MN HF4619

Establishes a budget surplus credit for qualifying taxpayers who filed Minnesota individual income tax returns in even-numbered years and reported tax liability, excluding dependents.

Credit amount equals a taxpayer's tax liability multiplied by a credit percentage calculated from the state's unrestricted balance at the close of the biennium divided by aggregate tax liability of all qualifying taxpayers.

Commissioner of Revenue must determine credit amounts and pay refunds by January 31 of each odd-numbered year; taxpayers do not need to file a claim to receive the refund.

Part-year Minnesota residents receive a reduced credit proportional to their residency period during the qualifying tax year.

Appropriates necessary funds from the general fund by December 31 of each odd-numbered year to pay refunds, with initial refunds due by December 31, 2025; takes effect the day following final enactment.