MN SF2921

Establishes a Minnesota refund program to return budget surpluses to taxpayers through sales tax refunds funded by 75 percent of positive unrestricted general fund balances.

Creates a Minnesota refund account in the special revenue fund to receive transferred surplus funds, with refunds triggered only when qualifying tax-reducing legislation has offset the refund costs.

Provides minimum sales tax refunds of $500 for married joint filers and $250 for all other eligible filers who are U.S. citizens, filed Minnesota income tax returns, and meet residency requirements.

Allows refund amounts to increase proportionally if appropriated funds exceed the cost of minimum refunds, with refunds issued by check, debit card, or electronic transfer through the Department of Revenue.

Requires the commissioner of revenue to report to the legislature annually on estimated refund costs and payments issued, with all provisions effective July 1, 2023.