This bill amends Minnesota Statutes 2024, section 290A.03, subdivision 3, to simplify the definition of "income" used for calculating homestead credit refunds. The new language removes the previous detailed list of income components and instead introduces a more streamlined approach. Specifically, it allows for certain exemptions based on the number of dependents a claimant has, with varying multipliers applied to the exemption amount for each dependent. Additionally, it includes an exemption for claimants or their spouses who are disabled or aged 65 and older.

The bill also deletes extensive provisions that outlined various types of income that were previously included or excluded from the income calculation. This includes a wide range of income sources such as pensions, public assistance, and certain types of benefits. The changes aim to make the income calculation more straightforward and accessible for claimants. The new provisions will take effect for refunds based on property taxes payable in 2025.

Statutes affected:
Introduction: 290A.03