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ST. PAUL — Today, the Minnesota House of Representative's Republican majority passed HF 2337, the Omnibus Tax Bill. The bill provides a property tax cut for corporations and businesses by freezing the Statewide Business Property Tax at 2012 levels, costing the state more than a billion over the next decade.
Minnesota already faces a $3.5 billion deficit next year and this bill would add an additional $145 million onto the next budget cycle and over a $1 billion over the next decade. Furthermore, this bill would prioritize this tax cut for big business over paying back the $2 billion still owed to Minnesota schools.
The elimination of the Market Value Homestead Credit by the Republican majority resulted in a $71 million property tax increase for homeowners, yet this bill would only provide $4 million in relief.
State Representative Erin Murphy (DFL – St. Paul) offered the following statement:
“At a time when we should be focused on strengthening the economy, it is unconscionable to raise taxes on middle class Minnesotans, while cutting taxes for corporations—some of which are not even based in Minnesota.
“With a $3.5 billion budget deficit on the horizon, we should be looking at how to responsibly reduce our deficit. Instead, Republicans will grow the deficit by prioritizing corporate interests over that of homeowners, seniors, farmers, and students.
“We can bolster our economy by stabilizing our state budget, by creating jobs and by supporting the middle class. This bill accomplishes none of these goals."
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