The bill amends Minnesota Statutes 2024, section 290.0693, subdivision 3, to expand the renter's credit, aligning it more closely with the homestead credit refund. Specifically, it raises the income threshold for eligibility from $75,389 to $143,140, allowing more taxpayers to qualify for the credit. Additionally, the statutory year for the credit is updated from 2024 to 2025, ensuring that the changes take effect for taxable years beginning after December 31, 2024.

Furthermore, the bill mandates that the commissioner annually adjust the income thresholds and maximum refunds based on section 270C.22. It also requires the commissioner to create a comprehensive table for taxpayers that outlines the rent constituting property taxes and the corresponding refunds at various income levels, while allowing for graduated transitions between income brackets. This comprehensive approach aims to provide clearer guidance and support for renters in Minnesota.

Statutes affected:
Introduction: 290.0693