Recognizing the NCAA Men’s Hockey National Champion UMD Bulldogs on the House Floor this week.
Dear Friends and Neighbors,
Here is an update from the Capitol.
The Governor’s Budget
There is a lot of concern surrounding Governor Dayton’s budget proposal, especially after an analysis by his own Department of Revenue was released showing his plan would raise taxes on every income bracket. His budget includes reinstating more than $1 billion in health care tax increases and repealing tax reductions we passed last session, along with a number of changes reacting to federal tax law. Households making less than $32,000 per year would be hit the hardest by his proposal, making it very regressive.
House Republicans are committed to a tax conformity plan that provides meaningful tax relief and holds as many Minnesotans as possible harmless when adjusting to federal tax code changes. With so many changes at the federal level, conformity is much more complicated than in past years, but we are working to ensure hardworking taxpayers can take full advantage of both state and federal tax relief, opposing Governor Dayton’s $1.4 billion tax increase.
I will share more on our tax conformity bill soon.
Funding Critically-Needed Veterans Homes
A proposal moving in the House State Government Finance Committee would use excess funds from the Vikings Stadium Reserve Account, and put it toward building three new critically-needed veterans homes in our state. We’re making veterans a priority.
Currently, the Vikings Stadium Reserve has an excess balance of $58 million and is expected to grow to $120 million by FY 2021. Under the bill, the Stadium Reserve Account would be capped at 125 percent of the annual payments of the stadium bonds, ensuring excess funds are put to use rather than sitting idle, while still being fiscally-responsible and protecting against a drop in revenues.
We are committed to working for our servicemen and women, and I believe this is a smart plan that meets an important need for many Minnesota veterans and their families.
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As always, if you have ideas about what you would like to see happen this session or need assistance on a matter of state government, I welcome you to contact me. Please don’t hesitate to call (651-296-1147), email (rep.kelly.fenton@house.mn) or stop by my office.
Sincerely,
Kelly
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