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HF453 (Legislative Session 94 (2025-2026))

Definition of income modified for purposes of the property tax refund.

Related bill: SF105

AI Generated Summary

This bill changes the definition of "income" for the purpose of calculating property tax refunds in Minnesota. Specifically, it modifies what counts as income by including various non-taxable and taxable incomes, pension and annuity payments, public assistance, disability payments, and certain retirement account contributions. It also spells out specific types of income that will not be counted towards total income. Additionally, the bill provides details on deductions and exemptions that can be applied based on factors such as dependency and disability, and it defines key terms used within these adjustments. This is intended to clarify tax calculations for property owners seeking tax refunds, ensuring a comprehensive assessment of income for property tax purposes.

Bill text versions

Actions

DateChamberWhereTypeNameCommittee Name
February 12, 2025HouseFloorActionIntroduction and first reading, referred toTaxes

Citations

 
[
  {
    "analysis": {
      "added": [
        "Inclusion of income adjustments such as passive activity loss, specific federal law distributions, and new types of annuities in income definitions."
      ],
      "removed": [
        "Certain exclusions for IRA contributions not meeting the base amount."
      ],
      "summary": "This bill modifies the definition of income for the purposes of property tax refund under section 290A.03.",
      "modified": [
        "Redefinition of terms related to gross income adjustments by incorporating federal law references."
      ]
    },
    "citation": "290A.03"
  }
]

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