ST. PAUL, MN—Rep. Peggy Bennett, R-Albert Lea, issued the following statement following the passage of House File 6, which conforms Minnesota's tax code to the federal tax code, allowing thousands of Minnesotans to take advantage of federal tax credits in tax year 2014 including a deduction for higher education, a deduction for teacher expenses, and a mortgage insurance premium deduction. In total, the bill amounts to about $20 million in immediate tax relief for Minnesota families and businesses.
"Minnesota families deserve to keep more of their hard-earned money, and I'm glad the first bill we voted to pass will let them do that," Bennett said. "Tax conformity means real money that stays in the pockets of teachers, students, homeowners, and other Minnesotans who will soon be able to take advantage of federal credits and not have to re-file their tax return. I'm glad Republicans and Democrats were able to come together to pass this bill so quickly in just the second week of session."
"As a teacher, I have always spent a lot of my own money on my classroom and students and have appreciated utilizing these federal tax credits to help offset some of my expenses. I am happy that my fellow teachers who spend their own hard earned money on their classrooms will continue to have this option."
The bill passed on a 129-0 vote, receiving unanimous bipartisan support. A similar bill is making its way through the Senate, and could be passed as early as next week. The bill will then either head to conference committee to reconcile differences between the House and Senate Files or to the Governor's desk for signature.
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