The bill mandates a study on property tax refund reforms in Minnesota, requiring the commissioner of revenue to submit a report by January 15, 2025. This report will include recommendations aimed at simplifying the process for claiming property tax refunds and improving participation in these programs. Specifically, the report will evaluate potential policy changes, such as converting the refund programs into a refundable income tax credit, automatically applying refunds to taxpayers' property tax liabilities, and modifying the income measures used to calculate refunds.

Additionally, the report must adhere to existing Minnesota Statutes regarding reporting requirements. The provisions of this bill will take effect the day after it is enacted.