ST. PAUL—Today,
HF 1768, a bill to provide tax relief to seniors, was heard in the House Property and Local Tax Division. The bill expands Minnesota’s elderly exclusion, which hasn’t been changed since 1994. This allows more seniors to exclude a certain amount of income from taxable income. The bill also expands property tax relief for seniors. The bill would allow both spouses to deduct existing homestead credit refund and renter’s credit amounts instead of just one spouse, increasing the amount of available assistance.
“Seniors on fixed incomes have the hardest time adjusting when the cost of living goes up,” said bill author Rep. Jason Isaacson (DFL—Little Canada). “This legislation will help provide tax relief to seniors who may be more financially vulnerable in the case of a medical or other unexpected expense, and who often turn to programs like Medicaid in these times of need. Our goal is to keep more seniors self-sufficient and to ensure that the tax code is treating all Minnesota seniors fairly.”
Unlike many GOP-sponsored tax proposals that benefit wealthier seniors, this bill will provide relief to middle and lower income seniors. The bill is supported by AARP.
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