Budget surplus individual income tax credit established.

HF 317 creates an automatic refund program for Minnesota individual taxpayers when the state has a budget surplus. It allows qualifying taxpayers (individuals or married couples who filed Minnesota income tax returns by June 30 in an odd year and had tax liability) to receive a refund equal to their prior year's tax liability multiplied by a percentage calculated from the state's unrestricted budget balance. The refund is paid automatically by the commissioner of revenue by January 31 each odd year, without requiring taxpayers to file new claims or amended returns. Funds for these refunds are appropriated annually from the general fund by December 31 of each odd year, with refunds effective for those due by December 31, 2027.