AB2-ASA3,28,94 71.26 (2) (b) 11. d. For purposes of subd. 11. a., “Internal Revenue Code" does
5not include amendments to the federal Internal Revenue Code enacted after
6December 31, 2016, except that “Internal Revenue Code” includes sections 11024,
711025, and 13543 of P.L. 115-97; sections 40307 and 40413 of P.L. 115-123; sections
8101 (m), (n), (o), (p), and (q), 104 (a), and 109 of division U of P.L. 115-141; and section
9102 of division M and sections 110, 111, and 116 (b) of division O of P.L. 116-94.

AB2-ASA3,28,1911 71.26 (2) (b) 12. a. For taxable years beginning after December 31, 2017, and
12before January 1, 2021, for a corporation, conduit, or common law trust which
13qualifies as a regulated investment company, real estate mortgage investment
14conduit, real estate investment trust, or financial asset securitization investment
15trust under the Internal Revenue Code, “net income" means the federal regulated
16investment company taxable income, federal real estate mortgage investment
17conduit taxable income, federal real estate investment trust or financial asset
18securitization investment trust taxable income of the corporation, conduit, or trust
19as determined under the Internal Revenue Code.

AB2-ASA3,29,721 71.26 (2) (b) 12. d. For purposes of subd. 12. a., “Internal Revenue Code" does
22not include amendments to the federal Internal Revenue Code enacted after
23December 31, 2017, except that “Internal Revenue Code” includes sections 40307,
2440413, and 41113 of P.L. 115-123; sections 101 (m), (n), (o), (p), and (q), 104 (a), 109,
25401 (a) (54) and (b) (15) (A), (B), and (C), 19, 20, 23, 26, 27, and 28 of division U of P.L.

1115-141; sections 102 and 104 of division M, sections 102, 103, 106, 107, 108, 109,
2110, 111, 113, 114, 115, 116, 201, 204, 205, 206, 302, 401, and 601 of division O, section
31302 of division P, and sections 131, 202 (d), and 205 of division Q of P.L. 116-94;
4sections 1106, 2202, 2203, 2204, 2205, 2206, 2307, 3608, 3609, 3701, and 3702 of
5division A of P.L. 116-136; and sections 202, 208, 209, 211, and 214 of division EE and
6sections 276 (a) and (b), 277, 278 (a), (b), (c), and (d), 280, and 285 of division N of P.L.
7116-260.

AB2-ASA3,29,149 71.26 (2) (b) 12. e. For purposes of subd. 12. a., the provisions of federal public
10laws that directly or indirectly affect the Internal Revenue Code, as defined in this
11subdivision, apply for Wisconsin purposes at the same time as for federal purposes,
12except that changes made by P.L. 115-63 and sections 11026, 11027, 11028, 13207,
1313306, 13307, 13308, 13311, 13312, 13501, 13705, 13821, and 13823 of P.L. 115-97
14first apply for taxable years beginning after December 31, 2017.

AB2-ASA3,29,2316 71.26 (2) (b) 13. a. For taxable years beginning after December 31, 2020, for a
17corporation, conduit, or common law trust that qualifies as a regulated investment
18company, real estate mortgage investment conduit, real estate investment trust, or
19financial asset securitization investment trust under the Internal Revenue Code,
20“net income" means the federal regulated investment company taxable income,
21federal real estate mortgage investment conduit taxable income, federal real estate
22investment trust, or financial asset securitization investment trust taxable income
23of the corporation, conduit, or trust as determined under the Internal Revenue Code.

AB2-ASA3,30,3

1b. For purposes of subd. 13. a., “Internal Revenue Code" means the federal
2Internal Revenue Code as amended to December 31, 2020, except as provided in
3subd. 13. c. and d. and s. 71.98 and subject to subd. 13. e.

