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AB2-ASA1,31 25Section 31 . 71.05 (6) (b) 19. d. of the statutes is amended to read:
AB2-ASA1,18,3
171.05 (6) (b) 19. d. Reduce For taxable years beginning before January 1, 2021,
2reduce
the amount calculated under subd. 19. b. or c. to the person's aggregate net
3earnings from a trade or business that are taxable by this state.
AB2-ASA1,32 4Section 32 . 71.05 (6) (b) 19. dm. of the statutes is created to read:
AB2-ASA1,18,85 71.05 (6) (b) 19. dm. For taxable years beginning after December 31, 2020,
6reduce the amount calculated under subd. 19. b. or cm. to the person's aggregate
7wages, salary, tips, unearned income, and net earnings from a trade or business that
8are taxable by this state.
AB2-ASA1,33 9Section 33 . 71.05 (6) (b) 20., 36., 37., 39., 40. and 41. of the statutes are
10repealed.
AB2-ASA1,34 11Section 34 . 71.05 (6) (b) 54. of the statutes is created to read:
AB2-ASA1,18,1712 71.05 (6) (b) 54. Except for a payment that is exempt under sub. (1) (a), (am),
13or (an), or that is exempt as a railroad retirement benefit, for taxable years beginning
14after December 31, 2020, up to $5,000 of payments or distributions received each
15year by an individual from a qualified retirement plan under the Internal Revenue
16Code or from an individual retirement account established under 26 USC 408, if all
17of the following conditions apply:
AB2-ASA1,18,1918 a. The individual is at least 65 years of age before the close of the taxable year
19to which the exemption claim relates.
AB2-ASA1,18,2220 b. If the individual is single or files as head of household, his or her federal
21adjusted gross income in the year to which the exemption claim relates is less than
22$15,000.
AB2-ASA1,18,2423 c. If the individual is married and is a joint filer, the couple's federal adjusted
24gross income in the year to which the exemption claim relates is less than $30,000.
AB2-ASA1,19,3
1d. If the individual is married and files a separate return, the sum of both
2spouses' federal adjusted gross income in the year to which the exemption claim
3relates is less than $30,000.
AB2-ASA1,35 4Section 35 . 71.07 (5) (a) 15. of the statutes is amended to read:
AB2-ASA1,19,105 71.07 (5) (a) 15. The amount claimed as a deduction for medical care insurance
6under section 213 of the Internal Revenue Code that is exempt from taxation under
7s. 71.05 (6) (b) 17. to 20. 19., 35., 36., 37., 38., 39., 40., 41., and 42. and the amount
8claimed as a deduction for a long-term care insurance policy under section 213 (d)
9(1) (D) of the Internal Revenue Code, as defined in section 7702B (b) of the Internal
10Revenue Code that is exempt from taxation under s. 71.05 (6) (b) 26.
AB2-ASA1,36 11Section 36. 71.07 (9m) (h) of the statutes is amended to read:
AB2-ASA1,19,2312 71.07 (9m) (h) Any person, including a nonprofit entity described in section 501
13(c) (3) of the Internal Revenue Code, may sell or otherwise transfer the credit under
14par. (a) 2m. or 3., in whole or in part, to another person who is subject to the taxes
15imposed under s. 71.02, 71.23, or 71.43, if the person notifies the department of the
16transfer, and submits with the notification a copy of the transfer documents, and the
17department certifies ownership of the credit with each transfer. The transferor may
18file a claim for more than one taxable year on a form prescribed by the department
19to compute all years of the credit under par. (a) 2m. or 3., at the time of the transfer
20request. The transferee may first use the credit to offset tax in the taxable year of
21the transferor in which the transfer occurs and may use the credit only to offset tax
22in taxable years otherwise allowed to be claimed and carried forward by the original
23claimant.
AB2-ASA1,37 24Section 37 . 71.22 (4) (c), (d), (e), (f), (g), (h) and (i) of the statutes are repealed.
AB2-ASA1,38 25Section 38 . 71.22 (4) (j) 3. m. of the statutes is created to read:
AB2-ASA1,20,2
171.22 (4) (j) 3. m. Sections 101 (m), (n), (o), (p), and (q), 104 (a), and 109 of
2division U of P.L. 115-141.
