71.125 Imposition of tax.
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71.125 Imposition of tax.
(1)Except as provided in sub.
(2), the tax imposed by this chapter on individuals and the rates under s. 71.06
(1q),
(1r), and
(2)shall apply to the Wisconsin taxable income of estates or trusts, except nuclear decommissioning trust or reserve funds, and that tax shall be paid by the fiduciary.
Effective date note NOTE: Sub.
(1)is amended eff. 1-1-31 by 2025 Wis. Act 118 , section 212 , to read:
Effective date text
(1)Except as provided in sub. (2), the tax imposed by this chapter on individuals and the rates under s. 71.06
(1r)and
(2)shall apply to the Wisconsin taxable income of estates or trusts, except nuclear decommissioning trust or reserve funds, and that tax shall be paid by the fiduciary.
(2)Each electing small business trust, as defined in section 1361
(1)of the Internal Revenue Code, is subject to tax at the highest rate under s. 71.06
(1q)or
(1r), whichever taxable year is applicable, on its income as computed under section 641 of the Internal Revenue Code, as modified by s. 71.05
(6)to
(12),
(19)and
(20).
Effective date note NOTE: Sub.
(2)is amended eff. 1-1-31 by 2025 Wis. Act 118 , section 214 , to read:
Effective date text
(2)Each electing small business trust, as defined in section 1361
(1)of the Internal Revenue Code, is subject to tax at the highest rate under s. 71.06
(1r)on its income as computed under section 641 of the Internal Revenue Code, as modified by s. 71.05
(6)to (12),
(19)and (20).