This bill proposes amendments to Minnesota Statutes regarding property tax refunds and renters credits by adjusting income thresholds and co-pay percentages. Specifically, it raises the income limit for renters eligible for tax credits from $75,389 to $79,330 and for homeowners from $135,410 to $146,340. Additionally, the statutory year for the calculation of these credits is updated from 2024 to 2026 for renters and from 2023 to 2026 for homeowners. The bill also mandates that the commissioner annually adjust the income thresholds and maximum refunds in accordance with section 270C.22.

The effective dates for these changes are specified, with the new provisions for renters taking effect for taxable years beginning after December 31, 2025, and for homeowners starting with refunds based on property taxes payable in 2027. The bill aims to provide increased financial relief to taxpayers by enhancing the property tax refund and renters credit programs.

Statutes affected:
Introduction: 290.0693, 290A.04