AB50,746,11 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:

AB50,746,15 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.

AB50,746,20 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.

AB50,746,21 3. No credit may be allowed if the household income exceeds $37,500.

AB50,746,23 4. Notwithstanding the time limitations described in par. (g) (intro.), the provisions of par. (g) 4. apply to claims filed under this paragraph.

AB50,1415 Section 1415. 71.54 (2) (b) 4. of the statutes is amended to read:

AB50,747,3 71.54 (2) (b) 4. In calendar years 2011 or any subsequent calendar year to 2024, $1,460.

AB50,1416 Section 1416. 71.54 (2) (b) 5. of the statutes is created to read:

AB50,747,6 71.54 (2) (b) 5. Subject to sub. (2m), in calendar year 2025 or any subsequent calendar year, $1,460.

AB50,1417 Section 1417. 71.54 (2m) of the statutes is amended to read:

AB50,748,2 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.

AB50,748,8 (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.

AB50,1418 Section 1418. 71.55 (3) of the statutes is amended to read:

AB50,748,15 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.

AB50,1419 Section 1419. 71.55 (5) of the statutes is amended to read:

AB50,748,22 71.55 (5) Legislation may be proposed by department. At the end of each fiscal year, the department of revenue shall review the homestead tax credit property tax and rent rebate program and may propose legislation to adjust the amounts of claims allowable under the program, taking into account findings that social security benefits and the cost of living, as reflected in the index computed by the U.S. bureau of labor statistics, have increased or decreased.

AB50,1420 Section 1420. 71.55 (7) of the statutes is amended to read:

AB50,749,10 71.55 (7) Records may be required by department to determine correct credit. To ascertain the correctness of any claim under this subchapter or to determine the amount of the credit under this subchapter of any person, the department may examine, or cause to be examined by any agent or representative designated by the department, any books, papers, records or memoranda bearing on the homestead credit property tax and rent rebate of the person, may require the production of the books, papers, records or memoranda, and require the attendance, of any person having relevant knowledge, and may take testimony and require proof material for its information. Based on the information it discovers, the department shall determine the true amount of homestead credit the property tax and rent rebate during the year or years under investigation.

AB50,1421 Section 1421. 71.63 (6) (n) (intro.) of the statutes is renumbered 71.63 (6) (n) and amended to read:

AB50,749,13 71.63 (6) (n) In the form of tips paid to employees if:.

AB50,1422 Section 1422. 71.63 (6) (n) 1. of the statutes is repealed.

AB50,1423 Section 1423. 71.63 (6) (n) 2. of the statutes is repealed.

AB50,1424 Section 1424. 71.64 (9) (b) (intro.) of the statutes is amended to read:

AB50,749,20 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:

AB50,1425 Section 1425. 71.67 (5) (a) of the statutes is amended to read:

AB50,750,3 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.

AB50,1426 Section 1426. 71.67 (5m) of the statutes is amended to read:

AB50,750,11 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.

AB50,1427 Section 1427. 71.78 (4) (w) of the statutes is created to read: