The bill amends Minnesota Statutes 2023 Supplement, section 290A.03, subdivision 3, to modify the definition of "income" for property tax refund purposes. Key changes include the insertion of language that clarifies the exclusion of distributions from Roth style retirement accounts or plans from the definition of income, as well as the inclusion of contributions to traditional retirement accounts or plans. Additionally, the bill specifies that veterans disability compensation is not included in the definition of income, enhancing the clarity of what constitutes taxable income for property tax refund eligibility.

The effective date for these changes is set for claims based on property taxes payable in 2024 and subsequent years. This legislative update aims to provide clearer guidelines for taxpayers regarding what income is considered when applying for property tax refunds, potentially benefiting those with specific retirement accounts and veterans receiving disability compensation.