AB2-ASA3,31,24 c. For purposes of subd. 13. a., “Internal Revenue Code" does not include the
5following provisions of federal public laws for taxable years beginning after
6December 31, 2020: section 13113 of P.L. 103-66; sections 1, 3, 4, and 5 of P.L.
7106-519; sections 101, 102, and 422 of P.L. 108-357; sections 1310 and 1351 of P.L.
8109-58; section 11146 of P.L. 109-59; section 403 (q) of P.L. 109-135; section 513 of
9P.L. 109-222; sections 104 and 307 of P.L. 109-432; sections 8233 and 8235 of P.L.
10110-28; section 11 (e) and (g) of P.L. 110-172; section 301 of P.L. 110-245; section
1115351 of P.L. 110-246; section 302 of division A, section 401 of division B, and sections
12312, 322, 502 (c), 707, and 801 of division C of P.L. 110-343; sections 1232, 1241, 1251,
131501, and 1502 of division B of P.L. 111-5; sections 211, 212, 213, 214, and 216 of P.L.
14111-226; sections 2011 and 2122 of P.L. 111-240; sections 753, 754, and 760 of P.L.
15111-312; section 1106 of P.L. 112-95; sections 104, 318, 322, 323, 324, 326, 327, and
16411 of P.L. 112-240; P.L. 114-7; section 1101 of P.L. 114-74; section 305 of division
17P of P.L. 114-113; sections 123, 125 to 128, 143, 144, 151 to 153, 165 to 167, 169 to
18171, 189, 191, 307, 326, and 411 of division Q of P.L. 114-113; sections 11011, 11012,
1913201 (a) to (e) and (g), 13206, 13221, 13301, 13304 (a), (b), and (d), 13531, 13601,
2013801, 14101, 14102, 14103, 14201, 14202, 14211, 14212, 14213, 14214, 14215,
2114221, 14222, 14301, 14302, 14304, and 14401 of P.L. 115-97; sections 40304, 40305,
2240306, and 40412 of P.L. 115-123; section 101 (c) of division T of P.L. 115-141;
23sections 101 (d) and (e), 102, 201 to 207, 301, 302, and 401 (a) (47) and (195), (b) (13),
24(17), (22) and (30), and (d) (1) (D) (v), (vi), and (xiii) and (xvii) (II) of division U of P.L.
25115-141; 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-ASA3,31,43 d. For purposes of subd. 13. a., “Internal Revenue Code" does not include
4amendments to the federal Internal Revenue Code enacted after December 31, 2020.

AB2-ASA3,31,155 e. For purposes of subd. 13. a., the provisions of federal public laws that directly
6or indirectly affect the Internal Revenue Code, as defined in this subdivision, apply
7for Wisconsin purposes at the same time as for federal purposes, except that changes
8made by sections 20101, 20102, 20104, 20201, 40201, 40202, 40203, 40308, 40309,
940311, 40414, 41101, 41107, 41114, 41115, and 41116 of P.L. 115-123; section 101 (a),
10(b), and (h) of division U of P.L. 115-141; section 1203 of P.L. 116-25; section 1122 of
11P.L. 116-92; section 301 of division O, section 1302 of division P, and sections 101,
12102, 103, 117, 118, 132, 201, 202 (a), (b), and (c), 204 (a), (b), and (c), 301, and 302 of
13division Q of P.L. 116-94; section 2 of P.L. 116-98; and sections 301, 302, and 304 of
14division EE of P.L. 116-260 apply for taxable years beginning after December 31,
152020.

AB2-ASA3,31,1817 71.26 (2) (b) 14. For purposes of s. 71.26 (2) (b) 2., 2013 stats., “Internal Revenue
18Code" includes section 109 of division U of P.L. 115-141.

AB2-ASA3,31,2221 71.26 (3) (ag) (intro.) Section 61 (relating to the definition of gross income) is
22modified to exclude income the following:

AB2-ASA3,32,3 231. Income received by the original policyholder or original certificate holder
24who has a catastrophic or life-threatening illness or condition from the sale of a life
25insurance policy or certificate, or the sale of the death benefit under a life insurance

1policy or certificate, under a life settlement contract, as defined in s. 632.69 (1) (k).
2In this paragraph, “catastrophic or life-threatening illness or condition" includes
3AIDS, as defined in s. 49.686 (1) (a), and HIV infection, as defined in s. 49.686 (1) (d).