SAINT PAUL, MINN—Legislative leaders announced an agreement today on legislation that will provide $825 million in tax relief over the next three years, including half a billion in ongoing and permanent tax cuts. Middle-class Minnesotans, farmers, families, small businesses, college graduates and veterans will benefit from the legislation.
Rep. Dan Fabian (R-Roseau) and Rep. Deb Kiel (R-Crookston) support the legislation and appreciate the money it will return to taxpayers in Northwest Minnesota.
"Using a portion of our budget surplus to provide tax relief to farmers, families and Main Street businesses is great for folks in rural Minnesota, and I'm glad we were able to come to a bipartisan agreement in the legislature," said Rep. Fabian. "This tax bill is a big win for rural Minnesota."
"Meaningful middle-class tax relief is important for hardworking taxpayers in our communities," Rep. Kiel stated. "From reducing property taxes to expanding child care credits to helping border cities like East Grand Forks remain competitive, this bill has something for just about everyone and will help put more money back in your family budget."
House Republicans advocated for a number of key provisions in the bill including a first-in-the-nation student loan tax credit, an expansion of the child care tax credit, tax deductions for families contributing to 529 Savings Plans, an expansion of tax credits for veterans and property tax relief for farmers and rural Minnesota businesses.
Legislators on the Tax Conference Committee will work on assembling the final bill, and it is expected to pass out of both the House and the Senate before final adjournment.