As Minnesotans grapple with their W-2s and receipts, a financial boost comes their way, thanks to newly highlighted tax credits. Senator Matt Klein (DFL-Mendota Heights) is bringing attention to a series of tax savings available to his constituents, with the new Child Tax Credit taking center stage as the 2023 tax season rolls in.
"I am proud of the tax savings we accomplished in the 2023 tax bill," Senator Klein emphasized. Nearly 300,000 Minnesota families stand to benefit with up to $1,750 per child for those under age 18, albeit, those eligible must file to claim it. In addition to the child credit, the state has also tagged a 20% increase in property tax refunds for the current year, plus a lifeline for those hit with property tax spikes exceeding 6%.
According to information released on senatedfl.mn, the tax relief package aims to shrink child poverty by a third and includes benefits well beyond the Child Tax Credit. Renters, for example, will see a 20% increase in refunds, and legislators have raised the cap on homestead market value exclusions to offer more property tax relief.
"These new tax savings will do tremendous good for people in my district and across the state. Families with young children, seniors, homeowners, and renters all will benefit from our tax policy focused on strengthening the middle class and investing in what makes Minnesota a great place to live," Klein added. On top of the direct tax relief, the state is bolstering support for tax filers through the Volunteer Income Tax Assistance program to ensure Minnesotans get the help they need to cash in on these credits.
Those unsure about their eligibility or needing help filing can find resources and free tax preparation services through the VITA or AARP Tax Aide. More information on these services is available on the Minnesota Department of Revenue's website. Given the plethora of new tax savings, Senator Klein is urging everyone to file and potentially improve their household’s economic stability.
