Prior to 2001, Wisconsin had automatically updated its state tax code to reflect changes made at the federal level, as many states do. That year, the state “decoupled” from those automatic changes in an effort to help balance the state budget. This led to increasing complexity as the state code deviated from the federal code in the years since then.
The 2013-15 state budget adopts an Internal Revenue Code update to state statutes that nearly completely matches the state code to the federal one. For state tax year 2013, the new update adopts federal provisions existing prior to 2011 but not adopted by Wisconsin, most federal provisions in effect in 2011, and federal provisions added since 2011 – except for a number of provisions from the American Taxpayer Relief Act of 2012 (P.L. 112-240).
For details of individual provisions adopted under this update as well as those items not adopted, see the link to the Legislative Fiscal Bureau’s budget paper on the issue: http://legis.wisconsin.gov/lfb/publications/budget/201315%20Budget/Documents/Budget%20Papers/285.pdf
While the budget made improvements in federalizing our tax code, full federalization of the state tax code would lead to the greatest ease in compliance costs for taxpayers.
Adopting an IRC Update
Share:
LOOKING FOR MORE NEWS?
Nick Novak
For more information or to schedule an interview, please contact
Nick Novak | Vice President Communications & Marketing | 608.258.3400
NEWS
Related Posts
8th Congressional District Candidates Spar at GOP Primary Debate
Kristen Nupson
July 26, 2024
Ahead of the primary in Wisconsin’s 8th Congressional District, WMC hosted a debate for the GOP candidates vying for the open seat vacated by Mike
Polling shows likely voters in Wisconsin solidly oppose Biden-Harris gas-car ban and consider the issue ‘important’ for 2024
Nick Novak
July 16, 2024
WASHINGTON, D.C. – New polling conducted in Wisconsin on behalf of Wisconsin Manufacturers & Commerce (WMC) and American Fuel & Petrochemical Manufacturers (AFPM) shows that
U.S. Supreme Court Reins in Regulatory State in Major Win for the Business Community
Nick Novak
June 28, 2024
MADISON – The Supreme Court of the United States on Friday overturned the so-called Chevron doctrine, which for decades allowed unelected agency officials to act
Gov. Evers’ 400-Year Veto Challenged
Nick Novak
June 26, 2024
https://www.youtube.com/watch?v=zbqGcV5cEFs WMC’s Scott Manley joined Meg Ellefson on WSAU’s Morning News program to discuss Wisconsin Supreme Court’s announcement that they are granting WMC Litigation Center’s