Wisconsin § 71.34 - Definitions.

§ 71.34. Definitions.

In this subchapter: 71.34(1am) (1am) “Aggregate effective tax rate” means the sum of the effective tax rates imposed by a state, U.S. possession, foreign country, or any combination thereof, on the person or entity. 71.34(1b) (1b) “Effective tax rate” means the maximum tax rate imposed by the state, U.S. possession, or foreign country, multiplied by the apportionment percentage, if any, applicable to the person or entity under the laws of that state, U.S. possession, or foreign country. 71.34(1c) (1c) For purposes of sub. (1k) (j) and (L) , “intangible expenses” include the following, to the extent that the amounts would otherwise be deductible in computing Wisconsin adjusted gross income: 71.34(1c)(a) (a) Expenses, losses, and costs for, related to, or directly or indirectly in connection with the acquisition, use, maintenance, management, ownership, sale, exchange, or any other disposition of intangible property. 71.34(1c)(b) (b) Losses related to, or incurred in connection directly or indirectly with, factoring transactions or discounting transactions. 71.34(1c)(c) (c) Royalty, patent, technical, and copyright fees. 71.34(1c)(d) (d) Licensing fees. 71.34(1c)(e) (e) Other similar expenses, losses, and costs. 71.34(1d) (1d) “Intangible property” includes stocks, bonds, financial instruments, patents, patent applications, trade names, trademarks, service marks, copyrights, mask works, trade secrets, and similar types of intangible assets. 71.34(1e) (1e) For purposes of sub. (1k) (j) and (L) , “interest expenses” means interest that would otherwise be deductible under section 163 of the Internal Revenue Code and deductible in the computation of Wisconsin adjusted gross income. 71.34(1g) (1g) 71.34(1g)(a) (a) For taxable years beginning after December 31, 2022, for tax option corporations, “Internal Revenue Code” means the federal Internal Revenue Code as amended to December 31, 2022, except as provided in pars. (b) , (c) , and (e) and s.