(1)    Computation order. Notwithstanding any other provisions in this chapter, corporations computing liability for the tax under s. 71.43 (1) or (2) shall make computations in the following order:

      (a)    Tax under s. 71.43 (1) or (2).

      (b)    Manufacturing sales tax credit under s. 71.47 (3).

      (bb)    Manufacturing investment credit under s. 71.47 (3t).

      (bm)    Dairy investment credit under s. 71.47 (3n).

      (bn)    Community rehabilitation program credit under s. 71.47 (5k).

      (c)    Research credit under s. 71.47 (4), except as provided under par. (f).

      (cd)    Postsecondary education credit under s. 71.47 (5r).

      (ce)    Water consumption credit under s. 71.47 (5rm).

      (cn)    Biodiesel fuel production credit under s. 71.47 (3h).

      (cs)    Low-income housing credit under s. 71.47 (8b).

      (d)    Research facilities credit under s. 71.47 (5).

      (db)    Super research and development credit under s. 71.47 (4m).

      (dm)    Health Insurance Risk-Sharing Plan assessments credit under s. 71.47 (5g).

      (dp)    Veteran employment credit under s. 71.47 (6n).

      (ds)    Ethanol and biodiesel fuel pump credit under s. 71.47 (5j).

      (e)    Community development finance credit under s. 71.47 (1).

      (ei)    Development zone capital investment credit under s. 71.47 (1dm).

      (eL)    Development zones credit under s. 71.47 (1dx).

      (ema)    Economic development tax credit under s. 71.47 (1dy).

      (eon)    Technology zones credit under s. 71.47 (3g).

      (eop)    Early stage seed investment credit under s. 71.47 (5b).

      (ep)    Supplement to federal historic rehabilitation credit under s. 71.47 (6).

      (epa)    Electronic medical records credit under s. 71.47 (5i).

      (es)    Internet equipment credit under s. 71.47 (5e).

      (ey)    Employee college savings account contribution credit under s. 71.47 (10).

      (f)    The total of farmland preservation credit under subch. IX, jobs credit under s. 71.47 (3q), enterprise zone jobs credit under s. 71.47 (3w), business development credit under s. 71.47 (3y), research credit under s. 71.47 (4) (k) 1., and estimated tax payments under s. 71.48.

   (2)   Elections under internal revenue code. Elections authorized by and made in accordance with the internal revenue code, except an election to file consolidated returns or to claim a credit against federal tax liability rather than a deduction from income, shall be deemed elections for the purpose of applying this chapter.

   (3)   Penalties. Unless specifically provided in this subchapter, the penalties under subch. XIII apply for failure to comply with this subchapter unless the context requires otherwise.