(Centre Square) A plan introduced by Assistant Majority Leader Dan Wolgamott, DFL-St. Cloud, would provide stimulus checks to many Minnesota taxpayers.
Separate filers and married individuals would earn $500, while married couples filing jointly or individual head of household filers would receive $1,000. The stimulus checks could arrive in late summer, according to Wolgamott’s office.
The measure, HF 4625, was proposed by Gov. Tim Walz and funded by the state budget surplus.
Individuals must have been residents of the state in 2020, filed 2020 individual income tax returns by Oct. 15, 2021, and claimed refunds for property taxes paid in 2020.
- Individuals earning over $164,400.
- Married couples filing jointly earning over $273,470.
- A taxable income of over $218,540 per head of household in 2020.
- Married couples who earned above $136,735 and filed separate returns.
- The general fund would provide $7.752 million in the fiscal year 2022 and $215,000 in the fiscal year 2023 for the revenue commissioner.
In the announcement, Wolgamott stated that the $9.25 billion surpluses allow the state to pay direct tax payments while simultaneously investing in important needs. “I’m proud to work with Governor Walz to help Minnesotans face extraordinary price increases and economic challenges.”
According to economist John Phelan of the Center of the American Experiment, the law won’t help Minnesotans much.
“A $500 one-time payment isn’t going to help hardworking, hard-pressed Minnesotans,” he said. “Instead, we should lighten their burden by permanently lowering taxes, one of Minnesotans’ largest expenses.”