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Senate committee hears bill to exclude Roth distributions from homeowner property tax refund calculation
Summary
Senate File 105 would align homeowner property tax refund (PTR) income calculations with a prior renter-side change by excluding Roth IRA distributions; sponsor says the change would raise refunds about $180 for roughly 11,000 homeowners. The bill was laid over for possible inclusion.
Senate File 105, presented Jan. 21 to the Minnesota Senate Taxes Committee by Senator Drazkowski, would change how household income is calculated for the state property tax refund (PTR) for homeowners by excluding distributions from Roth-style retirement accounts.
The change would make the homeowner calculation parallel to a 2023 adjustment that removed Roth IRA distributions from income for the renter-side PTR. Sponsor Senator Drazkowski told the committee the measure would increase refunds by about $180 for roughly 11,000 homeowners affected by the…
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