Dear Neighbor,
The Legislature is planning to work through the weekend at the Capitol in order to reach agreement on some of the session's biggest issues before the deadline to pass bills this session arrives at midnight Sunday.
The most significant news from today was development on one of the top subjects, taxes. Just this afternoon it was announced an agreement has been reached to provide $825 million in tax relief over the next three years, including more than $500 million in ongoing and permanent tax cuts.
Tax relief is a top priority for House Republicans this session and it is good to see an agreement is in place. The state has a $900 million surplus because Minnesotans were overtaxed by Democrats two years ago and we are doing the right thing by providing relief.
Some of the top provisions in the proposal include 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 small businesses across the state. Look for more as we have a chance to sort through the details.
More work remains before this bill receives final approval. Negotiations also continue to put a long-term transportation plan and bonding bill in place. The big hang-up on transportation is the Democrats continue to insist on raising taxes to spend billions more for adding light-rail lines.
Stay tuned for more news as things develop at the Capitol.
Sincerely,
Tom