The bill amends Minnesota Statutes 2024, specifically section 290A.04, to adjust the homestead credit refund program. It raises the income threshold for claimants, increasing the maximum household income limit from $135,410 to $143,140. This change means that more homeowners will qualify for property tax refunds based on their income levels. Additionally, the bill specifies that the state refund amount will be calculated based on the new income threshold, and it establishes that no payments will be allowed if the claimant's household income exceeds this new limit.

Furthermore, the bill includes provisions for annual inflation adjustments to the income thresholds and maximum refunds, changing the statutory year for these adjustments from 2023 to 2025. The effective dates for these changes are set to begin with refunds based on property taxes payable after December 31, 2025, for the income threshold adjustment, and after December 31, 2026, for the inflation adjustments. These amendments aim to enhance the accessibility of property tax refunds for homeowners in Minnesota.

Statutes affected:
Introduction: 290A.04