AB2-ASA1,39 3Section 39 . 71.22 (4) (j) 3. n. of the statutes is created to read:
AB2-ASA1,20,54 71.22 (4) (j) 3. n. Section 102 of division M and sections 110, 111, and 116 (b)
5of division O of P.L. 116-94.
AB2-ASA1,40 6Section 40 . 71.22 (4) (k) 3. of the statutes is amended to read:
AB2-ASA1,20,127 71.22 (4) (k) 3. For purposes of this paragraph, “Internal Revenue Code" does
8not include amendments to the federal Internal Revenue Code enacted after
9December 31, 2016, except that “Internal Revenue Code” includes sections 11024,
1011025, and 13543 of P.L. 115-97; sections 40307 and 40413 of P.L. 115-123, sections
11101 (m), (n), (o), (p), and (q), 104 (a), and 109 of division U of 115-141; and section
12102 of division M and sections 110, 111, and 116 (b) of division O of P.L. 116-94
.
AB2-ASA1,41 13Section 41 . 71.22 (4) (L) 1. of the statutes is amended to read:
AB2-ASA1,20,1814 71.22 (4) (L) 1. For taxable years beginning after December 31, 2017, and
15before January 1, 2021,
“Internal Revenue Code" means the federal Internal
16Revenue Code as amended to December 31, 2017, except as provided in subds. 2. and
173. and subject to subd. 4., and except as provided in sub. (4m) and ss. 71.26 (2) (b) and
18(3), 71.34 (1g), 71.42 (2), and 71.98.
AB2-ASA1,42 19Section 42. 71.22 (4) (L) 3. of the statutes is amended to read:
AB2-ASA1,21,620 71.22 (4) (L) 3. For purposes of this paragraph, “Internal Revenue Code" does
21not include amendments to the federal Internal Revenue Code enacted after
22December 31, 2017, except that “Internal Revenue Code” includes sections 40307,
2340413, and 41113 of P.L. 115-123; sections 101 (m), (n), (o), (p), and (q), 104 (a), 109,
24401 (a) (54) and (b) (15) (A), (B), and (C), 19, 20, 23, 26, 27, and 28 of division U of P.L.
25115-141; sections 102 and 104 of division M, sections 102, 103, 106, 107, 108, 109,

1110, 111, 113, 114, 115, 116, 201, 204, 205, 206, 302, 401, and 601 of division O, section
21302 of division P, and sections 131, 202 (d), and 205 of division Q of P.L. 116-94;

3sections 1106, 2202, 2203, 2204, 2205, 2206, 2307, 3608, 3609, 3701, and 3702 of
4division A of P.L. 116-136; and sections 202, 208, 209, 211, and 214 of division EE and
5sections 276 (a) and (b), 277, 278 (a), (b), (c), and (d), 280, and 285 of division N of P.L.
6116-260
.
AB2-ASA1,43 7Section 43 . 71.22 (4) (L) 4. of the statutes is amended to read:
AB2-ASA1,21,138 71.22 (4) (L) 4. For purposes of this paragraph, the provisions of federal public
9laws that directly or indirectly affect the Internal Revenue Code, as defined in this
10paragraph, apply for Wisconsin purposes at the same time as for federal purposes,
11except that changes made by P.L. 115-63 and sections 11026, 11027, 11028, 13207,
1213306, 13307, 13308, 13311, 13312, 13501, 13705, 13821, and 13823 of P.L. 115-97
13first apply for taxable years beginning after December 31, 2017
.
AB2-ASA1,44 14Section 44 . 71.22 (4) (m) of the statutes is created to read:
AB2-ASA1,21,1815 71.22 (4) (m) 1. For taxable years beginning after December 31, 2020, “Internal
16Revenue Code" means the federal Internal Revenue Code as amended to December
1731, 2020, except as provided in subds. 2. and 3. and subject to subd. 4., and except
18as provided in sub. (4m) and ss. 71.26 (2) (b) and (3), 71.34 (1g), 71.42 (2), and 71.98.
AB2-ASA1,22,1719 2. For purposes of this paragraph, “Internal Revenue Code" does not include
20the following provisions of federal public laws for taxable years beginning after
21December 31, 2020: section 13113 of P.L. 103-66; sections 1, 3, 4, and 5 of P.L.
