(St. Paul, MN) — Minnesota lawmakers are passing what they call the largest tax cut in the state’s history.
HF 1938 looks to deliver the cuts through credits, rebates, and other provisions that the lawmakers say will benefit workers, families, and seniors. Other tax topics that influenced the bill include property tax, Social Security state income tax exemptions for earners making less than $118,000 (single filers) or $140,000 (joint filers), direct rebate checks worth $260 per person and an additional $260 per dependent (up to three), and tax credits for working families (up to $1,750 per child).
“With a historic budget surplus, we are bringing forward the largest tax cuts in state history. Our bill contains tax cuts in the form of credits, rebates, and other provisions that will help Minnesota workers, families, and seniors,” said Speaker Melissa Hortman. “The DFL budget invests in Minnesotans’ priorities of education, health care, economic security, and the safety and vitality of our communities.”
Lawmakers say the tax bill also aims to address inequalities in current system. They say this is done through a millionaire tax on Net Investment income, making changes to the Standard and Itemized Deduction Phase Modifications list, and placing a minimum tax floor for companies that do business in the state based on global income
“We’re proposing to make the tax code more fair and more progressive to provide sustainable funding for education, health care, transportation, and so much more,” said Speaker Melissa Hortman.
A full spreadsheet for the bill can be found by clicking here.
