ST. PAUL, Minn. — Tax season has opened, and Senator Matt Klein (DFL-Mendota Heights) is highlighting the new Child Tax Credit, as well as other expanded tax savings, that were passed into law during the 2023 session. Minnesotans with children under age 18 may qualify for up to $1,750 per child, but individuals must file to claim it.
“I am proud of the tax savings we accomplished in the 2023 tax bill.” said Senator Klein. “Nearly 300,000 Minnesota families are eligible for this nation-leading Child Tax Credit that will improve economic stability and has the potential to cut child poverty in our state by one-third. Families may also qualify for tax credits on education-related expenses through long overdue expansions of the K-12 Education Credit. I encourage everyone to file to take advantage of these savings.”
Beyond the new Child Tax Credit, the legislature passed expanded property tax savings that include:
· A 20% increase in property tax refund for 2023
· Targeted refunds for families whose property taxes increased by more than 6% last year
· increased renter refunds by 20%,
· Raised the cap on homestead market value exclusions, and more.
“These new tax savings will do tremendous good for people in my district and across the state.” said Senator Klein. 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.”
The legislature also invested in enhanced filing assistance through the Volunteer Income Tax Assistance program. Minnesotans may also qualify for free tax return preparation through VITA or AARP Tax-Aide. Go to www.revenue.state.mn.us/free-tax-preparation-sites to learn more.