22106-519; sections 101, 102, and 422 of P.L. 108-357; sections 1310 and 1351 of P.L.
23109-58; section 11146 of P.L. 109-59; section 403 (q) of P.L. 109-135; section 513 of
24P.L. 109-222; sections 104 and 307 of P.L. 109-432; sections 8233 and 8235 of P.L.
25110-28; section 11 (e) and (g) of P.L. 110-172; section 301 of P.L. 110-245; section

115351 of P.L. 110-246; section 302 of division A, section 401 of division B, and sections
2312, 322, 502 (c), 707, and 801 of division C of P.L. 110-343; sections 1232, 1241, 1251,
31501, and 1502 of division B of P.L. 111-5; sections 211, 212, 213, 214, and 216 of P.L.
4111-226; sections 2011 and 2122 of P.L. 111-240; sections 753, 754, and 760 of P.L.
5111-312; section 1106 of P.L. 112-95; sections 104, 318, 322, 323, 324, 326, 327, and
6411 of P.L. 112-240; P.L. 114-7; section 1101 of P.L. 114-74; section 305 of division
7P of P.L. 114-113; sections 123, 125 to 128, 143, 144, 151 to 153, 165 to 167, 169 to
8171, 189, 191, 307, 326, and 411 of division Q of P.L. 114-113; sections 11011, 11012,
913201 (a) to (e) and (g), 13206, 13221, 13301, 13304 (a), (b), and (d), 13531, 13601,
1013801, 14101, 14102, 14103, 14201, 14202, 14211, 14212, 14213, 14214, 14215,
1114221, 14222, 14301, 14302, 14304, and 14401 of P.L. 115-97; sections 40304, 40305,
1240306, and 40412 of P.L. 115-123; section 101 (c) of division T of P.L. 115-141;
13sections 101 (d) and (e), 102, 201 to 207, 301, 302, and 401 (a) (47) and (195), (b) (13),
14(17), (22) and (30), and (d) (1) (D) (v), (vi), and (xiii) and (xvii) (II) of division U of P.L.
15115-141; sections 104, 114, 115, 116, 130, and 145 of division Q of P.L. 116-94;
16sections 2304 and 2306 of P.L. 116-136; and sections 111, 114, 115, 116, 118 (a) and
17(d), 133, 137, 138, and 210 of division EE of P.L. 116-260.
AB2-ASA1,22,1918 3. For purposes of this paragraph, “Internal Revenue Code" does not include
19amendments to the federal Internal Revenue Code enacted after December 31, 2020.
AB2-ASA1,23,520 4. For purposes of this paragraph, the provisions of federal public laws that
21directly or indirectly affect the Internal Revenue Code, as defined in this paragraph,
22apply for Wisconsin purposes at the same time as for federal purposes, except that
23changes made by sections 20101, 20102, 20104, 20201, 40201, 40202, 40203, 40308,
2440309, 40311, 40414, 41101, 41107, 41114, 41115, and 41116 of P.L. 115-123; section
25101 (a), (b), and (h) of division U of P.L. 115-141; section 1203 of P.L. 116-25; section

11122 of P.L. 116-92; section 301 of division O, section 1302 of division P, and sections
2101, 102, 103, 117, 118, 132, 201, 202 (a), (b), and (c), 204 (a), (b), and (c), 301, and
3302 of division Q of P.L. 116-94; section 2 of P.L. 116-98; and sections 301, 302, and
4304 of division EE of P.L. 116-260 apply for taxable years beginning after December
531, 2020.
AB2-ASA1,45 6Section 45 . 71.22 (4m) (c), (d), (e), (f), (g), (h) and (i) of the statutes are repealed.
AB2-ASA1,46 7Section 46 . 71.22 (4m) (j) 3. m. of the statutes is created to read:
AB2-ASA1,23,98 71.22 (4m) (j) 3. m. Sections 101 (m), (n), (o), (p), and (q), 104 (a), and 109 of
9division U of P.L. 115-141.
