This bill amends Minnesota Statutes 2024, specifically section 290A.04, to adjust the homestead credit refund program. In subdivision 2, the income threshold for claimants is increased from $135,410 to $143,140, which means that homeowners with household incomes above this new threshold will not be eligible for the refund. Additionally, the effective date for this change is set for refunds based on property taxes payable after December 31, 2025.

In subdivision 4, the bill updates the statutory year for the annual inflation adjustment of income thresholds and maximum refunds from 2023 to 2025. This adjustment will also take effect for refunds based on property taxes payable after December 31, 2026. Overall, the bill aims to provide a more favorable tax situation for homeowners by increasing the income limit for homestead credit refunds and ensuring that adjustments keep pace with inflation.

Statutes affected:
Introduction: 290A.04