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Today, the Minnesota Senate takes up the Tax Bill! What's in it? Let me tell you...
Child Tax Credit: this will cut child poverty by 1/3!
$1.52 billion to 256,000 Minnesotans -- $1,750 per child age 0-17, refundable, indexed to inflation.
#mnleg
Child Tax Credit: this will cut child poverty by 1/3!
$1.52 billion to 256,000 Minnesotans -- $1,750 per child age 0-17, refundable, indexed to inflation.
#mnleg
One-time rebates ($1.14 billion going to 2.58 million Minnesotans)
Up to $1300 per household: $260/adult + $260/child (up to three kids)
Up to $1300 per household: $260/adult + $260/child (up to three kids)
Property Tax Support for Homeowners & Renters
One-time 20.6% homeowner property tax refund ⬆️for taxes payable 2023 AND permanent 3% reduction in copays
Homestead Market Value Exclusion ⬆️ to $517,200
Renters Refund: 20.6% refund ⬆️ for rent paid in 2022
One-time 20.6% homeowner property tax refund ⬆️for taxes payable 2023 AND permanent 3% reduction in copays
Homestead Market Value Exclusion ⬆️ to $517,200
Renters Refund: 20.6% refund ⬆️ for rent paid in 2022
Senior citizen property tax deferral program increased to $96,000 (seniors also benefit from the Renters Refund, with more than 50% of recipients in Greater MN and 1/3 are seniors or people with disabilities)
Affordable Housing dedicated funding: $105 million for Housing Development Fund, Workforce & Affordable Homeownership, and Local Housing Aid
Working Family Tax Credit ($40.4 million)
K12 Education Expense Increase & Expansion ($47 million). Incomes up to $70,000 now qualify for the credit up from $35,000 -- 31,200 more Minnesotans are eligible; credit increased to $1,500 per child.
K12 Education Expense Increase & Expansion ($47 million). Incomes up to $70,000 now qualify for the credit up from $35,000 -- 31,200 more Minnesotans are eligible; credit increased to $1,500 per child.
Also: Beginning Farmer Tax Credit, Depended Care Credit, Military Service Credit and more!
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