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 higher incomes will now be eligible for refunds. 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 annual inflation adjustments of income thresholds and maximum refunds from 2023 to 2025. This change ensures that the adjustments will be based on more current data, with the effective date for these adjustments also set for refunds based on property taxes payable after December 31, 2026. Overall, the bill aims to enhance the homestead credit refund program by increasing eligibility and ensuring timely adjustments for inflation.

Statutes affected:
Introduction: 290A.04