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State Representative Joe Mullery
100 Rev. Dr. Martin Luther King Jr. Blvd.
651-296-4262
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GOVERNOR VETOES TAX BILL
GOVERNOR VETOES TAX BILL
Governor Dayton vetoed the Republican tax bill which was just passed. A major item was elimination of any increase in future years on the amount of the statewide tax on businesses. That would cost the state $82 million over the next three years.
Originally their bill would have begun to eliminate that tax on businesses and would have cost the state $350 million over the next three years; and it would have cost the state billions of dollars over time. When the Republicans cut business taxes by a huge amount in 2001 by compressing the multiplier on commercial/industrial properties, they put on the statewide business property tax to partially make up for that and the businesses liked it and were agreeable. Until 2001 businesses paid 4 to 5 times what a homeowner paid on a property of the same value.
This proposal to now eliminate the statewide property tax meant the businesses would have gotten another huge break. While small businesses might have seen a slight help, most of the benefit would have gone to large corporations. Over the past decade, business property taxes have only increased by 40 percent; yet other property taxes have increased by 80 percent.
The vetoed tax bill would also have reduced the Budget Reserve and added another $145 million to the deficit projected for the next biennium.
News Items
- Reminder: Primary - August 14; Some Voting Locations May Have Changed - (Posted: 2012-07-08 00:00:00)
- Passing of Dr. John Williams - (Posted: 2012-07-09 00:00:00)
- Rep. Mullery: 2012 Legislative Report - (Posted: 2012-07-10 00:00:00)
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