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 of the statutes is repealed.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 of the statutes is repealed.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:

AB50,750,15 71.78 (4) (w) The secretary of health services and employees of the department of health services for the purpose of performing an evaluation under s. 71.03 (9) (b).

AB50,1428 Section 1428. 71.78 (4) (x) of the statutes is created to read:

AB50,750,19 71.78 (4) (x) The department of tourism to the extent necessary to administer the tax credits under ss. 71.07 (5f) and (5h), 71.28 (5f) and (5h), and 71.47 (5f) and (5h).

AB50,1429 Section 1429. 71.80 (3m) (c) of the statutes is amended to read:

AB50,751,2 71.80 (3m) (c) If the department determines that a spouse is otherwise entitled to a state tax refund or homestead property tax and rent rebate or farmland credit, it shall notify the spouses under s. 71.74 (11) that the state intends to reduce any state tax refund or a refundable credit due the spouses by the amount credited against any liability under par. (a) or (b) or both.

AB50,1430 Section 1430. 71.83 (1) (a) 8. of the statutes is amended to read:

AB50,751,10 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.

AB50,1431 Section 1431. 71.83 (1) (b) 5. of the statutes is amended to read:

AB50,751,17 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.

AB50,1432 Section 1432. 71.83 (5) (a) 1. of the statutes is amended to read:

AB50,751,22 71.83 (5) (a) 1. “Credit” means the earned income tax credit under s. 71.07 (9e), the homestead credit property tax and rent rebate under subch. VIII, the farmland preservation credit under subch. IX, or any refundable credit under s. 71.07, 71.28, or 71.47.

AB50,1433 Section 1433. 71.98 (10) of the statutes is created to read:

AB50,752,2 71.98 (10) Federal Tax Cuts and Jobs Act. For taxable years beginning after December 31, 2024, sections 11012, 13221, 13301, 13304 (a), (b), and (d), 13531, and 13601 of P.L. 115-97.