Increasing the homestead market value exclusion (HMVE) for homes valued up to $517,000.

One-time increases to the Homestead Credit refund, Renter’s Credit, and targeted property tax refund.

Converting the Renter’s Credit from a property tax refund to an income tax credit, and changing the definition of income to the simpler adjusted gross income.A permanent increase to the Homestead Credit refund to increase the refund for taxpayers that are currently eligible for it.This MHFA aid totals $2.25 million annually for fiscal years 2024-25 and $1 million annually in following years. Cities with populations under 10,000 will be eligible to apply for grants of at least $25,000 from the Minnesota Housing Finance Agency (MHFA). Qualifying cities with a population of at least 10,000 will receive a $4.5 million annual distribution in fiscal years 2024-25 and $2 million annual distribution in following years. Creating an affordable housing aid for local governments located outside the metro that will not receive distributions from the quarter-cent metro area sales tax for housing.Establishment of a new transition aid for counties, cities, townships, and school districts that lose tax base when an electric generation plant is retired.Eligible uses include community violence prevention and intervention programs community engagement mental health crisis responses victim services training programs first responder wellness equipment related to fire, rescue, and emergency services or to pay other personnel or equipment costs. $210 million in one-time public safety aid for cities, distributed on a per capita basis.Updated formula factors for local government aid.$80 million for an annual increase to local government aid.A two-year moratorium on local sales taxes.īelow is a list of spending and policy items included in the tax bill that are of interest to cities.Exemptions on construction materials for specific projects.The $3 billion agreement includes significant increases to existing mechanisms that provide: On May 21, the House passed the bill on a 69-63 vote followed by the Senate passage on May 22 on a 34-33 vote sending the final agreement to Gov.

On May 21 and May 22, the House and Senate passed the omnibus tax bill, HF 1938, after a deal was struck between the House and Senate conference committee. The omnibus tax bill includes an $80 million annual increase in local government aid, $210 million for cities in one-time public safety aid, and local sales tax changes. Directory of City Officials - Print Edition.The Trust’s Mission, Values, and Advantage.

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