HF4416

Purpose

The bill creates a one-time expansion of the targeting property tax refund for property taxes payable in 2026. It changes how the refund is calculated for those refunds, applying a specific substitution in the calculation.

Main Provisions

• For refunds based on property taxes payable in 2026, the refund calculation under Minnesota Statutes section 290A.04 subdivision 2h must substitute eight percent for twelve percent.
• The change is enacted with a Notwithstanding clause, meaning it applies despite any conflicting laws.
• This one-time adjustment applies only to refunds linked to property taxes payable in 2026.

What this means in practice

• The calculation used to determine the targeting property tax refund for 2026 will use 8% instead of 12% (as specified in the statute).
• Because 8% is smaller than 12%, the resulting refund amount for those refunds would be different (specifically smaller) than it would be under the usual 12% calculation.
• The provision is limited to property taxes payable in 2026 and does not indicate changes to other parts of the refund program.

Significant changes to existing law

• Amends the calculation rule in Minnesota Statutes section 290A.04 subdivision 2h for a single year (property taxes payable in 2026).
• Uses a Notwithstanding clause to override any conflicting laws for this specific 2026 calculation.

Reach and scope

• Applies only to refunds based on property taxes payable in 2026.
• Does not specify broader eligibility or program expansions beyond the calculation adjustment for that year.

Relevant Terms

targeting property tax refund; property taxes payable in 2026; Minnesota Statutes section 290A.04 subdivision 2h; eight percent; twelve percent; one-time expansion; Notwithstanding any law to the contrary; refunds; calculation; tax refunds.

Relevant Terms