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.
AB2-ASA1,34,23 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-ASA1,34,43 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-ASA1,34,155 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-ASA1,34,19165. For purposes of this paragraph, section 1366 (f) of the Internal Revenue Code
17(relating to pass-through of items to shareholders) is modified by substituting the
18tax under s. 71.35 for the taxes under sections 1374 and 1375 of the Internal Revenue
19Code.
AB2-ASA1,71 20Section 71 . 71.34 (1u) of the statutes is created to read:
AB2-ASA1,34,2221 71.34 (1u) For purposes of s. 71.34 (1g) (b), 2013 stats., “Internal Revenue
22Code" includes section 109 of division U of P.L. 115-141.
AB2-ASA1,72 23Section 72 . 71.42 (2) (c), (d), (e), (f), (g), (h) and (i) of the statutes are repealed.
AB2-ASA1,73 24Section 73 . 71.42 (2) (j) 3. m. of the statutes is created to read:
AB2-ASA1,35,2
171.42 (2) (j) 3. m. Sections 101 (m), (n), (o), (p), and (q), 104 (a), and 109 of
2division U of P.L. 115-141.
AB2-ASA1,74 3Section 74 . 71.42 (2) (j) 3. n. of the statutes is created to read:
AB2-ASA1,35,54 71.42 (2) (j) 3. n. Section 102 of division M and sections 110, 111, and 116 (b)
5of division O of P.L. 116-94.
AB2-ASA1,75 6Section 75 . 71.42 (2) (k) 3. of the statutes is amended to read:
AB2-ASA1,35,127 71.42 (2) (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 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-ASA1,76 13Section 76 . 71.42 (2) (L) 1. of the statutes is amended to read:
AB2-ASA1,35,1714 71.42 (2) (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. to
174. and s. 71.98 and subject to subd. 5.
AB2-ASA1,77 18Section 77. 71.42 (2) (L) 3. of the statutes is amended to read:
AB2-ASA1,36,519 71.42 (2) (L) 3. For purposes of this paragraph, “Internal Revenue Code" does
20not include amendments to the federal Internal Revenue Code enacted after
21December 31, 2017, except that “Internal Revenue Code” includes sections 40307,
2240413, and 41113 of P.L. 115-123; sections 101 (m), (n), (o), (p), and (q), 104 (a), 109,
23401 (a) (54) and (b) (15) (A), (B), and (C), 19, 20, 23, 26, 27, and 28 of division U of P.L.
24115-141; sections 102 and 104 of division M, sections 102, 103, 106, 107, 108, 109,
25110, 111, 113, 114, 115, 116, 201, 204, 205, 206, 302, 401, and 601 of division O, section

11302 of division P, and sections 131, 202 (d), and 205 of division Q of P.L. 116-94;

2sections 1106, 2202, 2203, 2204, 2205, 2206, 2307, 3608, 3609, 3701, and 3702 of
3division A of P.L. 116-136; and sections 202, 208, 209, 211, and 214 of division EE and
4sections 276 (a) and (b), 277, 278 (a), (b), (c), and (d), 280, and 285 of division N of P.L.
5116-260
.
AB2-ASA1,78 6Section 78 . 71.42 (2) (L) 5. of the statutes is amended to read:
AB2-ASA1,36,127 71.42 (2) (L) 5. For purposes of this paragraph, the provisions of federal public
8laws that directly or indirectly affect the Internal Revenue Code, as defined in this
9paragraph, apply for Wisconsin purposes at the same time as for federal purposes,
10except that changes made by P.L. 115-63 and sections 11026, 11027, 11028, 13207,
1113306, 13307, 13308, 13311, 13312, 13501, 13705, 13821, and 13823 of P.L. 115-97
12first apply for taxable years beginning after December 31, 2017
.
AB2-ASA1,79 13Section 79 . 71.42 (2) (m) of the statutes is created to read:
AB2-ASA1,36,1614 71.42 (2) (m) 1. For taxable years beginning after December 31, 2020, “Internal
15Revenue Code" means the federal Internal Revenue Code as amended to December
1631, 2020, except as provided in subds. 2. and 3. and s. 71.98 and subject to subd. 4.
AB2-ASA1,37,1517 2. For purposes of this paragraph, “Internal Revenue Code" does not include
18the following provisions of federal public laws for taxable years beginning after
19December 31, 2020: section 13113 of P.L. 103-66; sections 1, 3, 4, and 5 of P.L.
20106-519; sections 101, 102, and 422 of P.L. 108-357; sections 1310 and 1351 of P.L.
21109-58; section 11146 of P.L. 109-59; section 403 (q) of P.L. 109-135; section 513 of
22P.L. 109-222; sections 104 and 307 of P.L. 109-432; sections 8233 and 8235 of P.L.
23110-28; section 11 (e) and (g) of P.L. 110-172; section 301 of P.L. 110-245; section
2415351 of P.L. 110-246; section 302 of division A, section 401 of division B, and sections
25312, 322, 502 (c), 707, and 801 of division C of P.L. 110-343; sections 1232, 1241, 1251,

