The bill amends Minnesota Statutes 2024, specifically section 16A.152, subdivision 2, to establish a new priority for allocating surplus funds based on the November forecast. It introduces a new clause (5) that mandates any remaining funds after the first four priorities to be used for adjustments under section 290A.50, which pertains to surplus refunds for homestead owners. The bill also specifies that the amounts necessary for these allocations are to be appropriated from the general fund shortly after the forecast is released.

Additionally, the bill proposes a new section, [290A.50], which outlines the process for determining and distributing surplus refunds to homestead owners. It requires county assessors to certify a list of qualifying homesteads by January 30 each year and establishes a refund amount based on the surplus identified in the November forecast. If the surplus is below $170 million, no refund will be issued. Payments to property owners must be made by June 30 of the year when a refund is applicable, and the necessary funds for these payments will be appropriated from the general fund. The provisions for the new section will take effect on January 1, 2026.

Statutes affected:
Introduction: 16A.152