AB43,,3717 1. Prepare and distribute any forms that an account holder is required to submit under par. (c) 3. and any other forms necessary to administer this subsection and the adjustments to income under s. 71.05 (6) (a) 30. and (b) 57.

AB43,,3718 2. Prepare and distribute to financial institutions and potential home buyers informational materials about the accounts described in this subsection.

AB43,1444 Section 1444. 71.17 (2) of the statutes is amended to read:

AB43,,3720 71.17 (2) Lien on trust estate; income taxes levied against beneficiary. All income taxes levied against the income of beneficiaries shall be a lien on that portion of the trust estate or interest therein from which the income taxed is derived, and such taxes shall be paid by the fiduciary, if not paid by the distributee, before the same become delinquent. Every person who, as a fiduciary under the provisions of this subchapter, pays an income tax shall have all the rights and remedies of reimbursement for any taxes assessed against him or her or paid by him or her in such capacity, as provided in s. 70.19 (1) and (2), 2021 stats.

AB43,1445 Section 1445. 71.21 (4) (a) of the statutes is amended to read:

AB43,,3722 71.21 (4) (a) The amount of the credits computed by a partnership under s. 71.07 (2dm), (2dx), (2dy), (3g), (3h), (3n), (3q), (3s), (3t), (3w), (3wm), (3y), (4k), (4n), (5e), (5g), (5i), (5j), (5k), (5r), (5rm), (6n), (8m), and (10) and passed through to partners shall be added to the partnership’s income.

AB43,1446 Section 1446. 71.22 (4) of the statutes is repealed and recreated to read:

AB43,,3724 71.22 (4) “Internal Revenue Code” has the meaning given in s. 71.99.

AB43,1447 Section 1447. 71.22 (4m) of the statutes is repealed and recreated to read:

AB43,,3726 71.22 (4m) For corporations that are subject to a tax on unrelated business income under s. 71.26 (1) (a), “Internal Revenue Code” has the meaning given in s. 71.99.

AB43,1448 Section 1448. 71.22 (5) of the statutes is repealed.

AB43,1449 Section 1449. 71.22 (5g) of the statutes is repealed.

AB43,1450 Section 1450. 71.22 (5m) of the statutes is repealed.

AB43,1451 Section 1451. 71.26 (1) (b) of the statutes is amended to read:

AB43,,3731 71.26 (1) (b) Political units. Income received by the United States, the state and all counties, cities, villages, towns, school districts, technical college districts, joint local water authorities created under s. 66.0823, transit authorities created under s. 66.1039, long-term care districts under s. 46.2895 or other political units of this state.

AB43,1452 Section 1452. 71.26 (2) (a) 4. of the statutes is amended to read:

AB43,,3733 71.26 (2) (a) 4. Plus the amount of the credit computed under s. 71.28 (1dm), (1dx), (1dy), (3g), (3h), (3n), (3q), (3t), (3w), (3wm), (3y), (5e), (5g), (5i), (5j), (5k), (5r), (5rm), (6n), (8m), and (10) and not passed through by a partnership, limited liability company, or tax-option corporation that has added that amount to the partnership’s, limited liability company’s, or tax-option corporation’s income under s. 71.21 (4) or 71.34 (1k) (g).

AB43,1453 Section 1453. 71.26 (2) (b) of the statutes is repealed and recreated to read:

AB43,,3735 71.26 (2) (b) Regulated investment companies, real estate mortgage investment conduits, real estate investment trusts, and financial asset securitization investment trusts. For a corporation, conduit, or common law trust that qualifies as a regulated investment company, real estate mortgage investment conduit, real estate investment trust, or financial asset securitization investment trust under the Internal Revenue Code, “net income” means the federal regulated investment company taxable income, federal real estate mortgage investment conduit taxable income, federal real estate investment trust taxable income, or financial asset securitization investment trust taxable income of the corporation, conduit, or trust as determined under the Internal Revenue Code.

AB43,1454 Section 1454. 71.26 (3) (j) of the statutes is amended to read:

AB43,,3737 71.26 (3) (j) Sections 243, 244, 245, 245A, 246 and 246A are excluded and replaced by the rule that corporations may deduct from income dividends received from a corporation with respect to its common stock if the corporation receiving the dividends owns, directly or indirectly, during the entire taxable year at least 70 percent of the total combined voting stock of the payor corporation. In this paragraph, “dividends received” means gross dividends minus taxes on those dividends paid to a foreign nation and claimed as a deduction under this chapter. The same dividends may not be deducted more than once and may not be used in the determination of a net business loss under ss. 71.26 (4) and 71.45 (4).

AB43,1455 Section 1455. 71.26 (4) (a) of the statutes is amended to read:

AB43,,3739 71.26 (4) (a) Except as provided in par. (b) and s. 71.80 (25), a corporation, except a tax-option corporation or an insurer to which s. 71.45 (4) applies, may offset against its Wisconsin net business income any Wisconsin net business loss incurred in any of the 20 immediately preceding taxable years, if the corporation was subject to taxation under this chapter in the taxable year in which the loss was incurred, to the extent not offset by other items of Wisconsin income in the loss year and by Wisconsin net business income of any year between the loss year and the taxable year for which an offset is claimed. For purposes of this subsection, Wisconsin net business income or loss shall consist of all the income attributable to the operation of a trade or business in this state, less the business expenses allowed as deductions in computing net income, except that the dividends received deduction under sub. (3) (j) may not be used in the determination of a net business loss. The Wisconsin net business income or loss of corporations engaged in business within and without the state shall be determined under s. 71.25 (6) and (10) to (12). Nonapportionable losses having a Wisconsin situs under s. 71.25 (5) (b) shall be included in Wisconsin net business loss; and nonapportionable income having a Wisconsin situs under s. 71.25 (5) (b), whether taxable or exempt, shall be included in other items of Wisconsin income and Wisconsin net business income for purposes of this subsection.

AB43,1456 Section 1456. 71.28 (3w) (a) 2m. of the statutes is created to read:

AB43,,3741 71.28 (3w) (a) 2m. “Contract” means a contract between the claimant and the Wisconsin Economic Development Corporation under s. 238.399.

AB43,1457 Section 1457. 71.28 (3w) (a) 6. of the statutes is renumbered 71.28 (3w) (a) 6. a. and amended to read:

AB43,,3743 71.28 (3w) (a) 6. a. “Zone payroll” means the amount of state payroll that is attributable to wages paid to full-time employees for services that are performed in an enterprise zone. “Zone Except as provided in subd. 6. b., “zone payroll” does not include the amount of wages paid to any full-time employees that exceeds $100,000.

AB43,1458 Section 1458. 71.28 (3w) (a) 6. b. of the statutes is created to read:

AB43,,3745 71.28 (3w) (a) 6. b. For a claimant whose contract is executed after December 31, 2023, “zone payroll” does not include the amount of wages paid to any full-time employees that exceeds $141,300.