Bill > SF2808

This bill expands the Minnesota renter's credit by updating income thresholds, maximum credit amounts, and percentage calculations to provide more financial support to renters across a wider range of household incomes. The bill increases the income brackets from a previous maximum of $75,389 to a new maximum of $143,140, and modifies the percentage of income paid and maximum credit amounts for each income level. For example, lower-income households will continue to receive higher percentage credits, while higher-income households will receive gradually reduced credits. The maximum credit amount varies from $3,500 for lower-income brackets to as low as $690 for higher-income brackets. The commissioner of revenue is required to annually adjust these dollar amounts and create a comprehensive table showing the rent constituting property taxes and refunds allowed at various income levels. The changes aim to provide more equitable tax relief for renters, with the new provisions becoming effective for taxable years beginning after December 31, 2024. This bill essentially updates the existing renter's credit to reflect current economic conditions and provide broader support to renters across different income levels.

Budget and Finance

https://www.revisor.mn.gov/bills/bill.php?b=Senate&f=SF2808&ssn=0&y=2025