MN HF5122

Amends Minnesota Statutes 2023 Supplement, section 290A.03, subdivision 3, to modify the definition of income for property tax refund eligibility.

Adds new clause defining "traditional or Roth style retirement account or plan" to include retirement plans under Internal Revenue Code sections 401, 403, 408, 408A, and 457.

Adds separate definition for "Roth style retirement account or plan" as retirement plans under IRC section 408A or designated Roth contributions in plans under IRC sections 401, 403, and 457.

Excludes distributions from Roth style retirement accounts or plans (to the extent not included in federal adjusted gross income) from income calculations for property tax refund purposes.

Effective for claims based on property taxes payable in 2024 and following years.