Middle-class families, farmers, seniors, veterans, college students all benefit from $2 billion in tax relief
ST. PAUL, MN—The Minnesota House approved the omnibus House Tax bill Wednesday with bipartisan support on a 74-58 vote. Representative Jim Newberger, R-Becker, issued the following statement regarding the bill:
"I'm proud today to stand on the side of middle-class families who will see significant tax relief and more money in their pockets under this bill," Newberger said. "While Democrats at the Capitol debate a crippling tax increase on gasoline which will hurt Minnesota families, Republicans are focused on family budgets and helping middle-class families keep more of their hard-earned money."
Highlights of the tax bill include:
• 2,045,000 Minnesotans could receive relief through a NEW state version of the personal or dependent exemption on tax returns equal to 25 percent of the federal exemption.
• 366,500 aging adults living on fixed income could receive relief from the phasing-out of the tax on social security.
• 240,000 farmers could receive relief through a property tax credit that reduces their disproportionate share of school district debt service.
• 130,000 families with pre-kindergarteners could receive relief through the expansion of the education deduction to include pre-kindergarten expenses.
• 109,500 college students could receive student loan debt relief through a NEW tax credit for principal and interest loan payments on student loans.
###