Omnibus tax bill ready to return to the House Floor

House and Senate conferees approved the report on the agreed provisions in the omnibus tax bill, HF848, late Saturday night.

The committee met shortly before midnight to review minor changes requested by the Department of Revenue. The bill now comes in slightly less then when the committee last saw the bill Friday; during the 2016-17 biennium about $257 million is tax relief is proposed, followed up with $543 million in the 2018-19 biennium.

Hallmarks of the bill include:

• first-in-the-nation student loan tax credit;
• expansion of the child care tax credit;
• tax deductions and credits for families contributing to 529 Savings Plans;
• expansion of the working family tax credit;
• expansion of tax credits for some veterans;
• a school building bond agricultural credit; and
• phase out of the state general levy (applies to commercial and seasonal properties).

Sponsored by Rep. Greg Davids (R-Preston) and Sen. Rod Skoe (DFL-Clearwater), the bill, once signed off by the conferees, will be ready for action on the House Floor before session goes sine die at 12:01 a.m. Monday.