Bill > SF1957

This bill establishes an advance homestead credit program specifically designed for senior citizens in Minnesota. The program allows eligible seniors (those 65 or older, or in married couples where one spouse is 65 and the other is at least 62) to receive an advance credit equal to 50% of their previous year's homestead credit refund. Seniors can elect to receive this advance credit when filing their homestead credit refund claim, which will be applied to their property's first half tax payment. The credit is intended to help seniors manage their property tax burden by providing a partial upfront payment. Key provisions include a certification process where the revenue commissioner calculates and certifies credit amounts to county auditors, a mechanism for reimbursing local taxing jurisdictions for the credits, and a reconciliation process to ensure accurate credit distribution. The program is set to become effective for property taxes payable in 2027, with applications for the advance credit allowed after December 31, 2025. The bill also makes corresponding technical amendments to various existing tax statutes to integrate this new credit into Minnesota's property tax system.

Budget and Finance

https://www.revisor.mn.gov/bills/bill.php?b=Senate&f=SF1957&ssn=0&y=2025