This 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, which determines eligibility for property tax refunds. Additionally, the bill specifies that the state refund will be calculated based on the new income threshold and outlines that no payments will be allowed if the claimant's household income exceeds this new limit. The changes will take effect for refunds based on property taxes payable after December 31, 2025.

Furthermore, the bill modifies the inflation adjustment provisions in subdivision 4, changing the statutory year for annual adjustments 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 increased support for homeowners by adjusting income thresholds and ensuring that the refund program remains responsive to inflation.

Statutes affected:
Introduction: 290A.04