COUPLE OF WEEKS LEFT TO MAKE SURE YOU GET YOUR TAX REBATE.

MARY LAHAMMER IS BACK TO TALK TO THE REVENUE COMMISSIONER ABOUT REBATE CHECKS AND A LEGISLATIVE FIX AHEAD FOR YOUR TAX RETURNS IN MINNESOTA.

>> Mary: WHAT DO YOU WANT TO COMMUNICATE ABOUT THOSE REBATE CHECKS THAT MINNESOTANS ARE EXPECTING?

>> THE REBATE CHECKS HAVE BEEN A HUGE PRIORITY FOR GOVERNOR WALZ AND LIEUTENANT GOVERNOR FLANAGAN TO GET THOSE CHECKS OUT TO FOLKS.

AND AS THEY TALKED ABOUT, IT'S TO EASE THE PAIN OF INFLATION AND COVID-19.

SO, WE'VE OF STARTED THE FIRST STEP ERE AT THE DEPARTMENT OF REVENUE.

IF YOU HAVEN'T CHANGED YOUR BANK ACCOUNT OR YOUR ADDRESS SINCE YOUR 2021 INCOME TAX OR PROPERTY TAX RETURN, THERE'S NOTHING YOU HAVE TO DO OTHER THAN JUST WAIT FOR THE CHECK TO ARRIVE.

BUT IF THERE HAS BEEN A CHANGE IN THE ADDRESS OR YOUR BANKING INFORMATION, YOU NEED TO GO TO THE DEPARTMENT OF REVENUE WEBSITE AND CORRECT THAT INFORMATION.

AND THAT ONLINE WEBSITE IS OPEN NOW UNTIL JULY 28th.

>> Mary: AND YOU'RE SEEING INCREASED TRAFFIC, LOOKS LIKE YOU'RE MONITORING THAT, SO PEOPLE ARE INTERESTED.

>> WE ARE.

SEVERAL THOUSAND ALREADY ON THERE CHANGING THAT.

AND ONCE YOU MAKE THOSE CHANGES, AGAIN, ALL YOU HAVE TO DO IS WAIT FOR THE CHECK.

THERE'S NO APPLICATION YOU NEED TO DO.

>> Mary: YOU DO NEED TO CHECK YOUR INCOME.

AND I'VE HEARD LOTS OF FOLKS, BECAUSE THIS IS INCOME CAPPED.

THERE ARE LIMITS.

SO TALK ABOUT HAT THAT INCOME IS.

IT'S ADJUSTED, COUPLES, SINGLES, GIVE US THOSE POINTS.

>> GO BACK TO YOUR 2021 RETURN AND LOOK AT LINE NUMBER 1 OF YOUR M-1.

AND THAT WILL TELL YOU YOUR ADJUSTED GROSS INCOME.

IF YOU ARE SINGLE, YOU QUALIFY, IF IT'S $75,000 OR LESS.

MARRIED, JOINT FILER, $150,000 OR LESS.

>> Mary: WHAT DO YOU THINK ABOUT THAT LIMIT?

THERE ARE FOLKS WHO SAY, I MAKE OVER $75,000, AND I THINK I'M MIDDLE INCOME.

IS IT FAIR LIMIT, IS IT TOO LOW?

>> I THINK WHAT THE GOVERNOR, LIEUTENANT GOVERNOR WE'RE LOOKING AT IS KIND OF THOSE WHO SUFFERED THE MOST PAIN, ESPECIALLY DURING COVID-19.

AND WE KNOW THAT THAT DID NOT IMPACT PEOPLE EQUALLY.

THOSE THAT TENDED TO BE LOWER TO MIDDLE-INCOME TENDED TO GET HIT A LITTLE BIT HARDER THAN OTHERS.

SO I THINK IT'S A GOOD AMOUNT.

>> Mary: AND WHAT IS MIDDLE INCOME IN MINNESOTA?

YOU KNOW, THERE'S THE SKEW OF, RIGHT, PERCEPTION AND REALITY, LIKE WHAT'S AVERAGE RIGHT NOW?

>> SO YOU WANT ME TO TALK ABOUT TAX INCIDENT REPORTS AND ALL THOSE TYPES OF THINGS, YOU WANT TO GO BETWEEN THE THIRD AND EIGHTH DECILE AND SO FORTH?

I MEAN, IN MINNESOTA YOU'RE PROBABLY, IN A MARRIED JOINT FILING, YOU KNOW, LOOKING AT ANYWHERE FROM, YOU KNOW, 50 TO 150,000, SOMETHING LIKE THAT.

