Focus is on Middle-Class Families, College Students, Veterans & Property Tax Relief
St. Paul- The House Republican majority announced Friday they have reached an agreement on a target for tax relief with the Senate DFL majority. The agreement provides $825 million in tax relief over the next three years, including more than half a billion in ongoing and permanent tax cuts.
“House Republicans are proud to announce we have worked with the Senate DFL to provide more than half a billion in ongoing tax relief for middle-class Minnesotans. While the state has a budget surplus, Minnesota families are not seeing a surplus in their own budgets. For hardworking Minnesotans, relief is on the way,” said Speaker Kurt Daudt (R-Crown).
House Republican provisions include a first-in-the-nation student loan tax credit, an expansion of the child care tax credit, tax deductions and credits for families contributing to 529 Savings Plans, an expansion of tax credits for veterans and property tax relief for farmers and Main Street businesses. The target for the remainder of this budget cycle (Fiscal Year 2017) is $275 million and the target for ongoing tax cuts is $550 million (Fiscal Years 2018-19).
Tax Conference Committee members from both the House and Senate will work together to assemble the bill.
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