11501, and 1502 of division B of P.L. 111-5; sections 211, 212, 213, 214, and 216 of P.L.
2111-226; sections 2011 and 2122 of P.L. 111-240; sections 753, 754, and 760 of P.L.
3111-312; section 1106 of P.L. 112-95; sections 104, 318, 322, 323, 324, 326, 327, and
4411 of P.L. 112-240; P.L. 114-7; section 1101 of P.L. 114-74; section 305 of division
5P of P.L. 114-113; sections 123, 125 to 128, 143, 144, 151 to 153, 165 to 167, 169 to
6171, 189, 191, 307, 326, and 411 of division Q of P.L. 114-113; sections 11011, 11012,
713201 (a) to (e) and (g), 13206, 13221, 13301, 13304 (a), (b), and (d), 13531, 13601,
813801, 14101, 14102, 14103, 14201, 14202, 14211, 14212, 14213, 14214, 14215,
914221, 14222, 14301, 14302, 14304, and 14401 of P.L. 115-97; sections 40304, 40305,
1040306, and 40412 of P.L. 115-123; section 101 (c) of division T of P.L. 115-141;
11sections 101 (d) and (e), 102, 201 to 207, 301, 302, and 401 (a) (47) and (195), (b) (13),
12(17), (22) and (30), and (d) (1) (D) (v), (vi), and (xiii) and (xvii) (II) of division U of P.L.
13115-141; sections 104, 114, 115, 116, 130, and 145 of division Q of P.L. 116-94;
14sections 2304 and 2306 of P.L.116-136; and sections 111, 114, 115, 116, 118 (a) and
15(d), 133, 137, 138, and 210 of division EE of P.L. 116-260.
AB2-ASA1,37,1716 3. For purposes of this paragraph, “Internal Revenue Code" does not include
17amendments to the federal Internal Revenue Code enacted after December 31, 2020.
AB2-ASA1,38,318 4. For purposes of this paragraph, the provisions of federal public laws that
19directly or indirectly affect the Internal Revenue Code, as defined in this paragraph,
20apply for Wisconsin purposes at the same time as for federal purposes, except that
21changes made by sections 20101, 20102, 20104, 20201, 40201, 40202, 40203, 40308,
2240309, 40311, 40414, 41101, 41107, 41114, 41115, and 41116 of P.L. 115-123; section
23101 (a), (b), and (h) of division U of P.L. 115-141; section 1203 of 116-25; section 1122
24of P.L. 116-92; section 301 of division O, section 1302 of division P, and sections 101,
25102, 103, 117, 118, 132, 201, 202 (a), (b), and (c), 204 (a), (b), and (c), 301, and 302 of

1division Q of P.L. 116-94; section 2 of P.L. 116-98; and sections 301, 302, and 304 of
2division EE of P.L. 116-260 apply for taxable years beginning after December 31,
32020.
AB2-ASA1,80 4Section 80 . 71.42 (2p) of the statutes is created to read:
AB2-ASA1,38,65 71.42 (2p) For purposes of s. 71.42 (2) (b), 2013 stats., “Internal Revenue Code"
6includes section 109 of division U of P.L. 115-141.
AB2-ASA1,81 7Section 81. 71.47 (6) (h) of the statutes is amended to read:
AB2-ASA1,38,198 71.47 (6) (h) Any person, including a nonprofit entity described in section 501
9(c) (3) of the Internal Revenue Code, may sell or otherwise transfer the credit under
10par. (a) 2m. or 3., in whole or in part, to another person who is subject to the taxes
11imposed under s. 71.02, 71.23, or 71.43, if the person notifies the department of the
12transfer, and submits with the notification a copy of the transfer documents, and the
13department certifies ownership of the credit with each transfer. The transferor may
14file a claim for more than one taxable year on a form prescribed by the department
15to compute all years of the credit under par. (a) 2m. or 3., at the time of the transfer
16request. The transferee may first use the credit to offset tax in the taxable year of the
17transferor in which the transfer occurs, and may use the credit only to offset tax in
18taxable years otherwise allowed to be claimed and carried forward by the original
19claimant.