Income tax rebates of $260 for individuals and up to $1,300 for families of five are already starting to show up in the bank accounts of about 2.1 million Minnesota residents.
It also included other tax cuts and credits aimed at lower-income families, including a reduction in how many Social Security recipients will owe state taxes on their benefits. The bill also raised some taxes and fees, including a 1 percentage point sales tax bump in the Minneapolis-St. Paul metro area to fund transportation and housing. Other increases target wealthier taxpayers and companies.
The state is still waiting on the Internal Revenue Service for a final ruling on whether the rebates will be subject to federal income taxes. Marquardt said they expect a decision “very soon.” But he said they designed the program to be similar to those of about 24 other states that have issued similar rebates over the past few years that were tax-exempt.
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