71.98 Internal Revenue Code update. The following federal laws, to the extent that they apply to the Internal Revenue Code, apply to this chapter:

(1) Health savings accounts. Sections 106 (d), 220 (f) (5) (A), 223, and 408 (d) (9) of the Internal Revenue Code, all as amended to December 31, 2010, and relating to health savings accounts.

(2) Imputed income; employer payments to employees for medical care. Section 1004 (d) of Public Law 111-152, and section 105 (b) of the Internal Revenue Code, as amended to December 31, 2010, and related to amounts paid by an employer to an employee to reimburse the employee for costs paid by him or her for medical care for the employee's adult child.

(3) Depreciation, depletion, and amortization. For taxable years beginning after December 31, 2013, and for purposes of computing depreciation and amortization, the Internal Revenue Code means the federal Internal Revenue Code in effect for federal purposes on January 1, 2014, except that sections 13201 (f), 13203, 13204, and 13205 of P.L. 115-97 apply at the same time as for federal purposes. For taxable years beginning after December 31, 2013, and for purposes of computing depletion, the Internal Revenue Code means the federal Internal Revenue Code in effect for federal purposes for the year in which the property is placed in service.

(4) Expensing of depreciable business assets. For taxable years beginning after December 31, 2013, sections 179, 179A, 179B, 179C, 179D, and 179E of the Internal Revenue Code and related to expensing of depreciable business assets. For purposes of this subsection, the Internal Revenue Code means the federal Internal Revenue Code in effect for the year in which property is placed in service.

(5) Gain from small business stock. For stock acquired after December 31, 2013, section 1202 of the Internal Revenue Code, as amended to December 31, 2012, related to the exclusion for gain from certain small business stock.

(6) Certain expenses of teachers. For taxable years beginning after December 31, 2014, section 62 (a) (2) (D) of the Internal Revenue Code, relating to certain expenses of elementary and secondary school teachers.

(7) ABLE accounts. For taxable years beginning after December 31, 2015, section 303 of Division Q of P.L. 114-113, related to state of residence changes that relate to qualified ABLE accounts.

(8) Charitable distributions from an individual retirement account. For taxable years beginning after December 31, 2017, section 408 (d) (8) of the Internal Revenue Code, relating to a tax-free qualified charitable distribution from an individual retirement account directly to a charitable organization.

(9) Rollover amounts, airline carrier bankruptcy. For taxable years beginning after December 31, 2011, section 1106 of P.L. 112-95, as amended by P.L. 113-243 and section 307 of Division Q of P.L. 114-113, as it relates to the treatment of distributions to qualified airline employees that are rolled over into an individual retirement account, due to airline carrier bankruptcy. This provision does not apply to federal provisions relating to extensions of time to file amended federal returns. A qualified airline employee may file a claim for a refund to exclude income provided under this subsection pursuant to the time period specified in s. 71.75 (2) or no later than 180 days after April 5, 2018.

History: 2011 a. 1, 49; 2013 a. 20, 145; 2015 a. 55, 312; 2017 a. 59, 231.