Just to put this in perspective people, the last time this happened:
- Gas was $1.62
- The Minnesota Twins won a division title
- Kelly Clarkson won the first American Idol competition
- Blackberry released their very first smart phone
- Chicago won best film at the Oscars
I know, it’s been a while.
These refunds mostly come from progressives introducing a new and improved version of the popular homestead credit, which conservatives eliminated when the GOP shut down our state government for the longest period of time in state history in 2011. The updated homestead credit refund significantly improved the existing property tax refund, consequently, expanding circuit breaker funding by 35% – the biggest single year increase in almost 40 years. As a result, Minnesotans can now look forward to an $120 million increase in property tax refunds for 2014.
Additionally, the legislation allowed for many other great things: an increase in aid to schools, counties, towns, and cities throughout Minnesota; reductions in classroom sizes; funding for infrastructure and public safety measures; and undoing other detrimental effects caused by cutting state aid to local government. The impact of the updated homestead credit refund is positive, and statewide. Although it primarily affects middle-class homeowners, the trickle-down effect to local schools and government is noteworthy and we truly have progressive leadership in Minnesota to thank.