Minnesotans have good reason to be optimistic about our future.
Employers added nearly 50,000 jobs over the past year, we have one of the lowest unemployment rates in the entire country and our state’s finances are on solid footing for the first time in years. That’s a major improvement from when I took office in January 2013, when Minnesota faced a $627 million budget deficit and owed over $800 million in debt to our schools.
Right now, the Legislature’s smart investments in priorities that Minnesotans broadly share such as education, job creation and property tax relief are helping to grow our economy from the middle out.
To build on our positive economic momentum, the Legislature and Governor Dayton recently approved over $440 million in tax cuts for middle class Minnesotans and small businesses.
Over one million Minnesotans, including married couples, working families, Minnesotans with student loans, teachers, homeowners, small businesses and others will pay less in taxes as a result. In addition, lawmakers eliminated three business-to-business sales taxes, including a tax on warehousing services that was scheduled to go into effect on April 1.
Thanks to a $1.2 billion surplus generated by our outstanding businesses, talented workforce and strong fiscal management at the state capitol, we were able to approve new tax cuts while maintaining a structurally balanced budget into the future.
You have likely already read about these tax changes in the news, but I want to make sure you have the following information from the Department of Revenue as they continue implementing the new law as quickly as possible.
If you have not yet filed your 2013 Minnesota tax return, you should wait until after April 3, 2014 to do so. The Department of Revenue will complete updates to their online systems by that date to account for tax refund changes.
If you already filed your 2013 Minnesota tax return, you don’t need to do anything right now. The Department of Revenue will continue mailing refunds as usual. After the April 15 filing deadline, they will review tax returns received before tax refund changes took effect then send any refund increase the same way you elected to receive your refund.
If you qualify for a bigger refund, the Department of Revenue will be able to make the necessary changes to your return using the tax documents you provided. If they are unable to do so, they will individually contact you by postal mail to request documents needed to amend your return.
For more information, I encourage you to visit the Department of Revenue’s website at www.revenue.state.mn.us and click the orange button labeled “Tax Law Changes” for helpful resources.
Feel free to contact me by phone at (651) 296-7807 or by email at rep.joann.ward@house.mn with any questions as well. I always appreciate hearing from you.