Relating to: adopting changes to the federal Internal Revenue Code for state tax purposes and modifying administrative rules related to such changes. (FE)

Summary

The bill updates Wisconsin tax law to follow recent changes in the federal Internal Revenue Code, defining which federal rules apply for state tax purposes and creating a mechanism to adjust for any differences. It mainly impacts individual taxpayers and fiduciaries by altering definitions, itemized deduction rules, and transition procedures. The aim is to keep state tax calculations consistent with federal law and avoid double counting or omissions.

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