MN SF3460

Creates a new refundable renters' property tax credit under Minnesota income tax (section 290.0693) allowing individuals and married couples filing jointly to claim credits against tax liability, with excess amounts refunded by the commissioner of revenue.

Establishes income-based credit amounts ranging from $200 to $2,000 maximum for households earning $0 to $57,169, with credit eligibility phasing out as household income increases.

Requires renters eligible for the credit to claim it on their individual income tax form rather than through a separate refund application process.

Mandates that renters claiming both homeowner and renter refunds must claim each refund separately under their respective statutory sections.

Appropriates necessary funds from the general fund to pay refunds and makes the changes effective for taxable years beginning after December 31, 2015, and claims based on rent paid in calendar year 2016 and thereafter.