AB2-ASA1,47 10Section 47 . 71.22 (4m) (j) 3. n. of the statutes is created to read:
AB2-ASA1,23,1211 71.22 (4m) (j) 3. n. Section 102 of division M and sections 110, 111, and 116 (b)
12of division O of P.L. 116-94.
AB2-ASA1,48 13Section 48 . 71.22 (4m) (k) 3. of the statutes is amended to read:
AB2-ASA1,23,1914 71.22 (4m) (k) 3. For purposes of this paragraph, “Internal Revenue Code" does
15not include amendments to the federal Internal Revenue Code enacted after
16December 31, 2016, except that “Internal Revenue Code” includes sections 11024,
1711025, and 13543 of P.L. 115-97; sections 40307 and 40413 of P.L. 115-123; sections
18101 (m), (n), (o), (p), and (q), 104 (a), and 109 of division U of P.L. 115-141; and section
19102 of division M and sections 110, 111, and 116 (b) of division O of P.L. 116-94
.
AB2-ASA1,49 20Section 49 . 71.22 (4m) (L) 1. of the statutes is amended to read:
AB2-ASA1,23,2521 71.22 (4m) (L) 1. For taxable years beginning after December 31, 2017, and
22before January 1, 2021,
“Internal Revenue Code", for corporations that are subject
23to a tax on unrelated business income under s. 71.26 (1) (a), means the federal
24Internal Revenue Code as amended to December 31, 2017, except as provided in
25subds. 2. and 3. and s. 71.98 and subject to subd. 4.
AB2-ASA1,50
1Section 50. 71.22 (4m) (L) 3. of the statutes is amended to read:
AB2-ASA1,24,132 71.22 (4m) (L) 3. For purposes of this paragraph, “Internal Revenue Code" does
3not include amendments to the federal Internal Revenue Code enacted after
4December 31, 2017, except that “Internal Revenue Code” includes sections 40307,
540413, and 41113 of P.L. 115-123; sections 101 (m), (n), (o), (p), and (q), 104 (a), 109,
6401 (a) (54) and (b) (15) (A), (B), and (C), 19, 20, 23, 26, 27, and 28 of division U of P.L.
7115-141; sections 102 and 104 of division M, sections 102, 103, 106, 107, 108, 109,
8110, 111, 113, 114, 115, 116, 201, 204, 205, 206, 302, 401, and 601 of division O, section
91302 of division P, and sections 131, 202 (d), and 205 of division Q of P.L. 116-94;
10sections 1106, 2202, 2203, 2204, 2205, 2206, 2307, 3608, 3609, 3701, and 3702 of
11division A of P.L. 116-136; and sections 202, 208, 209, 211, and 214 of division EE and
12sections 276 (a) and (b), 277, 278 (a), (b), (c), and (d), 280, and 285 of division N of P.L.
13116-260
.
AB2-ASA1,51 14Section 51 . 71.22 (4m) (L) 4. of the statutes is amended to read:
AB2-ASA1,24,2015 71.22 (4m) (L) 4. For purposes of this paragraph, the provisions of federal
16public laws that directly or indirectly affect the Internal Revenue Code, as defined
17in this paragraph, apply for Wisconsin purposes at the same time as for federal
18purposes, except that changes made by P.L. 115-63 and sections 11026, 11027, 11028,
1913207, 13306, 13307, 13308, 13311, 13312, 13501, 13705, 13821, and 13823 of P.L.
20115-97 first apply for taxable years beginning after December 31, 2017
.
AB2-ASA1,52 21Section 52 . 71.22 (4m) (m) of the statutes is created to read:
AB2-ASA1,25,222 71.22 (4m) (m) 1. For taxable years beginning after December 31, 2020,
23“Internal Revenue Code," for corporations that are subject to a tax on unrelated
24business income under s. 71.26 (1) (a), means the federal Internal Revenue Code as

1amended to December 31, 2020, except as provided in subds. 2. and 3. and s. 71.98
2and subject to subd. 4.
AB2-ASA1,26,23 2. For purposes of this paragraph, “Internal Revenue Code" does not include
4the following provisions of federal public laws for taxable years beginning after
5December 31, 2020: section 13113 of P.L. 103-66; sections 1, 3, 4, and 5 of P.L.
