SB45,1407 Section 1407. Subchapter VIII (title) of chapter 71 [precedes 71.51] of the statutes is repealed and recreated to read:

SB45,745,7 CHAPTER 71

SB45,745,9 SUBCHAPTER VIII PROPERTY TAX AND RENT REBATE

SB45,1408 Section 1408. 71.52 (4) of the statutes is amended to read:

SB45,745,12 71.52 (4) “Household” means a claimant and an individual related to the claimant as husband or wife his or her spouse.

SB45,1409 Section 1409. 71.54 (1) (g) (intro.) of the statutes is amended to read:

SB45,745,16 71.54 (1) (g) 2012 and thereafter to 2025. (intro.) The amount of any claim filed in 2012 and thereafter to 2025 and based on property taxes accrued or rent constituting property taxes accrued during the previous year is limited as follows:

SB45,1410 Section 1410. 71.54 (1) (g) 4. of the statutes is amended to read:

SB45,745,24 71.54 (1) (g) 4. Except as provided in subds. 5. and 7., for For claims filed in 2018 and thereafter and based on property taxes accrued or rent constituting property taxes accrued during the previous year, no credit may be allowed under this paragraph if the claimant has no earned income in the taxable year to which the claim relates unless the claimant is disabled and provides the proof required under subd. 6. or the claimant or the claimant’s spouse is over the age of 61 at the close of the year to which the claim relates.

SB45,1411 Section 1411. 71.54 (1) (g) 5. of the statutes is repealed.

SB45,1412 Section 1412. 71.54 (1) (g) 6. (intro.) of the statutes is amended to read:

SB45,746,6 71.54 (1) (g) 6. (intro.) With regard to a claimant who is disabled, the A claimant who is disabled shall provide with his or her return proof that his or her disability is in effect for the taxable year to which the claim relates. Proof of disability may be demonstrated by any of the following:

SB45,1413 Section 1413. 71.54 (1) (g) 7. of the statutes is repealed.

SB45,1414 Section 1414. 71.54 (1) (h) of the statutes is created to read:

SB45,746,11 71.54 (1) (h) 2026 and thereafter. Subject to sub. (2m), the amount of any claim filed in 2026 and thereafter and based on property taxes accrued or rent constituting property taxes accrued during the previous year is limited as follows:

SB45,746,15 1. If the household income was $19,000 or less in the year to which the claim relates, the claim is limited to 80 percent of the property taxes accrued or rent constituting property taxes accrued or both in that year on the claimant’s homestead.

SB45,746,20 2. If the household income was more than $19,000 in the year to which the claim relates, the claim is limited to 80 percent of the amount by which the property taxes accrued or rent constituting property taxes accrued or both in that year on the claimant’s homestead exceeds 7.891 percent of the household income exceeding $19,000.

SB45,746,21 3. No credit may be allowed if the household income exceeds $37,500.

SB45,746,23 4. Notwithstanding the time limitations described in par. (g) (intro.), the provisions of par. (g) 4. apply to claims filed under this paragraph.

SB45,1415 Section 1415. 71.54 (2) (b) 4. of the statutes is amended to read:

SB45,747,3 71.54 (2) (b) 4. In calendar years 2011 or any subsequent calendar year to 2024, $1,460.

SB45,1416 Section 1416. 71.54 (2) (b) 5. of the statutes is created to read:

SB45,747,6 71.54 (2) (b) 5. Subject to sub. (2m), in calendar year 2025 or any subsequent calendar year, $1,460.

SB45,1417 Section 1417. 71.54 (2m) of the statutes is amended to read:

SB45,748,2 71.54 (2m) Indexing for inflation; 2010 2026 and thereafter. (a) For calendar years beginning after December 31, 2009, and before January 1, 2011 2025, 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 through July 2008 2024, 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.

SB45,748,8 (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.

SB45,1418 Section 1418. 71.55 (3) of the statutes is amended to read:

SB45,748,15 71.55 (3) Forms to be provided by department. In administering this subchapter, the department of revenue shall make available suitable forms with instructions for claimants, including a form that may be included with, or as a part of, the individual income tax form. In preparing homestead credit property tax and rent rebate forms, the department of revenue shall provide a space for identification of the county and city, village or town in which the claimant resides.

SB45,1419 Section 1419. 71.55 (5) of the statutes is amended to read: