Bill > HF2499

This bill expands the Minnesota Renter's Credit by updating income thresholds and credit amounts to provide more financial support for renters. The changes increase the income ranges and maximum credit amounts across multiple income brackets, essentially raising the upper limit of eligibility from $75,389 to $143,139. The bill adjusts both the percentage of income that renters must pay and the maximum credit they can receive, with credits ranging from $3,500 for lower-income households to gradually decreasing amounts for higher-income households. For example, lower-income renters (around $0-$6,669) will now be eligible for up to $3,500 in credits, and the bill introduces new brackets for higher-income renters, with credits scaling down as household income increases. The commissioner is required to annually adjust income thresholds and refund amounts, and must create a comprehensive table showing rent and refund details at various income levels. The changes will take effect for taxable years beginning after December 31, 2024, providing expanded tax relief for renters across a broader range of household incomes.

Budget and Finance

https://www.revisor.mn.gov/bills/bill.php?b=House&f=HF2499&ssn=0&y=2025