6106-519; sections 101, 102, and 422 of P.L. 108-357; sections 1310 and 1351 of P.L.
7109-58; section 11146 of P.L. 109-59; section 403 (q) of P.L. 109-135; section 513 of
8P.L. 109-222; sections 104 and 307 of P.L. 109-432; sections 8233 and 8235 of P.L.
9110-28; section 11 (e) and (g) of P.L. 110-172; section 301 of P.L. 110-245; section
1015351 of P.L. 110-246; section 302 of division A, section 401 of division B, and sections
11312, 322, 502 (c), 707, and 801 of division C of P.L. 110-343; sections 1232, 1241, 1251,
121501, and 1502 of division B of P.L. 111-5; sections 211, 212, 213, 214, and 216 of P.L.
13111-226; sections 2011 and 2122 of P.L. 111-240; sections 753, 754, and 760 of P.L.
14111-312; section 1106 of P.L. 112-95; sections 104, 318, 322, 323, 324, 326, 327, and
15411 of P.L. 112-240; P.L. 114-7; section 1101 of P.L. 114-74; section 305 of division
16P of P.L. 114-113; sections 123, 125 to 128, 143, 144, 151 to 153, 165 to 167, 169 to
17171, 189, 191, 307, 326, and 411 of division Q of P.L. 114-113; sections 11011, 11012,
1813201 (a) to (e) and (g), 13206, 13221, 13301, 13304 (a), (b), and (d), 13531, 13601,
1913801, 14101, 14102, 14103, 14201, 14202, 14211, 14212, 14213, 14214, 14215,
2014221, 14222, 14301, 14302, 14304, and 14401 of P.L. 115-97; sections 40304, 40305,
2140306, and 40412 of P.L. 115-123; section 101 (c) of division T of P.L. 115-141;
22sections 101 (d) and (e), 102, 201 to 207, 301, 302, and 401 (a) (47) and (195), (b) (13),
23(17), (22) and (30), and (d) (1) (D) (v), (vi), and (xiii) and (xvii) (II) of division U of P.L.
24115-141; sections 104, 114, 115, 116, 130, and 145 of division Q of P.L. 116-94;

1sections 2304 and 2306 of P.L. 116-136; and sections 111, 114, 115, 116, 118 (a) and
2(d), 133, 137, 138, and 210 of division EE of P.L. 116-260.
AB2-ASA1,26,43 3. For purposes of this paragraph, “Internal Revenue Code" does not include
4amendments to the federal Internal Revenue Code enacted after December 31, 2020.
AB2-ASA1,26,155 4. For purposes of this paragraph, the provisions of federal public laws that
6directly or indirectly affect the Internal Revenue Code, as defined in this paragraph,
7apply for Wisconsin purposes at the same time as for federal purposes, except that
8changes made by sections 20101, 20102, 20104, 20201, 40201, 40202, 40203, 40308,
940309, 40311, 40414, 41101, 41107, 41114, 41115, and 41116 of P.L. 115-123; section
10101 (a), (b), and (h) of division U of P.L. 115-141; section 1203 of P.L. 116-25; section
111122 of P.L. 116-92; section 301 of division O, section 1302 of division P, and sections
12101, 102, 103, 117, 118, 132, 201, 202 (a), (b), and (c), 204 (a), (b), and (c), 301, and
13302 of division Q of P.L. 116-94; section 2 of P.L. 116-98; and sections 301, 302, and
14304 of division EE of P.L. 116-260 apply for taxable years beginning after December
1531, 2020.
AB2-ASA1,53 16Section 53 . 71.22 (5g) of the statutes is created to read:
AB2-ASA1,26,1817 71.22 (5g) For purposes of s. 71.22 (4) (b) and (4m) (b), 2013 stats., “Internal
18Revenue Code" includes section 109 of division U of P.L. 115-141.
AB2-ASA1,54 19Section 54 . 71.26 (2) (b) 3., 4., 5., 6., 7., 8. and 9. of the statutes are repealed.
