AB68-SSA1,721,21 71.54 (2) (b) 4. In calendar years 2011 or any subsequent calendar year to 2022, $1,460.

AB68-SSA1,1429 Section 1429 . 71.54 (2) (b) 5. of the statutes is created to read:

AB68-SSA1,721,24 71.54 (2) (b) 5. Subject to sub. (2m), in calendar year 2023 or any subsequent calendar year, $1,460.

AB68-SSA1,1430 Section 1430. 71.54 (2m) of the statutes is amended to read:

AB68-SSA1,722,18 71.54 (2m) Indexing for inflation; 2010 2023 and thereafter. (a) For calendar years beginning after December 31, 2009, and before January 1, 2011 2022, the dollar amounts of the threshold income under sub. (1) (f) (h) 1. and 2., the maximum household income under sub. (1) (f) (h) 3., and the maximum property taxes under sub. (2) (b) 3. 5. shall be increased each year by a percentage equal to the percentage change between the U.S. consumer price index for all urban consumers, U.S. city average, for the 12-month average of the U.S. consumer price index for the month of August of the year before the previous year through the month of July of the previous year and the U.S. consumer price index for all urban consumers, U.S. city average, for the 12-month average of the U.S. consumer price index for August 2007 2020 through July 2008 2021, as determined by the federal department of labor, except that the adjustment may occur only if the percentage is a positive number. Each amount that is revised under this paragraph shall be rounded to the nearest multiple of $10 if the revised amount is not a multiple of $10 or, if the revised amount is a multiple of $5, such an amount shall be increased to the next higher multiple of $10. The department of revenue shall annually adjust the changes in dollar amounts required under this paragraph and incorporate the changes into the income tax forms and instructions.

AB68-SSA1,722,24 (b) The department of revenue shall annually adjust the slope under sub. (1) (f) (h) 2. such so that, as a claimant's income increases from the threshold income as calculated adjusted under par. (a), to an amount that exceeds the maximum household income as calculated adjusted under par. (a), the credit that may be claimed is reduced to $0, and the department of revenue shall incorporate the changes into the income tax forms and instructions.

AB68-SSA1,1431 Section 1431. 71.64 (9) (b) (intro.) of the statutes is amended to read:

AB68-SSA1,723,4 71.64 (9) (b) (intro.) The department shall from time to time adjust the withholding tables to reflect any changes in income tax rates, any applicable surtax or any changes in dollar amounts in s. 71.06 (1), (1m), (1n), (1p), (1q), (1r), and (2) resulting from statutory changes, except as follows:

AB68-SSA1,1432 Section 1432. 71.67 (5) (a) of the statutes is amended to read:

AB68-SSA1,723,11 71.67 (5) (a) Wager winnings. A person holding a license to sponsor and manage races under s. 562.05 (1) (b) or (c) shall withhold from the amount of any payment of pari-mutuel winnings under s. 562.065 (3) (a) or (3m) (a) an amount determined by multiplying the amount of the payment by the highest rate applicable to individuals under s. 71.06 (1) (a) to (c), (1m), (1n), (1p), or (1q), or (1r) if the amount of the payment is more than $1,000.

AB68-SSA1,1433 Section 1433. 71.67 (5m) of the statutes is amended to read:

AB68-SSA1,723,19 71.67 (5m) Withholding from payments to purchase assignment of lottery prize. A person that purchases an assignment of a lottery prize shall withhold from the amount of any payment made to purchase the assignment the amount that is determined by multiplying the amount of the payment by the highest rate applicable to individuals under s. 71.06 (1) (a) to (c), (1m), (1n), (1p), or (1q), or (1r). Subsection (5) (b), (c) and (d), as it applies to the amounts withheld under sub. (5) (a), applies to the amount withheld under this subsection.

AB68-SSA1,1434 Section 1434. 71.78 (4) (m) of the statutes is amended to read:

AB68-SSA1,723,24 71.78 (4) (m) The chief executive officer of the Wisconsin Economic Development Corporation and employees of the corporation to the extent necessary to administer the development zone program economic development programs under subch. II of ch. 238.

AB68-SSA1,1435 Section 1435. 71.78 (5) of the statutes is amended to read:

AB68-SSA1,724,5 71.78 (5) Agreement with department. Copies of returns and claims specified in sub. (1) and related schedules, exhibits, writings or audit reports shall not be furnished to the persons listed under sub. (4), except persons under sub. (4) (e), (k), (n), (o) and (q) or under an agreement between the department of revenue and another agency of government or the Wisconsin Economic Development Corporation.

AB68-SSA1,1436 Section 1436. 71.80 (25) (a) of the statutes is renumbered 71.80 (25) and amended to read:

AB68-SSA1,724,12 71.80 (25) Net operating and business loss carry-forward and carry-back. No offset of Wisconsin income may be made under s. 71.05 (8) (b) 1., 71.26 (4) (a), or 71.45 (4) (a) unless the incurred loss was computed on a return that was filed within 4 years of the unextended due date for filing the original return for the taxable year in which the loss was incurred.

AB68-SSA1,1437 Section 1437. 71.80 (25) (b) of the statutes is repealed.

AB68-SSA1,1438 Section 1438 . 71.83 (1) (a) 8. of the statutes is amended to read:

AB68-SSA1,724,21 71.83 (1) (a) 8. `Joint return replacing separate returns.' If the amount shown as the tax by the husband and wife spouses on a joint return filed under s. 71.03 (2) (g) to (L) exceeds the sum of the amounts shown as the tax upon the separate return of each spouse and if any part of that excess is attributable to negligence or intentional disregard of this chapter, but without intent to defraud, at the time of the filing of that separate return, then 25 percent of the total amount of that excess shall be added to the tax.

AB68-SSA1,1439 Section 1439 . 71.83 (1) (b) 5. of the statutes is amended to read:

AB68-SSA1,725,3 71.83 (1) (b) 5. `Joint return after separate returns.' If the amount shown as the tax by the husband and wife spouses on a joint return filed under s. 71.03 (2) (g) to (L) exceeds the sum of the amounts shown as the tax on the separate return of each spouse and if any part of that excess is attributable to fraud with intent to evade tax at the time of the filing of that separate return, then 50 percent of the total amount of that excess shall be added to the tax.

AB68-SSA1,1440 Section 1440 . 71.83 (1) (ch) of the statutes is created to read:

AB68-SSA1,725,11 71.83 (1) (ch) First-time homebuyer savings account withdrawals. If an account holder, as defined under s. 71.10 (10) (a) 1., or an account holder's estate is required to add any amount to federal adjusted gross income under s. 71.05 (6) (a) 30., the account holder or the account holder's estate shall also pay an amount equal to 10 percent of the amount that is added to income under s. 71.05 (6) (a) 30. The department of revenue shall assess, levy, and collect the penalty under this paragraph as it assesses, levies, and collects taxes under this chapter.

AB68-SSA1,1441 Section 1441. 71.98 (10) of the statutes is created to read:

AB68-SSA1,725,15 71.98 (10) Federal Tax Cuts and Jobs Act. For taxable years beginning after December 31, 2020, sections 11012, 13206, 13221, 13301, 13304 (a), (b), and (d), 13531, and 13601 of P.L. 115-97.

AB68-SSA1,1442 Section 1442. 71.98 (11) of the statutes is created to read:

AB68-SSA1,725,19 71.98 (11) Qualified tuition programs. For taxable years beginning after December 31, 2018, sections 221 (e) (1) and 529 of the federal Internal Revenue Code in effect for federal purposes, relating to qualified tuition programs.