Add Minnesota renter's credit

changelog.d/add-mn-renters-credit.fixed.md

@@ -0,0 +1 @@
+Implemented Minnesota's renter's credit under Minn. Stat. §290.0693 for tax year 2024 onward, including household-income adjustments, rent constituting property taxes, refundable credit integration, and TAXSIM state property tax credit coverage.

policyengine_us/parameters/gov/states/household/state_property_tax_credits.yaml

@@ -114,6 +114,26 @@ values:
     - wi_homestead_credit
     - wi_property_tax_credit
     - wv_homestead_excess_property_tax_credit
+  2024-01-01:
+    - az_property_tax_credit
+    - ct_property_tax_credit
+    - dc_ptc
+    - il_property_tax_credit
+    - ma_senior_circuit_breaker
+    - me_property_tax_fairness_credit
+    - mi_homestead_property_tax_credit
+    - mn_renters_credit
+    - mo_property_tax_credit
+    - mt_elderly_homeowner_or_renter_credit
+    - mt_property_tax_rebate
+    - nj_property_tax_credit
+    - nm_property_tax_rebate
+    - ny_real_property_tax_credit
+    - ok_ptc
+    - ri_property_tax_credit
+    - wi_homestead_credit
+    - wi_property_tax_credit
+    - wv_homestead_excess_property_tax_credit
 
 metadata:
   unit: list

policyengine_us/parameters/gov/states/mn/tax/income/credits/refundable.yaml

@@ -9,6 +9,11 @@ values:
     - mn_cdcc
     - mn_child_and_working_families_credits  # Minnesota child and working families tax credit
     - mn_k12_education_credit
+  2024-01-01:
+    - mn_cdcc
+    - mn_child_and_working_families_credits
+    - mn_k12_education_credit
+    - mn_renters_credit
 
 metadata:
   unit: list

policyengine_us/parameters/gov/states/mn/tax/income/credits/renters/age_threshold.yaml

@@ -0,0 +1,11 @@
+description: Minnesota renter's credit minimum age for the age-based household income subtraction.
+values:
+  2024-01-01: 65
+
+metadata:
+  period: year
+  unit: year
+  label: Minnesota renter's credit age threshold
+  reference:
+    - title: 2025 Schedule M1RENT, Household Income section
+      href: https://www.revenue.state.mn.us/sites/default/files/2026-03/m1rent-25.pdf

policyengine_us/parameters/gov/states/mn/tax/income/credits/renters/claimant_share.yaml

@@ -0,0 +1,129 @@
+description: Minnesota renter's credit claimant share of excess rent constituting property taxes by household income.
+metadata:
+  type: single_amount
+  threshold_unit: currency-USD
+  amount_unit: /1
+  period: year
+  label: Minnesota renter's credit claimant share
+  reference:
+    - title: Minnesota Statutes 290.0693, Subd. 3
+      href: https://www.revisor.mn.gov/statutes/cite/290.0693/pdf
+    - title: 2025 Schedule M1RENT, Renter's Credit
+      href: https://www.revenue.state.mn.us/sites/default/files/2026-03/m1rent-25.pdf
+
+brackets:
+  - threshold:
+      2024-01-01: 0
+    amount:
+      2024-01-01: 0.05
+  - threshold:
+      values:
+        2024-01-01: 6_480
+      metadata:
+        uprating:
+          parameter: gov.irs.uprating
+          rounding:
+            type: nearest
+            interval: 10
+    amount:
+      2024-01-01: 0.10
+  - threshold:
+      values:
+        2024-01-01: 15_090
+      metadata:
+        uprating:
+          parameter: gov.irs.uprating
+          rounding:
+            type: nearest
+            interval: 10
+    amount:
+      2024-01-01: 0.15
+  - threshold:
+      values:
+        2024-01-01: 21_540
+      metadata:
+        uprating:
+          parameter: gov.irs.uprating
+          rounding:
+            type: nearest
+            interval: 10
+    amount:
+      2024-01-01: 0.20
+  - threshold:
+      values:
+        2024-01-01: 30_160
+      metadata:
+        uprating:
+          parameter: gov.irs.uprating
+          rounding:
+            type: nearest
+            interval: 10
+    amount:
+      2024-01-01: 0.25
+  - threshold:
+      values:
+        2024-01-01: 36_630
+      metadata:
+        uprating:
+          parameter: gov.irs.uprating
+          rounding:
+            type: nearest
+            interval: 10
+    amount:
+      2024-01-01: 0.30
+  - threshold:
+      values:
+        2024-01-01: 45_230
+      metadata:
+        uprating:
+          parameter: gov.irs.uprating
+          rounding:
+            type: nearest
+            interval: 10
+    amount:
+      2024-01-01: 0.35
+  - threshold:
+      values:
+        2024-01-01: 51_690
+      metadata:
+        uprating:
+          parameter: gov.irs.uprating
+          rounding:
+            type: nearest
+            interval: 10
+    amount:
+      2024-01-01: 0.40
+  - threshold:
+      values:
+        2024-01-01: 60_320
+      metadata:
+        uprating:
+          parameter: gov.irs.uprating
+          rounding:
+            type: nearest
+            interval: 10
+    amount:
+      2024-01-01: 0.45
+  - threshold:
+      values:
+        2024-01-01: 66_790
+      metadata:
+        uprating:
+          parameter: gov.irs.uprating
+          rounding:
+            type: nearest
+            interval: 10
+    amount:
+      2024-01-01: 0.50
+  - threshold:
+      values:
+        2024-01-01: 75_390
+      metadata:
+        uprating:
+          parameter: gov.irs.uprating
+          rounding:
+            type: nearest
+            interval: 10
+    amount:
+      2024-01-01: 1.0
+

policyengine_us/parameters/gov/states/mn/tax/income/credits/renters/dependent_subtraction_multiplier.yaml

@@ -0,0 +1,36 @@
+description: Minnesota renter's credit dependent subtraction multiplier by number of dependents.
+metadata:
+  label: Minnesota renter's credit dependent subtraction multiplier
+  type: single_amount
+  threshold_unit: person
+  amount_unit: /1
+  period: year
+  reference:
+    - title: 2025 Schedule M1RENT, Household Income section
+      href: https://www.revenue.state.mn.us/sites/default/files/2026-03/m1rent-25.pdf
+
+brackets:
+  - threshold:
+      2024-01-01: 0
+    amount:
+      2024-01-01: 0.0
+  - threshold:
+      2024-01-01: 1
+    amount:
+      2024-01-01: 1.4
+  - threshold:
+      2024-01-01: 2
+    amount:
+      2024-01-01: 2.7
+  - threshold:
+      2024-01-01: 3
+    amount:
+      2024-01-01: 3.9
+  - threshold:
+      2024-01-01: 4
+    amount:
+      2024-01-01: 5.0
+  - threshold:
+      2024-01-01: 5
+    amount:
+      2024-01-01: 6.0