What Minnesota’s new tax deal could mean for your wallet

ST. PAUL, Minn. – Late Wednesday night, a panel of lawmakers said they reached an agreement on a tax bill that includes direct rebate checks to Minnesotans.

READ MORE: Minnesota lawmakers reach deal on rebate checks, other tax provisions

Here’s a breakdown of what the deal could mean for your wallet.

Who is getting rebate checks?

Single filers making under $75,000 would be eligible to receive a rebate check under this deal, as well as other filers, including married couples, making under $150,000.

How much will I get?

Single filers would get a rebate check of $260, while married couples filing jointly would receive $520. Additionally, $260 would be added per dependent, up to three. A family of five could see up to $1,300 back in their pockets.

How many people will get a check?

A spokesman for the Minnesota Department of Revenue told WCCO Thursday the agency estimates 2.55 million Minnesota households will be subject to those income thresholds.

What tax year will determine my income?

The revenue department said it will use data from tax year 2021 to determine eligibility.  

Are these checks the same as “Walz checks”?

The rebates were initially dubbed “Walz checks” by Gov. Tim Walz, who first floated the idea last year. But these checks are significantly less than his latest proposal, which would have sent $1,000 to individuals and up to $2,600 to families.