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HF2499 (Legislative Session 94 (2025-2026))

Renter's credit expanded to provide parity with the homestead credit refund.

Related bill: SF2808

AI Generated Summary

Purpose of the Bill

This bill aims to expand the renter's credit in Minnesota to make it more equitable with the existing homestead credit refund, ensuring renters receive a similar level of financial support as homeowners.

Main Provisions

  • The bill changes the amount of rental payments considered as property taxes for various household income levels.
  • It specifies the percentage of income that renters must pay and the percentage of remaining rent considered taxes eligible for credit.
  • Adjusts the maximum credit amount available based on household income, maintaining detailed thresholds for incremental income levels.

Significant Changes to Existing Law

  • The bill amends Minnesota Statutes section 290.0693, subdivision 3, which governs the renter's credit.
  • It introduces new income brackets and corresponding credit percentages to align renter benefits closer to those received by homeowners.
  • The bill requires annual adjustments to the income thresholds and maximum refunds to account for inflation or economic changes, as outlined by the commissioner.

Relevant Terms

  • Renters Credit
  • Homestead Credit Refund
  • Property Taxes
  • Household Income
  • Maximum Credit Amount
  • Income Brackets

Bill text versions

Actions

DateChamberWhereTypeNameCommittee Name
March 16, 2025HouseFloorActionIntroduction and first reading, referred toTaxes
March 26, 2025HouseFloorActionAuthors added
April 06, 2025HouseFloorActionAuthor added

Citations

 
[
  {
    "analysis": {
      "added": [
        "Expands renters' credit to align with homestead credit refund."
      ],
      "removed": [
        ""
      ],
      "summary": "This bill expands the renters' credit to provide parity with the homestead credit refund, modifying existing requirements in section 290.0693 subdivision 3.",
      "modified": [
        "Adjusts income thresholds and refund calculations for the renters' credit."
      ]
    },
    "citation": "290.0693",
    "subdivision": "subdivision 3"
  },
  {
    "analysis": {
      "added": [
        ""
      ],
      "removed": [
        ""
      ],
      "summary": "This bill refers to the annual adjustment of income thresholds and refunds for renters' credit in accordance with section 270C.22.",
      "modified": [
        "Ensures annual adjustment of dollar amounts related to income thresholds and maximum refunds for renters' credits."
      ]
    },
    "citation": "270C.22",
    "subdivision": ""
  }
]

Sponsors