AB2-ASA1,55 20Section 55 . 71.26 (2) (b) 10. d. of the statutes is amended to read:
AB2-ASA1,27,521 71.26 (2) (b) 10. d. For purposes of subd. 10. a., “Internal Revenue Code" does
22not include amendments to the federal Internal Revenue Code enacted after
23December 31, 2013, except that “Internal Revenue Code" includes the provisions of
24P.L. 113-97, P.L. 113-159, P.L. 113-168, section 302901 of P.L. 113-287, sections 171,
25172, and 201 to 221 of P.L. 113-295, sections 102, 105, and 207 of division B of P.L.

1113-295, P.L. 114-14, P.L. 114-26, section 2004 of P.L. 114-41, sections 503 and 504
2of P.L. 114-74, sections 103, 104, 124, 168, 184, 185, 190, 204, 303, 306, 336, and 341
3of division Q of P.L. 114-113, and P.L. 114-239 , sections 101 (m), (n), (o), (p), and (q),
4104 (a), and 109 of division U of P.L. 115-141, and section 102 of division M and
5sections 110, 111, and 116 (b) of division O of P.L. 116-94
.
AB2-ASA1,56 6Section 56 . 71.26 (2) (b) 11. d. of the statutes is amended to read:
AB2-ASA1,27,127 71.26 (2) (b) 11. d. For purposes of subd. 11. a., “Internal Revenue Code" does
8not include amendments to the federal Internal Revenue Code enacted after
9December 31, 2016, except that “Internal Revenue Code” includes sections 11024,
1011025, and 13543 of P.L. 115-97; sections 40307 and 40413 of P.L. 115-123; sections
11101 (m), (n), (o), (p), and (q), 104 (a), and 109 of division U of P.L. 115-141; and section
12102 of division M and sections 110, 111, and 116 (b) of division O of P.L. 116-94
.
AB2-ASA1,57 13Section 57 . 71.26 (2) (b) 12. a. of the statutes is amended to read:
AB2-ASA1,27,2214 71.26 (2) (b) 12. a. For taxable years beginning after December 31, 2017, and
15before January 1, 2021,
for a corporation, conduit, or common law trust which
16qualifies as a regulated investment company, real estate mortgage investment
17conduit, real estate investment trust, or financial asset securitization investment
18trust under the Internal Revenue Code, “net income" means the federal regulated
19investment company taxable income, federal real estate mortgage investment
20conduit taxable income, federal real estate investment trust or financial asset
21securitization investment trust taxable income of the corporation, conduit, or trust
22as determined under the Internal Revenue Code.
AB2-ASA1,58 23Section 58. 71.26 (2) (b) 12. d. of the statutes is amended to read:
AB2-ASA1,28,1024 71.26 (2) (b) 12. d. For purposes of subd. 12. a., “Internal Revenue Code" does
25not include amendments to the federal Internal Revenue Code enacted after

1December 31, 2017, except that “Internal Revenue Code” includes sections 40307,
240413, and 41113 of P.L. 115-123; sections 101 (m), (n), (o), (p), and (q), 104 (a), 109,
3401 (a) (54) and (b) (15) (A), (B), and (C), 19, 20, 23, 26, 27, and 28 of division U of P.L.
4115-141; sections 102 and 104 of division M, sections 102, 103, 106, 107, 108, 109,
5110, 111, 113, 114, 115, 116, 201, 204, 205, 206, 302, 401, and 601 of division O, section
61302 of division P, and sections 131, 202 (d), and 205 of division Q of P.L. 116-94;

7sections 1106, 2202, 2203, 2204, 2205, 2206, 2307, 3608, 3609, 3701, and 3702 of
8division A of P.L. 116-136; and sections 202, 208, 209, 211, and 214 of division EE and
9sections 276 (a) and (b), 277, 278 (a), (b), (c), and (d), 280, and 285 of division N of P.L.
10116-260
.
AB2-ASA1,59 11Section 59 . 71.26 (2) (b) 12. e. of the statutes is amended to read:
AB2-ASA1,28,1712 71.26 (2) (b) 12. e. For purposes of subd. 12. a., the provisions of federal public
13laws that directly or indirectly affect the Internal Revenue Code, as defined in this
14subdivision, apply for Wisconsin purposes at the same time as for federal purposes,
15except that changes made by P.L. 115-63 and sections 11026, 11027, 11028, 13207,
1613306, 13307, 13308, 13311, 13312, 13501, 13705, 13821, and 13823 of P.L. 115-97
17first apply for taxable years beginning after December 31, 2017
.
