On Wednesday, May 24 the State of MN enacted legislation that will provide direct tax rebate payments to taxpayers. The MN Department of Revenue anticipates sending these payments out in early fall 2023.
The rebate payments will be $260 per person with payments for up to three dependents. The payments are based on taxpayer’s 2021 adjusted gross income as reported on their 2021 State of MN tax returns. To qualify for the payment, taxpayers must have had adjusted gross income of $150,000 or less in the 2021 tax year for couples married filing jointly and income of $75,000 or less for all other taxpayers.
The State of MN will use the taxpayers’ address and bank account information as listed on their 2021 tax returns and will provide an option for taxpayers to update their information electronically in the coming weeks.