Payment to homestead owners based on November forecast provided.
Direct payments to taxpayers provided, and money appropriated.
Forecasted general fund balances allocated for transportation purposes.
Direct payment to taxpayers provision
Definition of transfer established, annual November budget forecast date clarified, biennial budget close report required, budget reserve allocation number updated, technical corrections made, and obsolete statutes eliminated.
Minnesota refund program established, forecasted positive unrestricted general fund balances transferred to Minnesota refund account, criteria established for statutory sales tax refunds, reports required, and money appropriated.
Property taxes and individual income taxes modified, homestead property tax provisions modified, state general levy reduced, unlimited Social Security subtraction allowed, income tax rates decreased, temporary refundable child credit established, direct payments to individuals provided, and money appropriated.
Income and property tax provisions modified, unlimited subtraction allowed for Social Security income, first and second tier income tax rates reduced by one percentage point, direct payments to taxpayers provided, valuation limit modified for property and homestead market value exclusion increased, and refundable child credit allowed.
Property tax provisions modified, process for seniors to receive an advance credit of homestead credit refund established, and advance credit established.
Homestead credit refund advanced credit process for seniors establishment, credit established, and appropriation