Income/Franchise:
Wisconsin: New Law Updates State Conformity to Many Federal Income Tax Changes
A.B. 406 (Act 36), signed by gov. 10/25/23. New law adopts for Wisconsin income and franchise tax purposes many federal income tax provisions adopted through federal legislation in 2021 and 2022, applicable retroactively and for taxable years beginning after 2022 – essentially adopting the Internal Revenue Code “as amended to December 31, 2022,” with some exceptions, for taxable years beginning after December 31, 2022. Subsequently issued guidance from the Wisconsin Department of Revenue (Wisconsin Tax Bulletin (October 2023), No. 223) explains the various federal tax coupling and decoupling provisions in more detail. Please contact us with any questions.
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