This bill amends Minnesota Statutes 2024, specifically section 290.0693, subdivision 3, to expand the renter's credit, aligning it more closely with the homestead credit refund. The key changes include raising the household income threshold for eligibility from $75,389 to $143,140, thereby allowing more renters to qualify for the credit. Additionally, the statutory year for the adjustments to income thresholds and maximum refunds has been updated from 2024 to 2025.

Furthermore, the bill mandates that the commissioner of revenue create and provide a comprehensive table for taxpayers, detailing the rent constituting property taxes and the corresponding refunds at various income levels. This table will adhere to the new income percentages and maximums established in the bill. The changes will take effect for taxable years beginning after December 31, 2024.

Statutes affected:
Introduction: 290.0693