>> Mary: LET'S TALK ABOUT THE OTHER THING YOU'RE DEALING WITH AND THE LEGISLATURE'S GOING TO HAVE TO DEAL WITH, THERE WAS NEWS THAT THERE WAS A DRAFTING ERROR, IT'S BEEN DESCRIBED IN NEXT -- IN INCOME TAXES.

DO YOU HAVE TO DEAL WITH IT NOW?

WHAT DO YOU HAVE TO DO ABOUT DID?

>> IT WAS A DRAFTING ERROR.

THE GOOD NEWS IS, IT WILL NOT IMPACT ANYONE UNTIL 2024.

SO THIS TAX YEAR HAS NO IMPACT.

THE BOTTOM LINE IS THAT THERE'S NO IMPACT ON TAXPAYERS NOW, AND BECAUSE WE HAVE COMMITMENTS FROM THE HOUSE AND SENATE TAX CHAIRS AND LEADERSHIP TO CORRECT THIS IN '24 AND BEYOND, THERE WILL BE NO IMPACT ON TAXPAYERS INTO THE FUTURE.

>> Mary: SO DID THIS HAPPEN IN THE EARLY TAX BILL OR THE LATE TAX BILL?

WHICH VERSION DID THIS SLIP INTO?

>> YEAH, THIS WAS THE OMNIBUS TAX BILL IN MAY HAT WAS PASSED.

>> Mary: AT THE END.

>> THAT LAST BILL.

AND, YOU KNOW, BASICALLY WHAT IT WAS IS THAT WE MADE SOME CHANGES TO THE STANDARD DEDUCTION STATUTE.

AND THERE ARE SIX SUBDIVISIONS IN THAT.

WE MADE THINGS RIGHT FOR SUBDIVISIONS 5 AND 6, BUT DID NOT GO BACK AND CHANGE THE INFLATION NUMBERS IN OTHER PARTS OF THAT STATUTE.

AND, SO, BASICALLY WHAT'S HAPPENING IS FOLKS WOULD LOSE ABOUT FOUR YEARS OF INFLATION INCREASED DEDUCTION OR STANDARD DEDUCTION.

SO ON THE AVERAGE, THAT WOULD HAVE IMPACTED ON A MARRIED JOINT FILER ABOUT $210 AND ON A SINGLE FILER ABOUT $110.

BUT, AGAIN, THE GOOD NEWS IS, THIS IS NOT GOING TO IMPACT TAXPAYERS NOW OR INTO THE FUTURE.

>> Mary: AND THEY CAN FIX IT IN FEBRUARY WHEN THEY COME BACK, THE LEGISLATURE HERE?

>> THE LEGISLATURE CAN FIX THAT EARLY ON NEXT SESSION.

>> Mary: I GUESS YOU TRUST THEM?

FOR PEOPLE WHO DON'T KNOW, THIS IS WHERE YOU USED TO WORK.

>> YEAH.

HEEZ HERE.

I MEAN -- >> Mary: HERE.

I MEAN, YOU KNOW LAWMAKERS, YOU WERE ONE.

>> WE'VE DONE THIS BEFORE WHERE WE'VE HAD TO CORRECT ERRORS THAT WERE DONE AT THE END OF SESSION.

AND THE TAX CHAIRS WILL WRITE A LETTER OF INTENT, SAYING, HEY, THIS WAS NOT THE INTENT, WE WILL AGREE TO FIX THIS IMMEDIATELY.

AND THEY COME BACK THE NEXT SESSION AND DO THAT.

>> Mary: AND SINCE YOU UNDERSTAND THE EXECUTIVE AND THE LEGISLATIVE BRANCHES NOW, I MEAN, THIS IS ALMOST AN UNPRECEDENTED AMOUNT OF WORK FOR THE EXECUTIVE BRANCH TO IMPLEMENT EVERYTHING THE LEGISLATIVE BRANCH -- YOUR PERSPECTIVE, YOU WERE HERE FOR DECADES, DID YOU EVER SEE THIS MUCH POLICY PASS?

>> NO.

I MEAN, IT'S THE HUGE REFORM, THE PAID FAMILY AND MEDICAL LEAVE, THE EW CANNABIS LAW, THE NEW CHILD TAX CREDIT, A ONE-TIME REBATE.

I MEAN, ALL OF THESE THINGS