In a bid to alleviate tax burdens, the Minnesota Department of Revenue has declared a revised deadline for eligible taxpayers to benefit from a special one-time tax rebate initiative, which forms part of the budget approved by Governor Tim Walz in the 2023 legislative session.
The tax relief plan, formulated using data from the 2021 income tax or property tax returns, promises payments to qualified taxpayers, offering a financial boon for thousands across the state.
The department issued a statement on Wednesday, urging taxpayers who have recently changed their address or bank details to ensure their information is updated by 5 p.m. on July 28 to guarantee they don’t miss out on the rebate.
The Department of Revenue holds the key to deciding eligibility for this rebate, eliminating the need for Minnesotans to apply.
The eligibility criteria include:
Being a Minnesota resident for some or all of 2021.
Filing the 2021 Form M1, Minnesota Individual Income Tax, or the 2021 Form M1PR, Homestead Credit Refund (for Homeowners) and Renter’s Property by Dec. 31, 2022.
Having a reported 2021 adjusted gross income of $150,000 or less for married couples filing jointly, or $75,000 or less for all other filers.
Not being claimed as a dependent on someone else’s 2021 Minnesota income tax return.
The relief amount will vary based on household income and size.
Residents stand to receive rebates ranging from $260 to a potential maximum of $780.
To break it down:
Married couples with an adjusted gross income of $150,000 or less will be granted $520.
Individuals earning $75,000 or less are set to receive $260.
An additional $260 will be provided for each dependent claimed, up to a limit of three dependents, offering a potential maximum rebate of $780.
For further information and details about this tax rebate initiative, taxpayers are advised to consult the state revenue website.
This proactive approach by the Minnesota Department of Revenue ensures that all eligible taxpayers benefit from the state’s tax relief scheme, providing a welcome financial respite during challenging times.