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State Representative Patti Fritz
100 Rev. Dr. Martin Luther King Jr. Blvd.
651-296-8237
For more information contact: Sandy Connolly 651-296-8877
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FRITZ: DELAY IN FILING TAX RETURN COULD YIELD SAVINGS
St. Paul, MN – State Representative Patti Fritz (DFL-Faribault) is encouraging Minnesotans to delay filing their 2006 tax returns until a bill that was passed today in the House is signed into law by the Governor.
The body of the House voted to suspend the rules on Thursday in order to bring a tax bill to the floor for a vote this early in the session. The Federal Conformity Bill adopts changes passed at the federal level since the adjournment of the 2006 Minnesota legislative session. The bill will provide over $25 million in tax relief by extending current deductions for tuition and deductions for out-of-pocket expenses paid by teachers.
"This bill will allow about 110,000 low and middle income taxpayers to deduct college tuition costs from their income taxes," said Fritz. "I'm very pleased the House members agreed this tax relief is important.
Other components of this bill will benefit teachers who pay for some of the school supplies for their classrooms, according to Fritz. Veterans also receive a tax benefit as the result of this bill.
"Veterans earn very little money while they are in combat," said Fritz. "Under this bill, they will be able to use their tax-exempt combat pay as a basis for making IRA contributions."
Specifically, the provisions of the bill include:
· Deduction for qualified tuition and related expenses: This allows low- and middle-income taxpayers to deduct up to $4,000 of higher education tuition and related expenses.
· Deduction for classroom teacher expenses: The allowance of the $250 above-the-line deduction for K-12 educators of the amount paid for books and supplies for their classrooms will be extended.
· Heroes Earned Retirement Opportunities Act: this provision allows tax-exempt combat pay to be used as a basis for making IRA contributions. Without this provision, members of the military (including the National Guard) who are deployed to combat zones and have little earned income other than their combat pay will be required to track earnings on their IRAs separately for state and federal purposes.
It is expected to pass in the Senate early next week and be signed into law by Governor Pawlenty in the coming days.
News Items
- STATE REP. PATTI FRITZ PARTICIPATES IN START OF LEGISLATIVE SESSION - (Posted: Jan 9 2013 3:32PM)
- Rep. Fritz: Homeowners, Farmers Need Property Tax Relief - (Posted: 2012-05-01 00:00:00)
- Rep. Fritz: Let’s Vote on a Bonding Bill that Benefits All - (Posted: 2012-04-19 00:00:00)
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