Renters In Central Minnesota Could Have A New Tax Break Coming

The landscape of Central Minnesota is lined with tons of apartment buildings. There are a lot of options for those who can’t or choose not to do home ownership right now. Plus, there’s a number of homes, trailers or town houses that are rental property as well.  

If you’re one of the many folks who rented in 2024, did you remember the Renters Tax Credit? If you’re thinking you’ve already filed your taxes before the deadline in April, this is late news, not so fast. There’s still time to get the benefit. 

The final tax deadline for 2024 is coming up on October 15th,to be able to access the credit that you’ll just need to file it with the Minnesota Department of Revenue. 

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If it sounds like this credit isn’t real, I get it. This is a new credit, 2024 was the first year for it. For renters who qualify, this will replace the Renters Property Tax Refund from the past. This is a refundable credit or could be used toward a debit you owe with the State of Minnesota.  

Who Qualifies? 

Here are the boxes that need to be checked for you to be able to use Renters Tax Credit in Minnesota. 

• You must have a social security number or an individual tax identification number 

• You must be a full year or partial year resident of Minnesota 

• You must have lived in a rental property that the owner paid property taxes or made payments in lieu of taxes 

• You cannot have been a dependent on someone’s tax filing 

• The household earning amount is set at $75,390 that you cannot exceed 

Again, if you think that was missed on your filing in April, contact your tax professional or the Minnesota Department of Revenue.