Qualified residents in Minnesota are about to receive up to $1,300 rebate checks as early as this fall once Gov. Tim Walz will sign the tax bill.
Taxpayers in Minnesota are about to receive rebate checks. (Photo: CNBC)
Rebate Checks in Minnesota
Rebate checks are important for residents and low-income households in the country. In this time of increasing inflation rate, there is a need for additional sources of income to meet their daily and financial needs. Luckily, some states are now offering rebate checks.
In a published article in Yahoo News, an amount of up to $1,300 rebate check will be given to qualified residents in Minnesota once Gov. Tim Walz will sign the tax bill. To be specific, an amount of $260 per taxpayer will be sent to their bank accounts and $520 for couples.
This means that once the tax bill in Minnesota will be signed into law, each taxpayer will receive an amount of $260 with a maximum amount of up to $1,300. Moreover, there will be an income limit to qualify for the rebate checks. Individual taxpayers should not exceed $75,000 while $150,000 for families with no phase-out.
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Source of Fund of Rebate Checks
According to an article published in KIPLINGER, the rebate checks are part of the proposed $3 billion tax bill that is already on the table of Gov. Tim Walz. Additionally, the $1.1 billion needs for the checks come from a $17.5 billion budget surplus.
Furthermore, the Minnesota Department of Revenue is planning to use the 2021 tax filings to determine the eligibility for the rebate checks.
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