754-ASA1,26,322 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
.
AB754-ASA1,58 4Section 58 . 71.26 (2) (b) 12. e. of the statutes is amended to read:
AB754-ASA1,26,105 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
.
AB754-ASA1,59 11Section 59 . 71.26 (2) (b) 13. of the statutes is created to read:
AB754-ASA1,26,1912 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.
AB754-ASA1,26,2220 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.
AB754-ASA1,27,2023 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.
AB754-ASA1,27,2221 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.
AB754-ASA1,28,523 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.
AB754-ASA1,60 6Section 60 . 71.26 (2) (b) 14. of the statutes is created to read:
AB754-ASA1,28,87 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.
AB754-ASA1,61 9Section 61. 71.28 (6) (h) of the statutes is amended to read:
AB754-ASA1,28,2110 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.
AB754-ASA1,62 22Section 62 . 71.34 (1g) (c), (d), (e), (f), (g), (h) and (i) of the statutes are repealed.
AB754-ASA1,63 23Section 63 . 71.34 (1g) (j) 3. m. of the statutes is created to read:
AB754-ASA1,28,2524 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.
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