Earlier this week, the Senate Taxes Committee released its omnibus tax bill (S.F. 5052), which passed out of committee on April 30. Inlcuded in the bill is a provision relating to property taxes. This provision is a one-time appropriation of $100.8 million (+12%) for the homestead credit refund program. The aim of the provision is to provide relief to Minnesota homeowners experiecing large property tax spikes.

The program will largely be paid for through the implementation of a Social Media Consumer Data Collection Tax, which establishes a tax on social media platforms that collect data on Minnesota users. Estimates from Senate fiscal analysts show this tax would bring in $104 million in revenue during this biennium (FY2026-27) and $432.5 million in the FY2028-29 biennium.