Increase property tax refunds and renters credits by reducing co-pay percentages

This bill increases property tax refunds and renters credits in Minnesota by lowering the portion of rent that taxpayers must pay out of pocket. It directly affects renters in the state whose rent includes property taxes, adjusting the income thresholds and co-pay percentages they must contribute. The key change involves raising the household income limits for various credit tiers and reducing the percentage of rent that claimants must pay, which increases the maximum credit amount available to eligible renters. These adjustments are designed to provide greater financial relief to renters by allowing them to claim a larger portion of their property tax burden as a refundable credit. The legislation amends existing Minnesota statutes to implement these new calculation standards for renters credits.