AB2-ASA1,60 18Section 60 . 71.26 (2) (b) 13. of the statutes is created to read:
AB2-ASA1,29,219 71.26 (2) (b) 13. a. For taxable years beginning after December 31, 2020, for a
20corporation, conduit, or common law trust that qualifies as a regulated investment
21company, real estate mortgage investment conduit, real estate investment trust, or
22financial asset securitization investment trust under the Internal Revenue Code,
23“net income" means the federal regulated investment company taxable income,
24federal real estate mortgage investment conduit taxable income, federal real estate

1investment trust, or financial asset securitization investment trust taxable income
2of the corporation, conduit, or trust as determined under the Internal Revenue Code.
AB2-ASA1,29,53 b. For purposes of subd. 13. a., “Internal Revenue Code" means the federal
4Internal Revenue Code as amended to December 31, 2020, except as provided in
5subd. 13. c. and d. and s. 71.98 and subject to subd. 13. e.
AB2-ASA1,30,46 c. For purposes of subd. 13. a., “Internal Revenue Code" does not include the
7following provisions of federal public laws for taxable years beginning after
8December 31, 2020: 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; sections 104, 114, 115, 116, 130, and 145 of division Q of P.L. 116-94;
3sections 2304 and 2306 of P.L. 116-136; and sections 111, 114, 115, 116, 118 (a) and
4(d), 133, 137, 138, and 210 of division EE of P.L. 116-260.
AB2-ASA1,30,65 d. For purposes of subd. 13. a., “Internal Revenue Code" does not include
6amendments to the federal Internal Revenue Code enacted after December 31, 2020.
AB2-ASA1,30,177 e. For purposes of subd. 13. a., the provisions of federal public laws that directly
8or indirectly affect the Internal Revenue Code, as defined in this subdivision, apply
9for Wisconsin purposes at the same time as for federal purposes, except that changes
10made by sections 20101, 20102, 20104, 20201, 40201, 40202, 40203, 40308, 40309,
1140311, 40414, 41101, 41107, 41114, 41115, and 41116 of P.L. 115-123; section 101 (a),
12(b), and (h) of division U of P.L. 115-141; section 1203 of P.L. 116-25; section 1122 of
13P.L. 116-92; section 301 of division O, section 1302 of division P, and sections 101,
14102, 103, 117, 118, 132, 201, 202 (a), (b), and (c), 204 (a), (b), and (c), 301, and 302 of
15division Q of P.L. 116-94; section 2 of P.L. 116-98; and sections 301, 302, and 304 of
16division EE of P.L. 116-260 apply for taxable years beginning after December 31,
172020.
AB2-ASA1,61 18Section 61 . 71.26 (2) (b) 14. of the statutes is created to read:
AB2-ASA1,30,2019 71.26 (2) (b) 14. For purposes of s. 71.26 (2) (b) 2., 2013 stats., “Internal Revenue
20Code" includes section 109 of division U of P.L. 115-141.
AB2-ASA1,62 21Section 62. 71.28 (6) (h) of the statutes is amended to read:
AB2-ASA1,31,822 71.28 (6) (h) Any person, including a nonprofit entity described in section 501
23(c) (3) of the Internal Revenue Code, may sell or otherwise transfer the credit under
24par. (a) 2m. or 3., in whole or in part, to another person who is subject to the taxes
25imposed under s. 71.02, 71.23, or 71.43, if the person notifies the department of the

1transfer, and submits with the notification a copy of the transfer documents, and the
2department certifies ownership of the credit with each transfer. The transferor may
3file a claim for more than one taxable year on a form prescribed by the department
4to compute all years of the credit under par. (a) 2m. or 3., at the time of the transfer
5request. The transferee may first use the credit to offset tax in the taxable year of the
6transferor in which the transfer occurs, and may use the credit only to offset tax in
7taxable years otherwise allowed to be claimed and carried forward by the original
8claimant.
AB2-ASA1,63 9Section 63 . 71.34 (1g) (c), (d), (e), (f), (g), (h) and (i) of the statutes are repealed.
AB2-ASA1,64 10Section 64 . 71.34 (1g) (j) 3. m. of the statutes is created to read:
AB2-ASA1,31,1211 71.34 (1g) (j) 3. m. Sections 101 (m), (n), (o), (p), and (q), 104 (a), and 109 of
12division U of P.L. 115-141.
AB2-ASA1,65 13Section 65 . 71.34 (1g) (j) 3. n. of the statutes is created to read:
AB2-ASA1,31,1514 71.34 (1g) (j) 3. n. Section 102 of division M and sections 110, 111, and 116 (b)
15of division O of P.L. 116-94.
AB2-ASA1,66 16Section 66 . 71.34 (1g) (k) 3. of the statutes is amended to read:
AB2-ASA1,31,2217 71.34 (1g) (k) 3. For purposes of this paragraph, “Internal Revenue Code" does
18not include amendments to the federal Internal Revenue Code enacted after
19December 31, 2016, except that “Internal Revenue Code” includes sections 11024,
2011025, and 13543 of P.L. 115-97; sections 40307 and 40413 of P.L. 115-123; sections
21101 (m), (n), (o), (p), and (q), 104 (a), and 109 of division U of P.L. 115-141; and section
22102 of division M and sections 110, 111, and 116 (b) of division O of P.L. 116-94
.
AB2-ASA1,67 23Section 67 . 71.34 (1g) (L) 1. of the statutes is amended to read:
AB2-ASA1,32,224 71.34 (1g) (L) 1. For taxable years beginning after December 31, 2017, and
25before January 1, 2021,
for tax option corporations, “Internal Revenue Code" means

1the federal Internal Revenue Code as amended to December 31, 2017, except as
2provided in subds. 2., 3., and 5. and s. 71.98 and subject to subd. 4.
AB2-ASA1,68 3Section 68. 71.34 (1g) (L) 3. of the statutes is amended to read:
AB2-ASA1,32,154 71.34 (1g) (L) 3. For purposes of this paragraph, “Internal Revenue Code" does
5not include amendments to the federal Internal Revenue Code enacted after
6December 31, 2017, except that “Internal Revenue Code” includes sections 40307,
740413, and 41113 of P.L. 115-123; sections 101 (m), (n), (o), (p), and (q), 104 (a), 109,
8401 (a) (54) and (b) (15) (A), (B), and (C), 19, 20, 23, 26, 27, and 28 of division U of P.L.
9115-141; sections 102 and 104 of division M, sections 102, 103, 106, 107, 108, 109,
10110, 111, 113, 114, 115, 116, 201, 204, 205, 206, 302, 401, and 601 of division O, section
111302 of division P, and sections 131, 202 (d), and 205 of division Q of P.L. 116-94;

12sections 1106, 2202, 2203, 2204, 2205, 2206, 2307, 3608, 3609, 3701, and 3702 of
13division A of P.L. 116-136; and sections 202, 208, 209, 211, and 214 of division EE and
14sections 276 (a) and (b), 277, 278 (a), (b), (c), and (d), 280, and 285 of division N of P.L.
15116-260
.
AB2-ASA1,69 16Section 69 . 71.34 (1g) (L) 4. of the statutes is amended to read:
AB2-ASA1,32,2217 71.34 (1g) (L) 4. For purposes of this paragraph, the provisions of federal public
18laws that directly or indirectly affect the Internal Revenue Code, as defined in this
19paragraph, apply for Wisconsin purposes at the same time as for federal purposes,
20except that changes made by P.L. 115-63 and sections 11026, 11027, 11028, 13207,
2113306, 13307, 13308, 13311, 13312, 13501, 13705, 13821, and 13823 of P.L. 115-97
22first apply for taxable years beginning after December 31, 2017
.
AB2-ASA1,70 23Section 70 . 71.34 (1g) (m) of the statutes is created to read:
AB2-ASA1,33,224 71.34 (1g) (m) 1. For taxable years beginning after December 31, 2020, for tax
25option corporations, “Internal Revenue Code" means the federal Internal Revenue

1Code as amended to December 31, 2020, except as provided in subds. 2., 3., and 5. and
2s. 71.98 and subject to subd. 4.
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